Herbal Medicine Market Research Report

 

Growth opportunities in the herbal medicine market look promising over the next six years. This is mainly due to increasing consumer preference towards traditional medicines such as Unani and Ayurveda and the growing use of conventional drugs.

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Herbal Medicine Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

Key Drivers

The surging role of the World Health Organisation's monographs on the selected medical plants has resulted in massive growth in the herbal medicine market. WHO has been operating with at least 15 national drug regulatory authorities such as NMRA, CDSCO, and AHWP, etc., which is promoting market growth. Also, the augmenting usage of these medicines in traditional and conjunction drugs has strengthened the herbal medicine market share. The growing inclination of consumers towards conventional medicines like Ayurveda, Unani, etc., owing to the absence of side effects compared to the modern medicines and no toxicity from an overdose, is stimulating the market growth. In accordance with the WHO, there has been a boost in the registration systems of these medicines from 109 in 2012 to 125 in 2018. Additionally, approximately 88% of traditional and complementary medicines were used in 2018, which resembles its huge consumption by individuals, leading to massive growth. However, the growing consciousness among consumers about the toxicity level in these medicines will curb the market growth.

Distribution Channel Segment Drivers

On the basis of distribution channels, hospitals and retail pharmacies are expected to expand at a higher CAGR over the forecast period. This is primarily because of the expansion in the number of these pharmacies. For instance, the number of independent pharmacies between 2010 and 2019 fuelled by greater than 2,600 stores (12.9%), which raised the market growth.

Regional Drivers

Based on the regional coverage, North America is predicted to grow at a faster CAGR over the forecast period. This is attributed to the intensifying sales of herbal dietary supplements in the U.S., As per the (ABC's) American Botanical Council, United States in 2019 disbursed almost $9.602 billion on herbal dietary supplements, which presents a growth of 8.6% in the net U.S. sales from the year 2018. Moreover, the vigorous prevalence of key players in the market like Bayer AG, Arizona Natural Products, Arkopharma, have bolstered the market growth.

Herbal Medicine Market’s leading Manufacturers:

·        Arizona Natural Products

·        Venus Pharma GmbH

·        Schaper & Brümmer

·        DABUR

·        Arkopharma

·        Blackmores

·        Dasherb Corp.

·        ZeinPharma Germany GmbH

·        Hishimo Pharmaceuticals

·        Bayer AG

Herbal Medicine Market Segmentation:

Segmentation by Category

·        Herbal Pharmaceuticals

·        Herbal Functional Foods

·        Herbal Dietary Supplements

·        Herbal Cosmetic Products

Segmentation by Form

·        Tablets & Capsules

·        Powders

·        Extracts

·        Syrups

·        Others

Segmentation by Source

·        Leaves

·        Roots and barks

·        Fruits

·        Whole plants

·        Others

Segmentation by Distribution Channel

·        Hospitals & Retail Pharmacies

·        E-commerce

Segmentation by Region:

·        North America

o   United States of America

o   Canada

·        Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·        Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·        RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

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