Global Herbal Medicine Market: Information by Category (Herbal Pharmaceuticals, Herbal Functional Foods, Herbal Beauty Products and Herbal Dietary Supplements), by Type of Medicinal Plants (Marrubium Vulgare, Vaccinium Macrocarpon, Echinacea, Curcuma Longa, Camellia Sinensis, Actaea Racemose, Aloe Vera, Zingiber Officinale, Cocos Nucifera, Cinnamomum Spp and Allium Sativum), by Form (Extracts, Powders, Capsules & Tablets and Syrups), by Source (Leaves, Root & Barks, Whole Plants and Fruits), by Distribution Channel (Hospital & Retail Pharmacies and E-Commerce) and by Region (Americas, Europe, Asia-Pacific and Middle East & Africa) – Forecast till 2023
The Herbal Medicine Market is anticipated to grow by US$1,29,689.3 Million by 2023 rapidly growing at a CAGR of 5.88% during the forecast period upto 2023. The growing demand for natural medicines and numerous herbal medicine applications is driving the global market for herbal medicines. In the herbal medicine market report, an updated overview of the dynamics of the herbal medicine market, recent trends, and overall industry success information are discussed. Primary and secondary data are the basis of the study study. This data were obtained from leading organisations, industry stakeholders in herbal medicine, business executives, and key decision makers.
The global herbal medicine market has been segmented based on type of medicinal plants, category, form, distribution channel, and source. On the basis of form, the market for herbal medicine is segmented based on powders, capsules & tablets, extracts, and syrups. Additionally, the market on the basis of type of medicinal plants, is segmented into camellia sinensis, vaccinium macrocarpon, marrubium vulgare, curcuma longa, echinacea, aloe vera, actaea racemosa, zingiber officinale, cinnamomum spp, cocos nucifera, and allium sativum. The global market for herbal medicine is also covered based on category segment which is further split into herbal functional foods, herbal dietary supplements, herbal pharmaceuticals, and herbal beauty products. The herbal medicine market on the basis of the distribution channel is segmented into e-commerce and hospital & retail pharmacies. And lastly by source, the market is segmented into root & barks, leaves, fruits and whole plants. Factors such as rising research funds for herbal medicines and growing user demand for herbal medications promote the development of the herbal medicine industry.
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North America, Asia-Pacific (APAC), Europe, and the rest of the globe are the regions discussed in the herbal medicine market study. Many businesses working in the herbal medicine industry throughout the North American market are distributed across the United States, Canada, and Mexico. The European herbal medicine industry involves companies in major European countries, including Germany, France, Spain, Italy and the UK. Similarly, in the Asia-Pacific region, the global herbal medicine industry is also expanding across India, China, and Japan. Other areas of the world, including the Middle East, Africa and others, are also included in the business study. The Global Market Study on Herbal Medicine offers a detailed overview of geographic markets on the basis of market performance, market scale, and revenue for herbal medicine.
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There are several growth factors driving the global demand for herbal medicine. Analysts, however, still advise enterprises to be mindful of the new industry dynamics covered in the study. The factors that could impact the global demand for herbal medicine are also examined and presented in the study. Analysts have extensively researched the industry and have obtained data from primary and secondary sources in order to carry out the study. The origins include major players in the pharmaceutical industry, big companies, distributors, retailers, suppliers, consumers, and key decision makers.
Some of the major companies in the herbal medicine industry have joined hands to strengthen their foreign market presence as well as take advantage of current market conditions. RedHill Biopharma and Movantik have entered into an arrangement that encourages both businesses to explore potential opportunities in the pharmaceutical sector with access to funding for faster growth.