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The herbal medicine market size is estimated to grow at a CAGR of 5.96% between 2022 and 2027 and the herbal medicine market size forecast is set to increase by USD 36,636.05 million. The reports include a holistic analysis, market size, and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 15 vendors along with historical market analysis from 2017 to 2021. Factors include the demand for immune-boosting supplements and medicines with low side effects and medicines that promote natural healing. Herbs offer immune-boosting properties, according to specialists in traditional Chinese medicine. The medicinal plants are referred to as Gifted Gods for their ability to cure, assist, and rehabilitate people, hence contributing to the growth of the market.
This herbal medicine market report extensively covers market segmentation by product (capsules and tablets, powders, extracts, syrups, and others), distribution channel (hospitals, retail pharmacies, and e-commerce), and geography (Asia, North America, Europe, and the Rest of the World (ROW)) and geography US, Germany, UK, China, Japan, and India.
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Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Key Offering - The bio-botanica company offers herbal medicine such as organic wild cherry bark in glycerin. Also, the company offers a wide range of products such as personal care, food and beverage, and speciality products derived from natural sources.
Key Offering- The Arkopharma company operates in a single operating segment that provides phytotherapy, natural medicines, and food supplements. It also offers herbal medicine such as Arkofluides Articulations BIO.
This Herbal medicine market report also includes detailed analyses of the competitive landscape and information about 15 market vendors, including:
The demand for natural healing is notably driving the market growth, although factors such as inadequate knowledge may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Herbal remedies are employed in herbal therapies as alternative medicines. People utilize them to treat or prevent illnesses, alleviate symptoms, enhance energy, relax, or lose weight. Unlike drugs, herbs are not subject to rigorous testing and regulation.
Herbal medicines are mainly utilized for chronic diseases and promoting health, but their usage increases in the presence of ineffectual modern medicine for severe illnesses like advanced cancer or emerging infectious diseases. This growth in demand for herbal medicine will expand the global market and provide opportunities for new vendors to cater to similar needs.
The inclination toward herbal and natural products will fuel the global herbal medicine market growth. Many youth and people nearing retirement age are inclined toward natural products like herbal medicines and health supplements. This has triggered a shift in healthcare spending, with many older people opting for herbal medicines to stay active.
The COVID-19 pandemic, which spread globally, has driven the growth of the global herbal medicine market. Due to the lockdown restrictions, most people were unable to visit fitness centers such as gyms and sports clubs to boost their immunity and fitness. Therefore, the demand for herbal medicines increased owing to the growing focus on building immunity against COVID-19. During the lockdowns, vendors actively promoted online sales, especially through brand-owned e-commerce portals, and offered discounts on prominent herbal medicines. Such factors are expected to drive the growth of the global herbal medicine market during the forecast period.
Inadequate knowledge about the usage of herbal medicines is a major challenge to the global herbal medicine market growth. Over the last three decades, the use of herbal medical items has skyrocketed, with more than 80% of people globally depending on them for some aspect of basic healthcare. Although therapies employing these compounds have demonstrated significant promise, with the efficacy of a large number of herbal medications clearly proven, many of them remain untested, and their usage is either poorly controlled or not checked at all.
Moreover, there is insufficient understanding of their method of action, potential adverse responses, contraindications, and combinations with currently available conventional medications and functional foods to encourage the safe and reasonable use of these agents. Safety remains a key concern with the use of herbal treatments, and therefore, relevant regulatory bodies must implement adequate measures to protect public health by ensuring that all herbal medications are safe and of appropriate quality.
The market report includes the adoption lifecycle, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Herbal Medicine Market Customer Landscape
Technavio categorizes the global herbal medicine market as a part of the global pharmaceuticals market within the overall healthcare industry. The parent global pharmaceuticals market covers products and companies engaged in the R and D or production of generic drugs, non-generic drugs, and veterinary drugs. Technavio calculates the global healthcare market size based on the combined revenue generated by manufacturers/providers of equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
The market share growth by the capsules and tablets segment will be significant during the forecast period. Most drugs, including herbal medicines, are commonly consumed in the form of tablets or capsules. These medicines are created by compressing powdered active pharmaceutical ingredients and substances into a hard, solid, smooth-coated tablet that dissolves in the digestive tract. Most tablets contain additives that keep them together and improve taste, texture, and appearance, along with active components. In capsules, the active pharmaceutical substances inside are protected by an outer shell.
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The capsules and tablets segment showed a gradual increase in the market share of USD 32,583.25 million in 2017 and will continue to grow by 2021. In this segment, tablets are low-cost, safe, and effective oral medicines that are available in round, oblong, and disc shapes. Caplets, which are oblong pills, can be easier to swallow. Some have a line scored across the centre, making it simpler to divide the tablet in two. Similarly, the outer shell of capsules is broken down in the digestive tract, and the active pharmaceutical ingredients are absorbed into the body, where it is distributed and processed similarly to medication taken via a tablet. The above factors will spur the growth of the segment during the forecast period.
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Asia is projected to contribute 42% of market growth by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
In Asia, the herbal medicine market has witnessed significant growth in recent years owing to various factors, such as rising consumer awareness of the side effects of allopathic medicines and growing awareness about the medicinal benefits and therapeutic effects of herbal products. This has led to the increased demand for ayurvedic products such as extracts, dietary supplements, and personal care products in the region.
This herbal medicine market report predicts the growth contribution of each market segment and evaluates the impact of COVID-19 and the recovery strategies for each segment. The COVID-19 crisis boosted the demand for herbal medicines in Asia. However, in 2020, the pandemic hindered business operations, as governments in countries such as China and India imposed strict COVID-19 restrictions, causing supply chain disruptions due to labor and raw material shortages.
Despite the negative impact, the demand for ayurvedic products, including medicinal supplements, personal care items, and healthy food and beverages, rebounded in Q2 2020 as retail outlets, including supermarkets and convenience stores, reopened in the region. The pandemic has increased consumer focus on health and has encouraged healthier food and lifestyle choices, resulting in an increased demand for herbal supplements to boost immunity. Hence, the market is expected to grow during the forecast period.
The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by product, distribution channel, and region.
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Herbal Medicine Market Scope |
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Report Coverage |
Details |
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Page number |
158 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.96% |
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Market growth 2023-2027 |
USD 36,636.05 million |
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Market structure |
Fragmented |
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YoY growth (%) |
5.6 |
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Regional analysis |
Asia, North America, Europe, and the Rest of the World (ROW) |
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Performing market contribution |
Asia at 42% |
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Key countries |
US, Germany, UK, China, Japan, and India |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Arizona Natural Products, Arkopharma Laboratories, Beijing Tongrentang Co Ltd., Bio Botanica Inc., Blackmores Ltd., Charak Pharma Pvt. Ltd., Dabur India Ltd., Dasherb Corp., Dr. Willmar Schwabe GmbH & Co. KG, Emami Ltd., Hamdard Laboratories, Himalaya Global Holdings Ltd., Hishimo Pharmaceuticals Pvt. Ltd., Imperial Ginseng Products Ltd., Ricola Group AG, Schaper &Brummer GmbH & Co. KG, Sido Muncul, TSUMURA and Co., Weleda Group, and ZeinPharma Germany GmbH |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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