Bizizz Market Research has recently published a research report, “Herbal Medicine Market By Product Type (Herbal Cosmetics and Nutraceuticals, Alternative Medicine, Diabetic Herbal Therapy and Homeopathy Medicine), Component, and Region-Global Industry Trends, Estimation & Forecast, 2019 – 2027”.
As per the report, Global Herbal Medicine Market was valued at US$ XX Bn in 2018 and it is anticipated to reach at market value of US$ 146.7 Bn by 2027, witnessing a CAGR of 6.7 % during the forecast period. Key drivers of the market are increasing customer inclination towards naturel and organic medicines coupled with government initiatives.
The herbal medicines are evident in their usage from ancient days. The global advancement of social media and information, individuals are supporting the market for keeping the personals informed than ever in consideration to herbal medicines. Increased environmental awareness and social conscience are at forefront of herbal medicine progress. Increasing popularity of organic, sustainable, eco-friendly, and natural substitutes in pharmaceuticals, because they are considered safer, greatly natural and healthier, are the driving factors in the growth of this market. The Asia Pacific nations such as India and China had evident in historical application of these herbal medicines. Thus, the global market had substantial demand for these herbal medicines because of its evidence in curing various diseases.
The Herbal Medicine market is anticipated to register a CAGR of over 6.7% during the forecast period.
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By Product, Nutraceuticals and Cosmetics segment held a prominent share in Global Herbal Medicine Market in 2018.
The nutraceuticals and cosmetics segment is dominant in the global market of herbal medicines. It is expected to perform substantial role in treating different diseases. The products are formulated mainly depending on the herbal formulations used in treating different diseased. The nutraceuticals and cosmetics segment are increasing their market demand by an increased customers choice of herbal medicines. Herbal medicines are playing significant role for nourishment and show various benefits of these medicines in contrast to different forms of other dosages. Such herbal nutraceuticals and cosmetics also show vital features that decrease a reoccurrence of diseases among patients who use them. The herbal nutraceuticals and cosmetics supports in offering proteins, vitamin, minerals, and unadulterated mixes consumed as per the respective case of ailment. Therefore herbal medicines could be offered to patients in the form of tablets, powders and in liquid for increased shelf life period of these medicines.
North America is Anticipated to Dominate the Global Herbal Medicine Market during the Forecast Period
The European market lead the global herbal medicines market in 2018 and is projected to continue its market demand during the forecast period. British Herbal Medicine Association and European Herbal & Traditional Medicine Practitioners Association (EHTPA) had supported the herbal medicines in the European region by conducting seminars, to increase awareness among customers for their advantages related to the herbal remedies. Moreover, launch of these herbal medicines in the European region are substantial to the market demand in the herbal medicines in this region.
Global Herbal Medicine market was highly fragmented among the number of local and global players. The company’s manufacturing herbal medicines are focused on offering innovative products to the end-users for increasing their competency in the global market.
Prominent players operating in the Global Herbal Medicine Market are: Bayer AG, BEOVITA, Hishimo Pharmaceuticals, ZeinPharma Germany GmbH, Blackmores, Arkopharma, Dasherb Corp., Arizona Natural Products, Schaper & Brümmer, Himalaya Global Holdings Ltd, Venus Pharma GmbH., and Dr. Willmar Schwabe India Pvt. Ltd., among others.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
a) Insights on current demand & supply gap analysis
b) Impact on value chain and supply chain and strategies adopted to off set its impact
c) Impact on Industry / company revenue and predictive intelligence on forecast sales
d) In-depth analysis on market segmentation – both value and volume analysis
e) Market assessment, regional
and country attractiveness, competitive benchmarking
and entry strategy
f) Prioritizing strategies and
how it would impact company’s short to long-term business
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