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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 in 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 Size, Share & COVID-19 Impact Analysis, By Application (Pharmaceutical & Nutraceutical, Food & Beverages, and Personal Care & Beauty Products), By Form (Powder, Liquid & Gel, and Tablets & Capsules), and Regional Forecast, 2022-2029.”
Amplified Health Obstacles amid COVID-19 Pandemic Aided Market
The COVID-19 virus was declared as a global pandemic by the World Health Organization (WHO) in March 2020. The coronavirus had prime influences on the health and pharmaceutical sectors, which may overcome in the short and long-term period. There are both, short as well as long-term negative effects on R&D and manufacturing processes as well as termination in projects/programs that are not linked with the core supply chain/data administration operations. In Asian nations where herbs are effortlessly accessible, consumers moved their emphasis to raw herbs as well as regionally produced medicines to rise immunity. Medicines and dietary supplements containing coriander, herbal tea, turmeric, cumin, and garlic as their important substituent were sold expansively bearing in mind the benefit they provide to avoid the spread of COVID-19
Health Supplements Startup Fitday Announces to Unveil 50 Stores by 2023
Fitday, a Hyderabad-grounded health supplements startup, declared plans to present 50 brick-and-mortar stores by 2023 across India, riding on an enhancement in health alertness among the population as the coronavirus pandemic spreads with full intensity.
The omni-channel startup is involved in selling vitamins, immunity boosters, minerals, sports nutrition products, and Ayurvedic herbs through its three in-person shops in Hyderabad and its website. Its parent firm Genomelabs manufactures the dietary supplements, Fitday. Which is also engaged in selling other brands such as Isopure, Nestle, and Optimum Nutrition.
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Great Demand for Natural Herbal Medicines from Emerging Nations to Support Market
Herbal medicines are a pivotal part of medical treatment in various emerging nations. Herbal products and organic preparations are utilized for nearly all minor disorders. In emerging as well as lower-income nations, appointments to expert doctors or certified pharmacists are typically uncommon and considered reserved for grave ailments. In emerging economies, herbs utilized for medicinal processes are unprocessed herbs --plants or plant parts, dried and utilized in complete or cut form. These factors are expected to boost the herbal medicine market growth during the forecast period.
Players Make Important Launches to Gain Major Market Share
The indispensable players adopt numerous strategies to bolster their position in the market as dominating companies. One such prime strategy is procuring companies to boost the brand value among users. Another vital strategy is periodically launching inventive products with a methodical study of the market and its target audience.
Notable Industry Development:
List of Key Players Mentioned in the Report:
Further Report Findings
Europe holds the largest herbal medicine market share as it has the biggest cosmetic industry in the world and is expected to present good opportunities for new entrants in the market from developing countries. Demand for natural ingredients used in the personal care and beauty products segment is growing simultaneously and this trend is expected to continue.
By application, the pharmaceutical & nutraceutical segment holds the largest market share. This is attributed to the high demand for herbal raw materials from dietary supplement manufacturers and the alternative medicines industry.
Table of Segmentation
Value (USD Billion)