Herbal medicine market could flourish at a rate of 5.88?tween 2020 and 2027, says MRFR (Market Research Future). By the end of 2027, the market can expect to touch USD 1,29,689.3 Million, adds Market Research Future (MRFR).
Major Growth Boosters and Deterrents
With mounting awareness among consumers regarding the benefits of herbal medicines, the global market can expect to gain considerable traction in the following years. With the provision of natural and chemical-free ingredients, these products have sparked the interest of a rising number of consumers. Moreover, since these are affordable and are easily accessible at supermarkets and other distribution channels, their demand is bound to rise further in the years ahead.
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Surge in extensive research activities backed by increased spending to develop a variety of herbal medicines will enhance the market share as well. The COVID-19 pandemic will also be a huge opportunity for herbal medicine manufacturers, given the soaring number of consumers shifting their focus towards more natural as well as immunity boosting items to prevent infections.
The drastic rise in the number of disorders across the globe further elevates the market position. Side effects arising from the use of allopathic medicines also compel consumers to opt for natural products, which should translate into significant revenues in the years ahead. In recent years, the sales of herbal beauty products have shot up rapidly, thanks to the surge in disposable incomes, and the soaring focus on grooming as well as general well-being.
The market for herbal medicine can be considered for category, source, form, and distribution channel.
The key categories covered are herbal dietary supplements, herbal pharmaceuticals, herbal beauty products, and herbal functional foods. The lead has been procured by the herbal pharmaceutical segment, on account of the rise in research and development of several herbs to explore their medicinal characteristics, escalating sales of natural medicines with fewer side-effects, and the massive burden of chronic disorders such as arthritis, diabetes, sleep disorders, digestive issues and cancer.
Major forms are powders, extracts, syrups, capsules and tablets, and others.
The top distribution channels highlighted in the research study are e-commerce, hospital and retail pharmacies, and others. As the biggest segment in the market, hospital & retail pharmacies benefits from the mushrooming burden of cancer and several infectious disorders worldwide, advances in healthcare infrastructure, and the rising number of skilled professionals.
Europe can expect to attain the top position in the global market, thanks to the surge in exhaustive R&D activities, rising spending on research studies on medicinal plants, and the huge preference for herbal drugs. The European market is split into Western Europe as well as Eastern Europe, out of which the former is anticipated to dominate in the ensuing years. The Western European market is backed by the surge in chronic disorders coupled with the strong government support.
America has secured the second place in the global market, accounting for close to 16.2% in 2017. The sales of herbal medicines in the US is quite significant, in view of the soaring number of consumers growing aware of the health benefits in the wake of rising prevalence of diabetes, cancer and other chronic diseases.
Asia Pacific is touted to grab a growth rate of 5.99% in the next few years, as a result of the booming demand for traditional medicines. Some of the most active end-users in the region include researchers, policymakers, and pharmaceutical companies.
Dr. Willmar Schwabe India Pvt. Ltd., BEOVITA, Blackmores, Arkopharma, Bayer AG, Dasherb Corp., Arizona Natural Products, Hishimo Pharmaceuticals, ZeinPharma Germany GmbH, Himalaya Global Holdings Ltd, Venus Pharma GmbH, Schaper & Brümmer are the major herbal medicine developers highlighted in the study.
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