Global Herbal Medicine Market Size To Worth USD 422.82 Billion By 2033 | CAGR of 18%
Category: HealthcareGlobal Herbal Medicine Market Size To Worth USD 422.82 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Herbal Medicine Market Size was valued at USD 80.82 billion in 2023 and is Expected to reach USD 422.82 Billion by 2033, Growing at a CAGR of 18% from 2023 to 2033
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Browse key industry insights spread across 256 pages with 110 Market data tables and figures & charts from the report on the "Global Herbal Medicine Market Size, Share, and COVID-19 Impact Analysis, By Product Form (Powder, Liquid/Gel, Tablets/Capsules, and Others), By Application (Pharmaceutical & Nutraceutical, Food & Beverages, and Personal Care & Beauty Products), By Distribution Channel (Direct Sales, E-Commerce sales, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here:https://www.sphericalinsights.com/reports/herbal-medicine-market
The global herbal medicine market is the industry that manufactures, distributes, and uses natural plant-based medicines. Herbal drugs include botanical extracts, powders, capsules, tablets, and teas that are used to prevent or cure a variety of health problems. The global herbal medicine demand for plant-practical active compounds that are tailored to specific needs, is rising as a result of the tendencies toward personal healthcare and welfare tourism. The application of herbal medications has become more stable and successful with the advancement of contemporary extraction and formulation technology. As consumer awareness of natural products rises in this quickly expanding industry, cosmetics companies are working to replace synthetic compounds with natural herbal possibilities, which is driving up demand for natural components. The need for natural ingredients in toiletries and cosmetics is expected to only grow. According to the Scheme's operating guidelines, the Ministry of AYUSH supports the cultivation of medicinal plants on farmers' land across the nation by subsidizing 140 medicinal plants at 30%, 50%, and 75% of the cultivation cost, depending on market demand and availability. However, herbal and traditional medical physicians lack referral mechanisms, information systems, information system analysis, herbal ingredients, and the integration of herbal products into health services.
The tablets/capsules herbal medicine segment held a dominant share in 2023 and is expected to grow at a notable CAGR during the forecast period.
Based on the product type, the global herbal medicine market is classified into powder, liquid/gel, tablets/capsules, and others. Among these, the tablets/capsules segment held a dominant share in 2023 and is expected to grow at a notable CAGR during the forecast period. The segmental expansion can be attributed to both patients and healthcare professionals, who benefit from their precise and consistent dosing, stability in strength, and efficacy, and also herbal compounds having a strong flavor and smell that are disguised by capsules and pills, which makes them more palatable and easier to take.
The pharmaceutical & nutraceutical segment accounted for the biggest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
Based on the application, the global herbal medicine market is divided into pharmaceutical & nutraceutical, food & beverages, and personal care & beauty products. Among these, the pharmaceutical & nutraceutical segment held a dominant share in 2023 and is expected to grow at a notable CAGR during the forecast period. The segmental expansion can be attributed to scientific verification, increasing consumer demand for natural healthcare, and regulator acceptance. Herbal drugs are used rapidly in drugs to treat chronic diseases, immune support, and general welfare, as they provide fewer side effects than synthetic drugs.
The direct sale herbal medicine segment accounted for the biggest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
Based on the distribution channel, the global herbal medicine market is categorized into direct sales, e-commerce, and others. Among these, the direct sales segment accounted for the biggest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The increasing demand for Strong customer interaction, personal methods, and confidence-building. Herbal supplements frequently call for thorough explanations and enable direct sales businesses to offer tailored advice, resolve customer issues, and foster brand loyalty.
Europe is anticipated to hold the largest share of the global herbal medicine market over the projected timeframe.
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Europe is anticipated to hold the largest share of the global herbal medicine market over the predicted timeframe. The rapid growth is due to its anti-inflammatory and antioxidant qualities, turmeric is becoming more and more well-liked in the European market for health products. It is used in medical products and as a supplement to improve digestive, immunological, and general health. Demand for turmeric is mostly driven by the region's population's increasing lifespan, and regional development is being spurred by the region's expanding health consciousness
North America is expected to grow at a rapid CAGR in the herbal medicine market during the forecast period. The market is shifting toward natural care goods as a result of a major green wave and rising consumer health consciousness, notably in the United States. This is because alternative therapies are believed to have a harmful impact on people's health. This feature has contributed to the product's success in the US market.
Major key players in the herbal medicine market include Weleda AG., Ginkgo BioWorks., Dabur India Ltd., Himalaya Drug Company, Herbalife Nutrition Ltd., Rishiri Pharmaceuticals Co., Ltd., Caron Products & Services, Inc, The Herb Society of America, LKK Health Products Group Limited, International Chinese Body Care Houses, KindCare Medical Center, Pascoe Natural Medicine, Bionorica SE, Ming Chen Clinic, The Center for Natural and Integrative Medicine, Sinomedica, Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Development
- In June 2021, Gujarat based Vasu Healthcare Pvt Ltd launched herbal supplements range – Vasu Safe Herbs, which strengthen the company’s existing immunity & preventive care range aimed at promoting overall health & well-being.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global herbal medicine market based on the below-mentioned segments:
Global Herbal medicine Market, By Product Form
- Powder
- Liquid/Gel
- Tablets/Capsules
- Others
Global Herbal medicine Market, By Application
- Pharmaceutical & Nutraceutical
- Food & Beverages
- Personal Care
- Beauty Products
Global Herbal medicine Market, By Distribution Channel
- Direct Sales
- E-Commerce sales
- Others
Global Herbal medicine Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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