Herbal Medicine Market Analysis and Forecast by 2029
The global Herbal Medicine Market size reached USD 185.86 billion in 2020. The market valuation is set to rise from USD 203.03 billionin 2021 to USD 430.05 billion in 2028 at a CAGR of 11.32% during the projected period. The market growth and rising product demand are attributable to increasing health consciousness among consumers. Individuals are not only consuming healthier foods but also switching to cosmetics and personal care products with natural ingredients. These factors are responsible for the rise of herbal medicines worldwide. Fortune Business Insights presents this information in its report titled “Herbal Medicine Market, 2021-2028."
Popularity of herbal products has exploded over the past decade. Evidently, about 10-50% of individuals in developed countries utilize herbal products. The main reason more people are inclining toward herbal alternatives is their better tolerance compared to synthetic drugs. Also, they are naturally-sourced and are hence safer than synthetic products. Herbal medications are mainly used for common cold, cough, nervous health problems, urinary complaints, gastrointestinal issues, and painful conditions such as joint pain, rheumatic diseases, and stiffness.The rising occurrence of such health problems will certainly boost the product demand in the forthcoming years.
COVID-19 Impact:
Herbal Medicine Demand Surges due to Increasing Health Consciousness
The COVID-19 pandemic has affected healthcare and pharmaceutical supply chains significantly. Medicine shortage was experienced worldwide due to a significant spike in COVID-19-related hospital admissions. Additionally, R&D and drug manufacturing activities also experienced roadblocks during the pandemic.
However, herbal products experienced an upsurge as consumers became more conscious about their health and wellbeing. Increased focus on immunity has fueled the demand for various pharmaceutical and nutraceutical products with herbal ingredients. These factors have opened up new opportunities for market players during the pandemic period.
Segments:
Application, Form, and Region are studied for the Market
On the basis of application, the market is segmented into food & beverages, pharmaceutical & nutraceutical, and personal care & beauty products.
Based on form, the market is classified into liquid & gel, powder, and tablets & capsules.
In terms geography, the market is studied acrossNorth America, South America, Asia Pacific, Europe, and the Middle East & Africa.
Report Coverage
The report offers:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into the regional developments.
List of major industry players.
Key strategies adopted by the market players.
Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Emerging Demand for Natural Medicines and Cosmetics to Augment Growth
The Herbal Medicine Market growth is influenced by surge in product demand for medical purposes in developing countries. Herbal products are being widely used for almost all minor health complaints. Consumers are also shifting towardcosmetics and personal care products with natural and organic ingredients owing to greater safety. To capitalize on this trend, beauty and cosmetic brands are introducing newer product varieties with herbal ingredients. The aforementioned factors will drive the market demand significantly.
However, strict regulatory frameworks related to the import and use of herbal raw materials in food, pharmaceutical, and cosmetic applications could hamper the market development slightly.
Regional Insights:
Europe is expected to dominate the Herbal Medicine Marketshare over the projected period. Regional demand is largely influenced by the popularity of cosmetics and personal care products with natural and organic ingredients. Turmeric has emerged as a popular ingredient in the European health products market owing to its antioxidant and anti-inflammatory properties. It is also gaining popularity as a spice in ethnic cuisine.
The market in North America is growing on account of growing consumer awareness toward the benefits of herbal products. Meanwhile, Asia Pacific will record strong growth led by rising disposable incomes and increased spending on healthier foods and natural cosmetics.
Industry Development:
March 2021 – Fitday, a supplement startup based in Hyderabad, India, announced plans to set up more than 50 brick-and-mortar stores across the country by 2023 with USD 8 million investment.
List of Key Players Profiled in the Market Report:
KPC Products Inc. (California, U.S.)
NEXIRA (Normandy, France)
HISHIMO PHARMACEUTICALS (Rajasthan, India)
Schaper & Brümmer GmbH & Co. KG (Salzgitter, Germany)
Sydler Group of Companies (India)
21STCentury HealthCare, Inc. (Arizona, U.S.)
Zoic Pharmaceuticals (Punjab, India)
Herbally Yours, Inc. (Arizona, U.S.)
Pharma Nord B.V. (Vejle, Denmark)
NATURLAND (Gräfelfing, Germany)
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/herbal-medicine-market-106320
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