Herbal Medicine Market Size and Trends Analysis 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) – Forecast till 2032
According to MRFR analysis, the Herbal Medicine Market size was valued USD 145 billion in 2021 and expected to reach USD 377 Billion by 2032 at 11.2% CAGR during the forecast period 2022-2032.
The herbal medicine market refers to the global industry involved in the production, distribution, and sale of medicinal products derived from plants or plant extracts. Herbal medicine, also known as botanical medicine or phytomedicine, utilizes various parts of plants such as leaves, roots, stems, flowers, and seeds, as well as their active constituents, for therapeutic purposes.
The herbal medicine market is driven by several factors, including increasing consumer preference for natural and holistic healthcare options, growing awareness about the potential health benefits of plant-based remedies, and a shift toward preventive healthcare practices.
The COVID-19 pandemic had a significant impact on the herbal medicine market. As people became more conscious about their health and immunity during the pandemic, there was a surge in demand for herbal medicines and supplements that were believed to support immune function. Many consumers turned to herbal remedies such as elderberry, Echinacea, and medicinal mushrooms, seeking potential preventive or supportive measures against COVID-19.
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Key Players
Some of the key market players are:
Arkopharma
Bayer AG
BEOVITA
Hishimo Pharmaceuticals
Schaper & Brümmer
ZeinPharma Germany GmbH
Venus Pharma GmbH
Dasherb Corp.
Arizona Natural Products
Blackmores
Market Segmentation
The Herbal Medicine Market has been segmented into type, form and sales channel.
Based on the type, the market has been segmented into vaccinium macrocarpon, Echinacea, curcuma longa, camellia sinensis and actaea racemose.
Based on the form, the market has been segmented into powders, capsules, tablets and syrups.
Based on the sales channel, the market has been segmented into hospital & retail pharmacies and e-commerce
Regional Analysis
The largest region of herbal medicine market is a Asia-Pacific. These traditional systems have been practiced for centuries and are deeply rooted in the culture and healthcare practices of these countries. The widespread use of herbal medicines in traditional healthcare contributes to the significant market size in the region.
Asia-Pacific has a sizable population, with countries like China and India having billions of people. The large population base, coupled with a growing interest in natural and traditional remedies, creates a substantial consumer demand for herbal medicines. Increasing health consciousness, rising disposable incomes, and the preference for holistic healthcare solutions further drive the demand for herbal products in the region.
Browse In-depth Market Research Report (163 Pages) on Herbal Medicine: https://www.marketresearchfuture.com/reports/herbal-medicine-market-3250
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