As per the assessment conducted by Market Research Future (MRFR), the global herbal medicines market is anticipated to acquire a market value of USD 1, 29,698.3 million while expanding at a CAGR of 5.88% by 2023.
The growing inclination towards the consumption of natural products and increasing awareness about preventive healthcare are anticipated to grow the market during the forecast period. The rising geriatric population along with the growing incidence of chronic illness among the expanding populace, are other salient causes that can boost the market in the assessment tenure.
The surging expenditure on health and wellness and the rising disposable income in developing countries are predicted to make a significant contribution in developing the global market during the analysis timeframe. Furthermore, the growing awareness about the benefits of herbal products is likely to augment the market globally. In addition to these, the rising popularity of e-commerce platforms over conventional methods is another important cause that can bolster the market expansion. On the contrary, the poor standardization of herbal medicines is anticipated to hamper the market growth in the coming time. However, the growing R&D is likely to offer lucrative opportunities to the market in the assessment tenure.
The outbreak of COVID-19 has brought a positive impact on the global market for herbal medicines. The pandemic generated the need to improve immunity, which escalated the demand for the same and benefitted the market significantly.
The global market for herbal medicines can be segmented on the basis of category and distribution channel.
The category-based segments of the global market for herbal medicines are herbal dietary supplements, herbal pharmaceuticals, herbal functional foods, and herbal beauty products. Among all, the herbal pharmaceutical segment is anticipated to procure a significant market value during the assessment tenure.
The distribution channel based segments of the global market for herbal medicines are hospital and retail pharmacies, e-commerce, and others. Among all, the hospital and retail pharmacies segment is anticipated to maximum market share during the forecast period.
The form-based segments of the global market for herbal medicines are powders, extracts, capsules and tablets, syrups, and others.
Some of the renowned players of the global market for herbal medicines are Arkopharma, Dr. Willmar Schwabe India Pvt. Ltd., Bayer AG, Himalaya Global Holdings Ltd, BEOVITA, Blackmores, Hishimo Pharmaceuticals, Arizona Natural Products, Schaper & Brümmer, ZeinPharma Germany GmbH, Dasherb Corp. and Venus Pharma GmbH.