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The Worldwide Herbal Medicines Industry is Projected to Reach $178.4 Billion by 2026

·7-min read
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Global Market for Herbal Medicines

Global Market for Herbal Medicines
Global Market for Herbal Medicines

Dublin, Sept. 21, 2022 (GLOBE NEWSWIRE) -- The "Herbal Medicines - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

The global market for Herbal Medicines estimated at US$135 Billion in the year 2022, is projected to reach a revised size of US$178.4 Billion by 2026, growing at a CAGR of 8.1% over the analysis period.

Herbal Pharmaceuticals, one of the segments analyzed in the report, is projected to grow at a 8.6% CAGR to reach US$84.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Herbal Functional Foods segment is readjusted to a revised 7.9% CAGR for the next 7-year period. This segment currently accounts for a 25.4% share of the global Herbal Medicines market.

Known for medicinal properties, leaves from herbal plants are extracted to produce numerous herbal supplements. Herbal pharmaceuticals, and supplements contain whole plants or individual parts of plants used to prevent or treat illness or disease. Besides offering reliable treatment medications for a range of health disorders, medicinal herbs are also ideal for use in food and beverage products as health consciousness is poised to remain as one of the important aspects of modern population.

The U.S. Market is Estimated at $24.5 Billion in 2022, While China is Forecast to Reach $32.9 Billion by 2026

The Herbal Medicines market in the U.S. is estimated at US$24.5 Billion in the year 2022. The country currently accounts for a 18.4% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$32.9 Billion in the year 2026 trailing a CAGR of 10.8% through the analysis period.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.4% and 7.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.5% CAGR while Rest of European market (as defined in the study) will reach US$35.8 Billion by the end of the analysis period. The demand for herbal supplements has been predominantly concentrated in the West, due to relatively high levels of health consciousness, and widespread and easy access to products.

An ageing population, changing health perception and the threat posed by antimicrobial resistance are driving the demand for herbal supplements and remedies. Major factors driving growth in emerging countries include expanding population base, growing tendency of living healthy among consumers, increasing consumer awareness about wellness and dietary requirements, and growing demand for natural remedies. Growth in the region is supported by cultural affinity to herbalism and strong consumer confidence in the efficacy and safety of herbal ingredients.

Herbal Beauty Products Segment to Reach $20.2 Billion by 2026

Medicinal herbs offer highly functional ingredients for manufacturing beauty products and cosmetics. Herbal ingredients provide reliable ingredients to enrich the cosmetic products and deliver much better functionality than regular chemicals-based cosmetics.

The increasing uptake of these herbal products is credited to rising consumer awareness regarding negative implications of inorganic cosmetics ingredients. In the global Herbal Beauty Products segment, USA, Canada, Japan, China and Europe will drive the 4.8% CAGR estimated for this segment.

These regional markets accounting for a combined market size of US$11.4 Billion will reach a projected size of US$15.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.7 Billion by the year 2026, while Latin America will expand at a 5.8% CAGR through the analysis period.

Select Competitors (Total 234 Featured):

  • Arizona Natural Products

  • ARKOPHARMA Laboratories Company Limited

  • Bayer AG

  • Blackmores Ltd.

  • Dasherb Corp.

  • Dr. Willmar Schwabe India Pvt. Ltd.

  • Himalaya Wellness Company

  • Hishimo Pharmaceuticals Pvt. Ltd.

  • Schaper & Brummer GmbH & Co. KG

  • ZeinPharma Germany GmbH

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Influencer Market Insights

  • World Market Trajectories

  • Impact of Covid-19 and a Looming Global Recession

  • 2020: A Year of Disruption & Transformation

  • As the Race between the Virus & Vaccines Intensifies, Where is the World Economy in 2021

  • World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022

  • Role of Herbal Medicine in the Fight against Covid-19

  • Pandemic Leads to Increased Consumer Focus on Health and Wellness Products, Driving the Consumption of Herbal Supplements and Foods

  • Heal Thyself Motto amid COVID-19 Drives Uptake of Herbal Medicines

  • Herbal Medicines on the March as Mutant Versions of COVID-19 Virus Emerge

  • A Regional Overview of How Herbal Medicine has Gained Attention Amid the Pandemic

  • Herbal Medicines - Global Key Competitors Percentage Market Share in 2022 (E)

  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)

  • A Prelude to Herbs

  • Herbal Medicine Market Insights

  • Outlook

  • Geographic Landscape

  • An Overview of Select Markets

  • Japan

  • China

  • China Gives Green Signal to Herbal Medicines to Expand COVID-19 Treatment Options

  • India

  • Salient Factors Establishing Phytopharmaceuticals as Promising Niche Market in India

  • South Korea

  • Cuba

  • Africa

  • Thailand

  • Why Few Herbal Medicines have Secured Approval as Prescription Medicines?

