May 27th, 2022
Herbal Medicine Market
GMI Research anticipates that the Herbal Medicine Market to witness a significant annual growth rate over the forecast period (2020-2027).
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The factors driving the growth of Global Herbal Medicine Market includes extensive involvement of World Health Organization (WHO), in the development national drug regulatory authorities, like CDSCO, NMRA etc. Herbal medicine is gaining popularity in developed countries, as per WHO almost 10-50% of the population consumes herbal medicines in some form or the other, and the on-going Covid-19 Pandemic, is expected to increase the Herbal Medicine Market size in the coming future.
However, the growth of Global Herbal Medicine Market is hindered by stringent norms imposed by WHO due to which the manufacturers and suppliers are bound to follow certain regulations which makes it difficult for them to gain access in different markets of herbal medicine. Also, the levels of toxicity contained in the herbal medicines might hamper the growth of herbal medicine market globally.
The prominent players in the market are Bayer AG, Venus Pharma GmbH, Schaper & Brümmer, Arkopharma, ZeinPharma Germany GmbH, Dasherb Corp, Blackmores, Hishimo Pharmaceuticals, Arizona Natural Products, DABUR among others.
Category – Segment Analysis
Based on the category, herbal functional foods are anticipated to grow at a faster CAGR in the market over the forecast period owing to consumers increasing inclination towards balanced diet and adopting healthy lifestyle.
Distribution Channel – Segment Analysis
Based on the distribution channel, hospitals and retail pharmacies is expected to grow at a faster CAGR in the market over the forecast period attributed to increasing number of retail pharmacies across the globe, the rising cases of chronic and infectious diseases has shifted.
Regional – Segment Analysis:
Based on the region, North American region is projected to grow at a higher CAGR in the market over the forecast period owing to increase in demand for herbal dietary supplements in the United States. As per the report from Nutrition Business Journal, the overall revenue generated from the sales of Herbal dietary supplement accounts to more than $10 billion in 2020, estimating around $11.261 billion. Moreover, the involvement of prominent market players such as in the production of dietary supplements, has boosted the herbal medicine market size in the region.
Global Herbal Medicine Market by Category
· Herbal Pharmaceuticals
· Herbal Functional Foods
· Herbal Dietary Supplements
· Herbal Cosmetic Products
Global Herbal Medicine Market by Form
· Tablets & Capsules
Global Herbal Medicine Market by Source
· Roots and barks
· Whole plants
Global Herbal Medicine Market by Distribution Channel
· Hospitals & Retail Pharmacies
Global Herbal Medicine Market by Region
· Asia Pacific
o Rest of APAC
· North America
o United States of America
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
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