Report ID: SQSG35B2004 | Region: Global | Published Date: October, 2022 | Pages: 272 | Tables: 68 | Figures: 65Global Healthcare Kiosk Market
Report ID: SQSG35B2034 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 149 | Figures: 68
Global Herbal Medicine Market size was valued at USD 151.91 billion in 2021 and it is expected to reach USD 318.59 billion by 2028, at a CAGR of 11.16% over the forecast period (2022-2028).
Herbal medicine is a type of dietary supplement derived from plant parts such as leaves, bark, seeds, oil, berries, and roots. Herbal medicines have been used to treat a variety of diseases since antiquity. These medicines are now available in a variety of dosage forms thanks to the use of new and innovative methods. The market is divided into four categories such as Herbal Pharmaceuticals, Herbal Functional Foods, Herbal Dietary Supplements, and Herbal Beauty Products. There is restricted scientific evidence for the safety and efficacy of plants used in 21st-century herbalism, which generally does not include standards for purity or dosage. Herbal Medicine commonly involves fungal and bee products, along with minerals, shells, and animal parts. Phytomedicine or phytotherapy are other terms for herbal medicine.
Demand for herbal supplements has been primarily concentrated in the West Because of relatively high levels of health consciousness and widespread and easy access to products. The demand for herbal supplements and remedies is being driven by an ageing population, changing health perceptions, and the threat posed by antimicrobial resistance. Major factors driving growth in emerging countries include an expanding population base, a growing consumer preference for healthy living, rising consumer awareness of wellness and dietary requirements, and a rise in the demand for natural remedies. The region's growth is being fueled by a cultural affinity for herbalism as well as consumer confidence in the efficacy and safety of herbal ingredients.
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Global herbal medicine market is segmented based on the form, application, product type, source, distribution channel, and region. Based on form, herbal medicine market is segmented into powder, liquid & gel and tablets & capsules. Based on application, the herbal medicine market is segmented into pharmaceutical & nutraceutical, food & beverages and personal care & beauty products. Based on product type, the market is segmented into homeopathic medicines, ayurvedic medicines, Chinese medicines and aromatherapy products. Based on source, the market is segmented into barks, leaves, roots, fruits and vegetables, and others. Based on distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, online pharmacies, and others. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Form
Based on form, the tablets & capsules segment dominates the global market. Several medicines are available in the market in the form of capsules and tablets. Furthermore, an increasing number of prescriptions mention the use of herbal capsules and tablets. With a growing number of herbal products in the pharmaceutical industry, this segment is expected to maintain its global market dominance over the forecast period.
Moreover, the liquid & gel segment has the second-highest market share. The pharmaceutical, nutraceutical, and food and beverage industries all use liquid and gel products. In the liquid category, several market players are launching herbal and turmeric drinks. Furthermore, so many syrups made from herbal products can be used to treat coughs and common colds. This segment is expected to grow at a significant CAGR due to the presence of several products in this category. In the nutraceutical industry, powder form products are typically protein powders. This segment is expected to grow at the fastest CAGR during the forecast period, owing to the growing demand for herbal protein powders from the millennial population to the ageing population.
Analysis by Application
Based on application, the pharmaceutical and nutraceutical industry dominates the herbal medicine market. This is due to the high demand for herbal raw materials from the dietary supplement and alternative medicine industries. After learning about the long-term benefits of herbal products, consumers are shifting their focus from synthetic medicines to herbal ones. In the nutraceutical industry, dietary supplements such as herbal protein powders and anti-aging products are popular product categories. Long-term growth in demand for herbal products from these industries is expected. This factor will contribute to the pharmaceutical and nutraceutical segment's dominance in the global market during the forecast period. Personal care and beauty products have the second largest market share. The long-term benefits for hair, face, and skin are the primary reason for the increased demand for herbal raw materials in the cosmetic industry. The sales volume of herbal cosmetic products is increasing as people become more aware of the product's long-term benefits. The food and beverage industry are relatively new and still adjusting to the product. To provide customers with alternatives to traditional drinks, major food manufacturers are entering the market with herbal-flavored drinks, juices, and milk products. With the introduction of new products in the coming years, this segment is expected to grow at the fastest CAGR during the forecast period.
