Herbal Medicine Market Overview and Analysis By Category, By Type of Medicinal, By Form, By Source- Forecast Till 2030
Market Research Future (MRFR) projects that the global market for herbal medicines will expand at a CAGR of 10.9% and reach USD 356 billion by the end of the forecast period of 2022-2030. Herbalism has been practised since antiquity, and the market for herbal medicines has been expanding steadily over time. Due to the perception that herbal medications are efficient and free of adverse effects, their consumer base is expanding tremendously. The market has grown as a result of the global trend away from synthetic medicine and toward herbal medicine.
The market’s development has been linked to the dependence on antiquated medical practises. Additionally, herbal medications have proven to be highly successful in treating a variety of illnesses and are more widely available in developing countries. Additionally, compared to allopathic and antibiotic types of medication, herbal medicines are more affordable, which has increased end users’ desire for them. Due to the lack of standardisation and the fact that herbal medicines are often exempt from drug approval procedures, the market’s expansion may be hampered.
Competitive Landscape
This report centers about the top global herbal medicine market players
Blackmores
Tsumura
Hamdard Laboratories
Schwabe
Madaus
Himalaya Drug Company
Arkopharma
China Herbs Company
Patanjali Ayurved Ltd
Nutraceutical International Corporation
Sheng Chang Pharmaceutical Company
Ricola AG
Zandu Pharmaceutical Works Ltd and
Dabur
Segmentation
The global herbal medicine market size is segmented on the basis of system, application, source and region.
On the basis of system, the market has been segmented into Western, Ayurveda, Chinese, and other.
Based on the application, the market has been segmented into personal care, pharmaceutical, and other.
By source, the market has been segmented into animal and vegetable. The vegetable segment is further segmented into fruit and leaves, roots, seeds, bark and other.
The animal segment is additionally segmented into bones, oils, and other.
The regions included in the market are Asia Pacific, North America, Europe and the rest of the world.
Regional Analysis
The regional analysis of the herbal medicine consists of regions such as Asia Pacific, North America, Europe and the rest of the world. The Asia Pacific region will be a rapidly growing region because of which will be controlled by China and India. The nations in the Asia Pacific region such as China which is followed by India is responsible for the bigger market share owing to its custom of using the herbal system. The European region is the next major market owing to increased disposable income and rising demand for natural remedies and therapies. The European market will be led by nations such as France which is followed by Germany. The Middle East and Africa market will be directed by the Gulf nations chiefly Saudi Arabia and UAE. The underprivileged regions of Africa are expected to lag owing to poor political and economic conditions.
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