According to research published in the 2020 Journal of General Internal Medicine, approximately 20% of the population uses herbal products. Garlic, gingko Bilbao, ginseng, St. John’s Wort, and echinacea are among the most often utilized herbs in the country. Further, the Herbal industry is more driven by herbal supplements as compared to herbal medicines. As the population is more diverted towards organic products. Also, the shift from conventional medicine to traditional medicine nationwide is a major key element boosting the market growth.
Increased expenditure on health and wellbeing, as well as rising disposable income levels, are predicted to boost demand for herbal Products internationally, particularly in emerging economies. Health and wellness products are becoming increasingly popular among consumers, who prefer them over luxury items. Herbal supplements help to keep cholesterol levels in check, regulate the digestive system, and reduce stress. As a result, increased awareness of these products’ health benefits is expected to propel market expansion.
According to homeopathy practitioners and Ayush department officials, demand for homeopathy medicines is increasing not only at government homeopathic centers, which provide them free of charge but also at private clinics. Further, Ayush Department, also specified that the demand for homeopathic preventive medicines has surged as consumers discover that they have fewer side effects and are less expensive.
Europe is estimated to gain significant market attention in the forecast period with a market share of 38.3% in 2021. Increased R&D for herbal medicines, as well as government investment in the market, is expected to be a prominent factor driving the market over the forecast period. Another important factor that is likely to drive the market in the region is the rising prevalence of chronic illness among the region’s growing population. Germany is leading in Europe in global herbal medicinal product market with 8.3% of revenue share in 2021.
Despite a huge decline in the sales of products during the initial phase of pandemic spread and lockdown restrictions all over the region, the market is observed to pick up a quick pace for registering a CAGR of almost more than 6.2%, during the tenure of 2021 – 2027.
The report published by Maximize encompasses the market dynamics, which could affect the market growth of Herbal Medicinal Products in the region, the Value – Chain Analysis, and the PORTER’s analysis for the Herbal Medicinal Products market at a global level
The study is associated based on major segments and further into sub-segments By Form (Capsules/Tablets, Powder, Syrups, Oil and ointment, Others), Product (Ayurvedic, Homeopathic Medicines, Chinese Medicines, Aromatherapy product), Distribution Channels (Hospital Pharmacies, Retail pharmacies, Mail order pharmacies, e-commerce), to forecast the market size by value; also includes the analysis of past market dynamics from 2016 – 2020, considering 2020 as the base year.
Lastly, the market research report provides a regional comparison and a complete country-level analysis for the Product trends, along with the major key players- Blackmores Limited, Sanofi-Aventis Healthcare PTY Ltd., Arkopharma SA, Nutraceutical Corporation, STADA Arzneimittel AG, Himalaya Global Holdings Ltd, Healthcare, Boiron Group, Young Living Essential Oils, Mountain Rose Herbs, Jarrow Formulas, Inc., Solgar, Inc., Nature’s Bounty, Ancient GreenFields Pvt. Ltd., Gaia Herbs, Now Foods.
You can browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “Global Herbal Medicinal Products Market.”
https://www.maximizemarketresearch.com/market-report/global-herbal-medicinal-products-market/120942/
Contact:
MAXIMIZE MARKET RESEARCH PVT. LTD.
Omkar Heights,
ManikBaug, Vadgaon Bk,
Sinhagad Road, Pune – 411051,
Maharashtra, India.
+91 9607195908