Pune, India, Aug. 04, 2022 (GLOBE NEWSWIRE) — The world herbal medicine market the size was $151.91 billion in 2021. The market is expected to grow from $165.66 billion in 2022 at $347.50 billion by 2029, posting a CAGR of 11.16% during the forecast period 2022-2029.
This information is provided by Fortune Business Insightsin his report, titledHerbal Medicines Market, 2022-2029.”
Impacts of COVID-19:
Increase in health concerns amid COVID-19 pandemic aided market growth
The COVID-19 virus was declared a global pandemic by the WHO in March 2020. The pandemic had paramount influences on the healthcare and pharmaceutical industries, which is likely to succeed in the short and long term. There are also short and long term negative effects on R&D and production activities as well as the postponement of projects/programs not associated with the basic operation of the supply chain/data management.
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List of Key Players Mentioned in the Herbal Medicines Market Report:
- Grower Natural Products Pvt. ltd. (India)
- 21ST Century HealthCare, Inc. (USA)
- Herbalife Nutrition (US)
- ZeinPharma Germany GmbH (Germany)
- Blackmores Limited (Australia)
- Himalaya Global Holdings Ltd. (India)
- Nutraceutical Corporation (USA)
- Emami Limited (India)
- Nature’s Answer, LLC. (WE)
- Patanjali Ayurved Limited (India)
Report Scope and Segmentation:
|2029 value projection||$347.50 billion|
|Size of the herbal medicine market in 2021||$151.91 billion|
|Number of pages||170|
|Segments Covered||By application, by shape, by geography|
|Herbal Medicine Market Growth Factors||Rising Demand for Herbal Ingredients in Cosmetics Industry to Fuel Market Growth|
The report offers a detailed study of the market and an in-depth examination of the main segments of the market. It provides an in-depth analysis of key players and their insightful strategies to boost the growth of the Herbal Medicine market for monetary gains. He also shares tangible information that guides business owners in their investment perspective. The regional dynamics and how it is shaping the market in an upward curve are presented in the following report. Additionally, the impacts of COVID-19 have been added for additional information and how it is expected to affect the demand for herbal medicines in the near future.
Browse Detailed Abstract of Research Report with TOC:
The pharmaceutical and nutraceutical segment holds a major market share due to the growing demand for herbal products
By application, the pharmaceutical and nutraceutical segment holds the largest herbal medicines market share. This is attributed to the high demand for herbal raw materials from dietary supplement manufacturers and the alternative medicine industry.
The tablets and capsules segment will hold a large share due to its high accessibility in the pharmaceutical industry
The tablets and capsules segment holds a major market share in terms of form. Various of these drugs are accessible in the form of capsules and tablets in the market.
Geographically, the market is categorized into North America, Europe, Asia-Pacific, South America, Middle East & Africa.
Drivers and Restrictions:
Rising Demand for Herbal Ingredients in Cosmetics Industry to Fuel 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 cosmetics industry is booming. The main aspects that are fueling this demand are the growing consumer awareness of organic cosmetics and the growing emphasis by cosmetic companies on offering natural plant-based substitutes for synthetic components. As the demand for natural ingredients used in cosmetics and toiletries increases, this trend is expected to continue during the forecast period.
Europe will dominate, supported by the population’s demand for organic products
Europe holds the largest market share as it has the largest cosmetics industry in the world and is expected to provide exciting prospects for new market entrants from emerging economies. The demand for natural ingredients used in the personal care and beauty products segment is instantly increasing and this trend is expected to continue.
In North America, there is a growing awareness among consumers, mainly in the United States, of health and there is a fluctuation in people’s perception towards organic skincare products due to a green wave influential.
The Asian and Latin American cosmetics markets are also showing strong growth. With the increasing penetration of the internet, consumers are becoming aware of the extensive benefits associated with herbal products and desire to utilize natural and herbal medicine.
Find out before you buy this report:
Leading companies launch trend-driven products to gain maximum market capital
Indispensable players are implementing many tactics to strengthen their position in the market as dominant companies. A main strategy is to recruit companies to build brand value among users. Another effective strategy is to launch popular products after certain intervals with a methodical examination of the market and its target users.
Detailed Table of Contents:
- Search scope
- Market segmentation
- Research Methodology
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- Market trends
- key ideas
- Overview of parent/related markets
- Regulatory analysis
- Industry SWOT Analysis
- Recent Industry Developments – Policies, Partnerships, New Product Launches and Mergers & Acquisitions
- Qualitative analysis related to COVID-19
- Impact of COVID-19 on the market
- Supply chain challenges during a pandemic
- Potential opportunities due to this global crisis
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Industry key development:
March 2021: Lotus, India’s popular beauty company, has unveiled the Lotus Botanicals brand. Through this e-commerce brand, users will be able to purchase Lotus Botanicals’ series of skin and hair care products only through Lotus Botanicals as well as other third-party e-commerce platforms.
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