The global herbal medicine market size was USD 151.91 billion in 2021. The market is projected to grow from USD 165.66 billion in 2022 to USD 347.50 billion by 2029, exhibiting a CAGR of 11.16% during the forecast period 2022-2029.
This information is provided by Fortune Business Insights, in its report, titled, “Herbal Medicine Market, 2022-2029.”
COVID-19 Impacts:
Risen Health Problems amid COVID-19 Pandemic Assisted Market Growth
The COVID-19 virus was declared as a global pandemic by the WHO in March 2020. The pandemic had prime influences on the health and pharmaceutical industries, which is likely to succeed in the short and long-term period. There also prevail short and long-term adverse effects on R&D and production activities as well as postponement in projects/programs not associated to the core supply chain/data management functioning.
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Segments:
Pharmaceutical & Nutraceutical Segment Holds Prime Market Share Owing to Surging Demand for Herbal Products
By application, the pharmaceutical & nutraceutical segment holds the largest herbal medicine market share. This is attributed to the high demand for herbal raw materials from dietary supplement manufacturers and the alternative medicines industry.
Tablets & Capsules Segment to Hold Significant Share Owing to its Extensive Obtainability in Pharmaceutical Industry
The tablets & capsules segment holds a significant market share based on form. Various such medicines are accessible in the form of capsules and tablets in the market.
Geographically, the market is classified into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report offers a detailed study of the market and a keen examination of the major segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur the herbal medicine market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective. The regional dynamics and how they shape the market in an upward curve are presented in the following report. Moreover, COVID-19 impacts have been added for additional information and how it is expected to affect the demand for herbal medicines in the near future.
Drivers and Restraints:
Rising Demand for Herbal Ingredients in Cosmetic Industry to Fuel Market Growth
The cosmetics industry offers impressive prospects for exporters of organic ingredients from emerging nations to extend their businesses in established regions. The demand is surging for natural ingredients from the cosmetic industry. The prime aspects that are fueling this demand are surging consumer consciousness about organic cosmetics and the increasing emphasis among cosmetics companies to offer natural herbal substitutes to synthetic constituents. As the demand for natural ingredients utilized in cosmetics and toiletries products is rising, this trend is anticipated to endure during the forecast period.
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Regional Insights:
Europe to Dominate Backed by Demand for Organic Products from Population
Europe holds the largest market share as it has the largest cosmetic industry in the world and is predicted to offer worthy prospects for fresh applicants in the market from emerging economies. Demand for natural ingredients utilized in the personal care and beauty products segment is surging instantaneously and this trend is predicted to endure.
In North America, there is an increasing consciousness among consumers predominantly in the U.S. regarding health and there is a fluctuation in perception of people toward organic care products owing to an influential green wave.
The cosmetics markets in Asia and Latin America are also displaying substantial growth. With surging internet penetration, consumers are attaining cognizance regarding the extended profits associated with herbal products and are keen on utilizing natural & herbal medicine.
Competitive Landscape:
Chief Companies Launch Trend-oriented Products to Gain Maximum Market Capital
The indispensable players implement numerous tactics to bolster their position in the market as dominating companies. A chief strategy is procuring companies to bolster the brand value among users. Another effective strategy is launching popular products after certain intervals along with a methodical review of the market and its target users.
Key Industry Development:
March 2021: Lotus, India's popular beauty company, unveiled the Lotus Botanicals brand. Through this e-commerce brand, users will be enabled to purchase Lotus Botanicals' series of skin and hair care products only via Lotus Botanicals as well as other third-party ecommerce platforms.
List of Key Players Mentioned in the Report:
- Cultivator Natural Products Pvt. Ltd. (India)
- 21ST Century HealthCare, Inc. (U.S.)
- Herbalife Nutrition (U.S.)
- ZeinPharma Germany GmbH (Germany)
- Blackmores Limited (Australia)
- Himalaya Global Holdings Ltd. (India)
- Nutraceutical Corporation (U.S.)
- Emami Limited (India)
- Nature's Answer, LLC. (U.S.)
- Patanjali Ayurved Limited (India)
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