Pune, India, Aug. 4, 2022 (GLOBE NEWSWIRE) — The global herbal medicine market size wash USD 151.91 billion in 2021. The market is expected to grow from USD 165.66 billion in 2022 to USD 347.50 billion by 2029, with a CAGR of 11.16% during the forecast period 2022-2029.
This information is provided by Fortune Business Insightsin his report, entitled: “Herbal Medicine Market, 2022-2029.”
Increased health concerns amid COVID-19 pandemic-supported market growth
The COVID-19 virus was declared a global pandemic by the WHO in March 2020. The pandemic had major impacts on the health and pharmaceutical industries, which is likely to succeed in the short and long term. There are also short-term and long-term negative effects on R&D and production activities, as well as postponement of projects/programs that are not related to the core supply chain operation/data management.
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Major Players mentioned in the Herbal Medicines Market Report:
- Cultivator Natural Products Pvt. Ltd. (India)
- 21st Century HealthCare, Inc. (US)
- Herbalife Nutrition (US)
- ZeinPharma Germany GmbH (Germany)
- Blackmores Limited (Australia)
- Himalaya Global Holdings Ltd. (India)
- Nutraceutical Corporation (US)
- Emami Limited (India)
- Nature’s Answer, LLC. (U.S)
- Patanjali Ayurved Limited (India)
Report size and segmentation:
|2029 Value projection||USD 347.50 billion|
|Herbal Medicine Market Size in 2021||USD 151.91 billion|
|Number of pages||170|
|Covered segments||On request, by form, by geography|
|Growth drivers for the herbal medicine market||Rising Demand for Herbal Ingredients in Cosmetic Industry to Boost Market Growth|
The report provides a detailed study of the market and a thorough investigation of the key segments of the market. It provides in-depth analysis of the key players and their insightful strategies to propel the herbal medicine market growth for monetary gain. It also shares tangible insights that guide entrepreneurs through their investment perspective. The regional dynamics and how they shape the market in an upward curve are presented in the following report. In addition, the impact of COVID-19 has been added for additional information and how it is expected to affect the demand for herbal medicines in the near future.
Browse the detailed summary of the research report with TOC:
Pharmaceutical and nutraceutical segment holds the largest market share due to rising demand for herbal products
By application, the pharmaceutical and nutraceutical segment has the largest market share in herbal medicines. This is attributed to the high demand for herbal raw materials from nutritional supplement manufacturers and the alternative medicine industry.
Tablets and capsules segment has a significant share due to wide availability in the pharmaceutical industry
The Tablets & Capsules segment has a significant market share based on shape. Several such drugs are available on the market in the form of capsules and tablets.
Geographically, the market is divided into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.
Drivers and restrictions:
Rising Demand for Herbal Ingredients in Cosmetic Industry to Boost Market Growth
The cosmetics industry offers impressive prospects for exporters of organic ingredients from emerging countries to expand their activities in established regions. The demand for natural ingredients from the cosmetic industry is increasing. The main aspects fueling this demand are the increasing consumer awareness about organic cosmetics and the increasing emphasis by cosmetics companies to offer natural herbal substitutes to synthetic ingredients. As the demand for natural ingredients used in cosmetics and toiletries increases, this trend is expected to continue during the forecast period.
Europe dominates, supported by the population’s demand for organic products
Europe has the largest market share as it has the largest cosmetics industry in the world and is predicted to offer worthy prospects for new market candidates from emerging economies. The demand for natural ingredients used in the personal care and beauty segment is rising immediately and this trend is expected to continue.
In North America, there is an increasing awareness among consumers, especially in the US, regarding health and there is a fluctuation in people’s perception of organic care products due to an influential green wave.
The cosmetics markets in Asia and Latin America are also showing strong growth. With the rising internet penetration, consumers are beginning to take notice of the extensive gains associated with herbal products and are excited about using natural and herbal remedies.
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Key companies launch trend-oriented products to maximize market capital
The indispensable players employ numerous tactics to strengthen their position in the market as dominant companies. A key strategy is to buy companies to strengthen brand equity among users. Another effective strategy is to launch popular products at certain intervals, along with a methodical assessment of the market and its intended users.
Detailed table of contents:
- Research scope
- Market share
- research method
- Management summary
- Market dynamics
- Market factors
- Market Restrictions
- Market opportunities
- Market trends
- Key insights
- Overview of parent/related markets
- Regulatory Analysis
- Industry SWOT Analysis
- Recent Industry Developments – Policies, Partnerships, New Product Launches and M&A
- Qualitative analysis related to COVID-19
- Impact of COVID-19 on the market
- Supply Chain Challenges Amid Pandemic
- Potential opportunities arising from this global crisis
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Development of the main industry:
March 2021: Lotus, India’s popular beauty company, has unveiled the Lotus Botanicals brand. Through this e-commerce brand, users can purchase Lotus Botanicals skin and hair care products only through Lotus Botanicals and other third-party e-commerce platforms.
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