Herbal Medicine Market Analysis (2023 - 2030)
As per our research report, the global Herbal Medicine Market size is estimated to be growing at a CAGR of 10.9% from 2022 to 2030.
The WHO declared the COVID-19 sickness a global pandemic in March 2020. Both the pharmaceutical and healthcare sectors were heavily influenced by the outbreak, and these consequences could be both short-term and long-term. There were also delays in projects and programs unrelated to the fundamental supply chain and data management procedures, as well as short- and long-term detrimental consequences on manufacturing and R&D operations. The effects of the worldwide drug shortage on hospital medicine sales and retail sales are different. Even though the actual scope of the global epidemic is still unknown, pharmaceutical corporations are responding and striving to make up for the lost revenue. Consumer attention is now more concentrated on increasing immunity because there is no cure for the new disease caused by COVID-19.
In Asian countries, where herbs are abundantly available to improve immunity, consumers' focus has shifted to locally created medicines and raw herbs. Coriander, herbal tea, turmeric, cumin, and garlic were ingredients in many treatments and nutritional supplements that were heavily promoted for their ability to lessen COVID-19 attacks on the body.
Due to growing awareness of the advantages of herbal medicines among the general public, the Asia-Pacific region is predicted to grow the fastest throughout the projected timeframe (2023-2030). The most lucrative markets throughout the appraisal period are China and India. Two further significant factors that may affect the market in the region are the absence of components in the treatments and their lower pricing. Due to the fact that the Ayurveda Regime has been practiced there since the Vedic era, India is a well-known global centre for herbal treatments. The market is also anticipated to expand significantly over the assessment period as a result of increased investment and the adoption of advantageous laws by the Indian government.
KEY MARKET INSIGHTS:
- A number of factors, including increased health consciousness, expanding consumer preference for natural and organic products, and growing knowledge of the health advantages of herbal medicines, are driving the rapid growth in the market for herbal medicines. A global scale with rising demand for herbal supplements, treatments, and products, the market for herbal medicines is growing on continuously. The market is primarily pushed by factors that include rising elderly population, rising demand for natural and organic products, and rising health consciousness. The technological developments and rising research and development expenditures further augment market growth and is anticipated to be fuelled during the forecast period.
- Traditional medical practices from various nations and cultures have long used herbal remedies. They are well-liked since they come from nature, are thought to be safe, and have less adverse effects than traditional medications. Consumer confidence in the effectiveness and safety of these products has increased as a result of the historic usage of herbal medicines. Herbal goods are in high demand due to the rising health and wellness trend because they are seen as a safer and healthier alternative to traditional medications. The popularity of herbal remedies is also being boosted by the rising demand for organic and natural items.
- Particularly in India and other Asian countries, Ayurveda treatments and medications are becoming more and more well-liked worldwide. As a result of rising demand the market for herbal medicines is expanding along with the popularity of herbal products and cures and the increasing popularity of Ayurveda. Businesses are making significant investments in R&D to create novel herbal products and enhance current formulations. The market for herbal medicines is anticipated to grow as a result of the creation of new products, improved quality, and better efficacy. Additionally, it is anticipated that technical developments like the creation of plant-based vaccinations and gene editing methods would open up new market growth potential.
- By offering recommendations for the safety and effectiveness of herbal medicines, regulatory organizations like the FDA and EMA are promoting their usage. Consumer confidence in herbal medications would increase as a result of regulatory agencies' growing backing, which is also projected to stimulate market expansion. The market is expanding due to the accessibility of herbal goods through a variety of distribution channels, including pharmacies, grocery stores, and e-commerce websites. The market is anticipated to increase more as a result of how simple it is to find and buy herbal items online. The herbal medicine market is divided into a number of categories, including skincare items, dietary supplements, and others. The dietary supplement segment is the biggest and fastest-growing segment, and each category has its own distinct growth drivers.
MARKET SEGMENTATION:
By Product:
- tablets & capsules
- powders
- extracts
- syrups
- others
By End-User:
- Individuals
- Hospitals & Clinics
- Others
By Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East and Africa
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