Herbal medicine or phytomedicine is defined as a medicinal system that uses plant or animal materials for medicinal purposes. Market Research Future (MRFR) has published and released a research report regarding global herbal medicine market that speculates boosts for this market with 5.88% CAGR (Compound Annual Growth Rate) between 2017 and 2023. In terms of cash, this market is expected to be worth the US $ 1,29,689.3 Mn during the forecast period.
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The key factors driving the global herbal medicine market include growing aging population, little or no side effects, increasing consumer awareness, supplier innovations, and the release of Current Good Manufacturing Practices (CGMP) for dietary supplements by the FDA. Factors related to other markets contributing to the growth of global herbal medicine market include escalating prices, tighter health budgets of the modern medicinal system because of which, the consumers are opting for more economical and safer herbal medicine systems. Factors that can harm the market growth include lack of research and standardization in herbal medicines, poor legal and regulatory framework which causes patent problems, and poorly manufactured herbal products.
The global herbal medicine market has been segmented into application, source, system, and lastly, region. As per application-based segmentation, this market has been segmented into personal care, pharmaceutical, and other. The source-based segmentation segments the market into vegetable and animal. The vegetable segment has been sub-segmented into bark, leaves & fruit, roots, seeds, and other. The animal segment has been sub-segmented into bones, oils, and other. As per the system, the market has been segmented into Ayurveda, Chinese, Western and other.
The regional segmentation of the global herbal medicine market segments the market into continent-based regional markets known as North America, Asia Pacific, Europe, and Middle East & Africa (MEA). The Asia Pacific has been inferred to emerge as the fastest growing regional market because Asian countries like China and India have centuries-old traditions of using the herbal system. Many key players of the global herbal medicine market are based in India. Europe is the second largest regional market due to large disposable income and growing demand for natural therapies and remedies. During the forecast period, the European market is supposed to be led by France followed by Germany. Due to the high purchasing power of people, the United Kingdom (UK) has the possibility of becoming an important country-specific market in this region as the UK is a strong economy.
North America has the potential to emerge as an important regional market due to its strong economies like the United States of America (USA) and Canada where people have high disposable income. The MEA market is likely to be led by the Gulf nations particularly Saudi Arabia and the United Arab Emirates (UAE) during the forecast period. The poor regions of Africa can lag behind due to poor economic as well as political conditions
Segmentation
The global herbal medicine market 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
As per the assessment, Europe is anticipated to dominate the market during the forecast period owing to the increasing R&D for herbal medicines. The investment for the same has been rising, which is another salient cause that can augment the market size in the assessment tenure. Countries such as; Germany and France are likely to make a notable contribution in developing the market in the region. The increasing consumer health market in the region is another salient cause that is making a significant contribution in developing the market during the assessment tenure. On the other hand, the APAC is expected to be the fastest-growing region during the review time. The presence of developing countries such as; India, China, and Japan are likely to make a notable contribution in augmenting the regional market during the forecast tenure. The lower price and chemical-free nature of such medicines are likely to play an important role in growing the market significantly. The presence of established players is another important factor that can make necessary contributions in increasing the regional market. Furthermore, the establishment of AYUSH by the government of India is a notable initiative taken that is likely to make people aware of the importance of herbal medicines, which will benefit the market relentlessly. China accounted for the largest revenue share in AAC in 2017. The growth of China can be attributed to the increasing dependence on traditional medicines and the availability of a wide variety of herbal products in the country. The growing adoption of western diets, increasing consumption of tobacco, alcohol, and reduced physical activities are likely to make a salient contribution in generating the demand for herbal medicines. The Americas is expected to procure the second largest market share during the forecast period. The increasing cases of chronic illness and the growing geriatric population are expected to be significant factors that can grow the market in the coming time. Among all, the US is likely to make the most significant contribution in driving the regional market in the coming period.
Competitive Landscape
The important players in the market for herbal medicine are 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 to name a few
List Of Tables
TABLE 1 MARKET SYNOPSIS 18
TABLE 2 LIST OF ASSUMPTIONS 21
TABLE 3 PRIMARY INTERVIEWS 23
TABLE 4 GLOBAL HERBAL MEDICINE MARKET, BY CATEGORY, 2020–2027 (USD MILLION) 36
TABLE 5 GLOBAL HERBAL MEDICINE MARKET, BY HERBAL PHARMACEUTICALS, 2020–2027 (USD MILLION) 37
TABLE 6 GLOBAL HERBAL MEDICINE MARKET, BY HERBAL FUNCTIONAL FOODS, 2020–2027 (USD MILLION) 37
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