  • Recent Market Activity

  • World Brands

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • Market to Gain from Mounting Concerns Over Side Effect Profile of Synthetic Drugs

  • Shifting Preference towards Traditional Medicines to Widen the Addressable Market

  • Rising Uptake of Medicinal Herbs Enriched Functional Foods

  • Herbal Supplements Gain Traction

  • Leaves, Roots Extracts Thrive Well

  • Key Trends and Products Shaping the Herbal Supplements Market

  • Rising Popularity of Curcumin & Turmeric Products

  • Consumer Focus on Self-Care Organic Products

  • Nutritional Deficiency & Sedentary Lifestyle Open New Avenues

  • Ashwagandha: A Star Performer

  • Fall of CBD Products

  • Adaptogens: Growing Role as a Stress Buster

  • Natural Garlic Herbal Supplements Gain Interest for Keeping a Healthy Heart

  • Ginkgo Biloba Gains Popularity for Treatment of Blood Disorders and Memory Disorders

  • Echinacea Gets Popular for Immune Stimulating Properties

  • St. John's Wort for Depression and Mood Disorders

  • Ginseng Supplements for Energy Boost

  • Ayurvedic Supplements Go Mainstream

  • Research Evidence Supports Positive Role of Herbal Remedies in Boosting Immunity and Stress Management

  • Changing Demographics and Growing Emphasis on Preventive Healthcare Boost Prospects

  • Demand for Traditional Chinese Medicine Surges amid the Pandemic

  • New Technologies Transform Chinese Herbal Medicine

  • Indian Ayurveda to Witness Rapid Worldwide Growth led by the Pandemic

  • Demand for Ashwagandha Containing Supplements to Soar

  • Growing Opportunities for Herbal Medicines in Beauty & Cosmetics Sector

  • Threat of Antimicrobial Resistance Drives Opportunities

  • Deaths from Antimicrobial Resistance to Increase by 2050

  • With Depression Increasingly Becoming a Common, Herbal Alternatives Gain Attention

  • Anti-Depressant Market: Percentage Share Breakdown by Depressive Disorder Type

  • Herbal Supplement Usage in Dentistry Surges amid Concerns

  • Rising Aging Population Drives Demand

  • Aging Population Steps-Up The Burden on Healthcare: Global Aging Population Statistics for the 65+ Age Group in Million by Geographic Region for the Years 2019, 2025, 2035 and 2050

  • Global Cost of Chronic Diseases (In US$ Billion) for the Years 2018 and 2030

  • Unique Healthcare Needs of Women Propel Demand for Various Herbal Supplements

  • Increasing Focus on Weight Management Spurs Demand for Herbs that Aid Weight Loss

  • Epidemic Proportions of Obesity Lead to Increased Focus on Weight Management

  • Obesity Prevalence Rate (%) in Select Countries for the Years 2019 and 2030P

  • Global Obesity Epidemic: Percentage of Overweight, Obese, and Severely Obese Adults for 2014 & 2025

  • Increasing Prevalence of Chronic & Lifestyle Diseases Enhances Consumer Demand

  • Global Cancer Incidence: Number of New Cancer Cases in Million for the Years 2018, 2020, 2025, 2030, 2035 and 2040

  • Global Breakdown of Total Number of Cancer Cases by Type: 2020

  • World Diabetes and Population Statistics (2019, 2030 & 2045)

  • Global Annual Medical Cost of CVD in US$ Billion: 2010, 2015, 2020, 2025 and 2030

  • Urbanization Trend Drives Uptake of Herbal Supplements

  • World Urban Population in Thousands: 1950-2050P

  • Regulatory Regime for Herbal Medicine

  • The EU Regulatory System for Herbal Medicinal Products

  • Emerging Demand for CSR and Sustainable Sourcing

  • Key Challenges Hampering Growth Prospects for Herbal Medicines and Supplements

  • Risk Drug Interactions between Herbs and Conventional Drugs Challenge Market Prospects

  • Safety Assessment and Registration Requirements Restrict Herbal Medicinal Market

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/jq4f0r

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