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Europe has the world's largest cosmetics market, which should provide good opportunities for new entrants from developing countries. Demand for natural ingredients used in personal care and beauty products is increasing at the same time, and this trend is expected to continue. Following this demand from European countries, Europe is expected to significantly contribute to market growth in the future. Turmeric is becoming increasingly popular in the European health-care market. Because of its antioxidant and anti-inflammatory properties, it is used as a supplement and in medical products to improve the immune and digestive systems, as well as overall health. The majority of turmeric imported into the EU comes from India, but other sources include Thailand, Madagascar, Peru, and Sri Lanka. The increasing lifespan of the European population is a major driver of turmeric demand. Rising health consciousness among the European population will drive regional growth. Turmeric is a popular spice in the region due to the prevalence of ethnic cuisine.
In North America, there is a growing awareness of health among consumers, particularly in the United States, and there is a shift in people's attitudes toward natural care products as a result of a powerful green wave. This is due to the perceived negative effects of alternative medicines on people's health. This has aided the product's success in the US market.
The cosmetics market in Asia Pacific and Latin America is also expanding rapidly. With increased internet usage, consumers are becoming more aware of the long-term benefits of herbal products and are eager to use natural and herbal products. Furthermore, rising disposable income in developing countries such as India, China, Brazil, and Southeast Asia has kept these markets growing. South Africa, the United Arab Emirates, Qatar, Saudi Arabia, Kenya, and Nigeria are among the developing countries in the Middle East and Africa region, as well as some of the world's major emerging economies. Families in these countries are expected to spend more on cosmetic products as their financial stability improves, and this factor is expected to play a significant role in market growth.
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Each country has its own set of rules and regulations regarding the importation and use of herbal and natural products. According to the WHO, the several countries lack political will, a legal framework, the capacity to monitor product safety and practice referral mechanisms between herbal and conventional medical practitioners, information systems, herbal ingredient analysis, and herbal product integration into health systems. Because of the aforementioned reasons, herbal product suppliers and manufacturers face challenges when attempting to gain access to various product markets. Manufacturers and suppliers must also adhere to various laws and accept a variety of requirements and standards.
Similarly, pharmaceutical companies must create different dossiers for the same products in order to present them to different national authorities. International collaboration between scientists and regulators is required to create appropriate regulatory environments for herbal and traditional medicines. This factor may prove to be a major impediment to the global industry's growth.
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Global herbal medicine market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. moreover, Patanjali Ayurved is a major player in the Indian herbal medicine industry. The majority of its products are made from herbal raw materials that are sourced naturally. It is working hard to gain a foothold in the Indian market and is expected to do so in the coming years. Patanjali has been the most disruptive force in the FMCG space because the brand is well-established and consistently growing in terms of both market share and retail shelves. The novelty factor is primarily responsible for Patanjali's exponential growth. Patanjali's market share was primarily increased in the toothpaste and honey categories in the early years. Later, it began to diversify into herbal soaps and edible oils. Patanjali is looking forward to make its mark with such expansion plans in Indian industry.
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Over the last decade, the use of alternative antibiotic medicines, such as herbal products, has increased. Herbal products are becoming increasingly popular among both patients and healthcare professionals. According to the World Health Organization, nearly 10-50% of the population in developed countries uses herbal products on a regular basis in some form. The primary benefit of using herbal products over synthetic drugs is their superior immunity. Herbal medicines are sometimes the only affordable and available treatment option in developing countries such as China, Japan, India, Vietnam, South Africa, and Bangladesh. Consumers primarily use these medications to treat coughs and colds, nervous disorders, gastrointestinal illnesses, and painful conditions such as joint pain, rheumatic diseases, and stiffness. This continuing trend of using herbal supplements is expected to provide promising growth opportunities for the industry.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our herbal medicine market analysis, in terms of forms, tablets and capsules market hold a significant share this is because of their widespread availability in the global pharmaceutical industry. In terms of application, the pharmaceutical and nutraceutical segment holds a significant market share Due to increased demand for herbal products. Moreover, rising demand for herbal ingredients in cosmetic industry and high demand for natural medicine from growing countries are driving the market growth. Whereas, strict guidelines regarding to use of herbal medicines as raw material in cosmetic industry is one of the restrain to the market growth.
|Market size value in 2021||USD 151.91 billion|
|Market size value in 2028||USD 318.59 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Herbal Medicine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Herbal Medicine Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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