Herbal Medicinal Products Market to reach the value of USD 177.65 billion by the year 2029, at a CAGR of 6.83%

Herbal medicinal products are those that contain ingredients derived from plants and natural resources. Herbal medicinal products are sold in the market as tablets, capsules, powder, teas, and fresh and dried plants. Because these medicines are derived from nature, they have no negative or side effects on the body. Herbal medicinal products are safe to use and improve an individual's health and organ function. However, if consumed incorrectly and in excess, even herbal medicinal products can be harmful to the body.

View Detailed Report: https://www.databridgemarketresearch.com/reports/global-herbal-medicinal-products-market

The number of adverse effects caused by the use of allopathic medicines is rapidly increasing, which is a major source of concern among the world's growing population. This has increased the use of herbal medicinal preparations in a variety of industries, including pharmaceuticals, supplements, and others. Numerous products with herbal components that provide medicinal properties are being widely released. As a result, from a commodity standpoint, the global herbal medicinal products market is being propelled magnanimously by such commodities as well.

Data Bridge Market Research analyses that the herbal medicinal products market is expected to reach the value of USD 177.65 billion by the year 2029, at a CAGR of 6.83% during the forecast period. The rising prevalence of chronic diseases, combined with increased awareness of the benefits of herbal medicines over allopathic medicines, has increased demand for herbal medicinal products.

Opportunities

Increased positive outcomes of aesthetic treatment and increased awareness of aesthetic procedures can open up new opportunities to expand the herbal medicinal products market during the forecast period.

Drivers

The rise in the awareness of negative effects of allopathy medicines

The growing awareness of the negative effects of allopathic medicines and the benefits of herbal medicinal products has resulted in an increase in their demand. Another factor influencing market growth is the growing population, which is accompanied by an increase in the prevalence of chronic diseases. Increased demand for naturally prepared medicines based on Ayurvedic and Unani teachings will fuel market growth.

Application

Food and beverages

Pharmaceuticals

Personal care

Others

Based on the application, the herbal medicinal products market has been segmented into food and beverages, pharmaceuticals, personal care, and others.

Formulation Type

Syrups

powder

Capsules

Tablets

Oils

others

Based on the formulation type, the herbal medicinal products market has been segmented into syrups, powder, capsules and tablets, oils and others.

Some of the major players operating in the herbal medicinal products market are

Moderna, Inc. (MA)

PERSONALIS INC. (US)

GENOCEA BIOSCIENCES, INC (US)

CureVac AG (Germany)

CELLDEX THERAPEUTICS (US)

BIONTECH SE (Rhineland-Palatinate)

Advaxis, Inc. (US)

Agenus Inc. (US)

Immatics Biotechnologies GmbH (Germany)

Gritstone Oncology (US)

Europe dominates the herbal medicinal products market due to the prevalence of large pharmaceutical and medical industries. Government policies that are supportive of the market are also driving growth in this region. The Asia-Pacific region, on the other hand, is expected to have the highest compound annual growth rate during the forecast period. This is due to increased research and development capabilities in the direction of herbal medicinal products. This region's major contributors are India and China.

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This release was published on openPR.