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The herbal medicine market size is estimated to increase by USD 44.75 billion and grow at a CAGR of 6.78% between 2023 and 2028. The market growth hinges on several key factors that resonate with consumers seeking natural remedies. Firstly, the emphasis on boosting the immune system aligns with the growing trend towards preventive healthcare, where individuals prioritize maintaining their overall well-being. Secondly, the low incidence of side effects associated with herbal remedies appeals to those seeking alternative treatments that are gentler on the body. Lastly, the concept of natural healing resonates with consumers who prefer holistic approaches to wellness, emphasizing the body's innate ability to heal itself. These factors collectively contribute to the sustained growth and popularity of the market, as it continues to meet the evolving needs and preferences of health-conscious consumers.
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The market share growth by the capsules and tablets segment will be significant during the forecast period. Most drugs 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 34.21 billion in 2018. 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 53% of market growth by 2028. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In Asia, the 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.
The market is driven by a growing preference for natural remedies over allopathic medications, spurred by concerns over side effects and chemical dependency. Rising interest in self-medication and the efficacy of herbal pharmaceuticals like Marrubium Vulgare and Echinacea contribute to market expansion. However, challenges persist, including standardization of herbal products and regulatory compliance. Addressing chronic illnesses like diabetes and asthma presents both opportunities and challenges, requiring rigorous research and clinical validation. Overall, the market reflects a shifting healthcare landscape towards holistic and natural approaches to wellness. 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.
The demand for natural healing will drive the growth of the global market. 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.
They 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 will expand the global market and provide opportunities for new companies to cater to similar needs. Hence, such factors are driving the market during the forecast period.
The inclination toward herbal and natural products will fuel the global 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 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 increased owing to the growing focus on building immunity against COVID-19. During the lockdowns, companies 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 market during the forecast period.
Inadequate knowledge about the usage is a major challenge to the global 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. Hence, such factors are hindering the market during the forecast period.
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.
Customer Landscape
Companies 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.
This market report also includes detailed analyses of the competitive landscape and information about 15 market companies, including:
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market encompasses a wide array of remedies derived from nature, offering alternatives to chemically produced medicines. Utilizing plants like Vaccinium Macrocarpon, Curcuma Longa, and Camellia Sinensis, along with ingredients such as Omega-3 fatty acids from Actaea Racemose and Aloe Vera, these medicines address various health concerns. From constipation to gastritis and stomach problems, herbal remedies provide relief for digestive purposes, combating issues like indigestion and supporting individuals with end-stage kidney disorders. With a focus on holistic wellness, herbal medicines offer solutions for addiction and colds, available in diverse forms, including liquid & gel and powder. Embraced for personal care & baby products, these nutraceutical formulations harness the power of leaves, roots & barks, and whole plants, promoting organic alternatives to pharmaceuticals in the pursuit of natural healing.
In the expansive domain of the market, a plethora of natural remedies harness the healing capabilities of plants and herbs. From the versatile Cocos Nucifera to the aromatic Cinnamomum Spp, various botanicals offer holistic solutions for a wide range of medical conditions. Chamomile soothes ailments like psoriasis and burns, while flax seed with its cholesterol-controlling power aids in managing osteoarthritis. Peppermint oil provides relief from nausea, showcasing the diverse medicinal issues addressed by herbal remedies. With a focus on promoting healthy living, herbal medicines offer alternatives to pharmaceutical drugs, catering to conditions like fever, cough, and headache. Available in oral forms like tablets, capsules, and liquid, as well as personal care products, herbal medicines emphasize natural, organic approaches to wellness, addressing digestive issues and offering relief for lower-degree burns.
Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
Market Growth 2024-2028 |
USD 44.75 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.23 |
Regional analysis |
Asia, North America, Europe, and Rest of World (ROW) |
Performing market contribution |
Asia at 53% |
Key countries |
US, China, Japan, India, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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 and Co. KG, Emami Ltd, Hamdard Laboratories, Himalaya Global Holdings Ltd., Hishimo Pharmaceuticals Pvt. Ltd., Imperial Ginseng Products Ltd., Ricola Group AG, Schaper and Brummer GmbH and Co. KG, Sido Muncul, Tsumura and Co., Weleda Group, and ZeinPharma Germany GmbH |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period. |
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. |
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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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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