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Herbal Medicine Market Size Worth USD 429.25 Billion in 2032 | Emergen Research
Herbal Medicine Market
Market Drivers:
Increased Adoption of Natural Remedies: The rising preference for natural medicine and beauty products is propelling the herbal medicine market forward. Consumers are increasingly turning to plant-based supplements and remedies derived from leaves, berries, bark, seeds, and roots.
Investment in Research and Development: Advancements in healthcare and increased investment in research and development are opening up profitable opportunities for market participants. The shift towards alternative antibiotic medications, including herbal products, is gaining traction among healthcare providers and patients alike.
Trend Towards Self-Medication: The global pandemic has spurred a trend towards self-medication, with individuals seeking natural solutions to support their immune systems. The ancient practice of Ayurveda has seen a resurgence as people explore herbal remedies for maintaining health and wellness.
Government Support and Awareness: Favorable government initiatives promoting the use of herbal medicine, particularly in response to the COVID-19 pandemic, are driving market expansion. Increasing awareness of the adverse effects of synthetic medications has led to a growing public interest in herbal alternatives.
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Market Restraints:
Lack of Knowledge and Regulation: Despite the growing demand, challenges persist due to a lack of awareness regarding proper usage and dosage of herbal medications. Varying regulations across countries further complicate market entry for suppliers and manufacturers.
Market Segment Insights:
1. Source: The market is segmented based on the source of herbal medicine, with leaves accounting for the largest revenue share in 2022. Dried leaves, in particular, are in high demand across various industries due to their versatility and longer shelf life.
2. Form: Tablets and capsules dominate the market segment, driven by their ease of use and widespread availability in the pharmaceutical industry. The compact size and convenience of these forms contribute to their popularity among consumers.
3. End-Use: The pharmaceutical segment leads in revenue share, fueled by the growing need for herbal raw materials in dietary supplements and alternative medicine. However, the cosmetics segment is expected to witness the fastest growth rate, driven by increasing consumer awareness of natural skincare and beauty products.
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Herbal Medicine Top Companies and Competitive Landscape
The global herbal medicine market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products.
• Genius Nature Herbs Private Limited.
• Guangzhou Pharmaceutical Co. Ltd.
• Haiyao Co., Ltd.
• Potter's Herbals
• Bio-Botanica
• Nature's Answer (Bio Answer Holdings Inc.)
• Sanjiu Medical & Pharmaceutical Co., Ltd.,
• China Resources Pharmaceutical Group Limited
• DABUR INDIA LIMITED
• Blackmores
• A Nelson & Co., Ltd.
• Arizona Natural Product
• ZeinPharma Germany GmbH
• Himalaya Global Holdings Ltd.
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Herbal Medicine Latest Industry News
• On March 23, 2022, with a USD 250 million investment from the Indian government, the World Health Organisation (WHO) opened the Global Centre for Conventional Medicine in India. With this, the organisation hopes to capitalise on conventional medicine's advantages all throughout the world.
• On March 07, 2021, Lotus, a well-known beauty brand in India, debuted its line of herbal beauty products in the clean beauty brand Lotus Botanicals, which is the new product line, is a vital component of the rapidly expanding e-commerce beauty industry. The company wants to reconcile consumer demands for cosmetics with the needs of nature.
Herbal Medicine Market Segment Analysis
For the purpose of this report, Emergen Research has segmented the global herbal medicine market on the basis of source, form, category, product type end-use, and region:
• Source Outlook (Revenue, USD Billion; 2019-2032)
o Leaves
o Roots and Barks
o Whole Plants
o Fruits
o Others
• Form Outlook (Revenue, USD Billion; 2019-2032)
o Tablets and capsules
o Powders
o Gel and Liquids
o Others
• Category Outlook (Revenue, USD Billion; 2019-2032)
o Herbal pharmaceuticals
o Herbal Functional Foods
o Herbal Beauty Products
o Herbal Dietary Supplements
• Product Type Outlook (Revenue, USD Billion; 2019-2032)
o Ayurvedic
o Homeopathy Medicine
o Chinese Medicine
o Aromatherapy Products
• End-Use Outlook (Revenue, USD Billion; 2019-2032)
o Pharmaceutical
o Food and Beverages
o Cosmetics
o Others
• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. U.K.
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of MEA
Browse The Full Herbal Medicine Market Report Description, Along With The Tocs And List Of Facts And Figures @ https://www.emergenresearch.com/industry-report/herbal-medicine-market
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Eric Lee
Corporate Sales Specialist
Emergen Research
Direct Line: +1 (604) 757-9756
E-mail: sales@emergenresearch.com
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.
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