Herbal Medicine Market Size, Share, Top Players, Impacting Factors, Regional Outlook And Forecast To 2032
The Business Research Company's Herbal Medicine Global Market Report 2023 identifies increasing use of herbal products in the pharmaceutical Industry as the major driver for the herbal medicine market's growth in the forecast period. Herbal products refer to any medication with only one or more herbal substances, one or more herbal preparations, or a combination of the two as active components. Applying herbal products in the pharmaceutical sector will support the demand for the herbal medicine market.
The global herbal medicine market is expected to grow from $178.59 billion in 2022 to $196.83 billion in 2023 at a compound annual growth rate (CAGR) of 10.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global herbal medicine is expected to reach $287.31 billion in 2027 at a CAGR of 9.9%.
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Major competitors in the herbal medicine market are Bayer AG, Patanjali Ayurved Ltd., Dabur Ltd., NOW Foods, Boiron Group, Nature's Sunshine Products, Emami Ltd., Ricola AG, Young Living Essential Oils.
A key trend in the herbal medicine market includes product Innovation. Major companies operating in the herbal medicine market are adopting innovative technologies to sustain their position in the market. For Instance, in September 2022, BASF SE, a Germany-based chemical company, launched Phytocine, a new generation of traditional Chinese medicine (TCM)-based activities with scientific inspiration. The Phytocine line targets skin issues that can be resolved with TCM. These innovative active ingredients, which are entirely natural and free of preservatives, target personal care skin benefits such as improving skin hydration and barrier function (Phytocine AQUA), reducing the appearance of aging and oxidation (Phytocine NOVO), and calming sensitive skin (Phytocine CALM).
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The herbal medicine market is segmented -
1) By Product: Capsules And Tablets, Powders, Extracts, Syrups, Other Products
2) By Category: Herbal Pharmaceuticals, Herbal Functional Foods, Herbal Dietary Supplements, Herbal Beauty Products
3) By Distribution Channel: Hospitals, Retail Pharmacies, E-commerce
4) By Application: Pharmaceutical And Nutraceutical, Food And Beverages, Personal Care And Beauty Products
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Europe was the largest region in the herbal medicine market.
The Business Research Company's "Global Herbal Medicine Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Herbal Medicine Market Include:
1. Executive Summary
2. Herbal Medicine Market Characteristics
3. Herbal Medicine Market Trends And Strategies
4. Herbal Medicine Market - Macro Economic Scenario
32. Global Herbal Medicine Market Competitive Benchmarking
33. Global Herbal Medicine Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Herbal Medicine Market
35. Herbal Medicine Market Future Outlook and Potential Analysis
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