Pune, India, 03 Feb. 2022 (GLOBE NEWSWIRE) — The world Phytotherapy market size reached 185.86 billion USD in 2020. Market valuation is expected to rise from $203.03 billion in 2021 at 430.05 billion USD in 2028 at CAGR of 11.32% during the projected period. The growth of the market and the growing demand for the products are attributable to the growing health awareness of the consumers. Individuals are not only consuming healthier foods, but are also opting for cosmetics and personal care products containing natural ingredients. These factors are responsible for the rise of herbal medicines in the world. Fortune Business Insights presents this information in its report entitled “Herbal Medicine Market, 2021-2028.”
The popularity of herbal products has exploded over the past decade. Obviously, around 10-50% of individuals in developed countries use herbal products. The main reason more people are moving towards herbal alternatives is because of their better tolerance to synthetic drugs. In addition, they are of natural origin and are therefore safer than synthetic products. Herbal medicines are mainly used for colds, coughs, nervous health problems, urinary problems, gastrointestinal problems and painful conditions such as joint pain, rheumatic diseases and stiffness. The increasing occurrence of these health issues is sure to drive the demand for the products in the years to come.
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List of key players presented in the Herbal Medicine Market Report:
- KPC Products Inc. (California, USA)
- NEXIRA (Normandy, France)
- HISHIMO PHARMACEUTICALS (Rajasthan, India)
- Schaper & Brümmer GmbH & Co. KG (Salzgitter, Germany)
- Sydler Group of Companies (India)
- 21ST Century HealthCare, Inc. (Arizona, USA)
- Zoic Pharmaceuticals (Punjab, India)
- Herbally Yours, Inc. (Arizona, USA)
- Pharma Nord BV (Vejle, Denmark)
- NATURLAND (Gräfelfing, Germany)
Impact of COVID-19:
Rise in demand for herbal medicine due to growing health awareness
The COVID-19 pandemic has significantly affected healthcare and pharmaceutical supply chains. A shortage of medicines has been seen around the world due to a significant spike in hospital admissions related to COVID-19. Moreover, R&D and drug manufacturing activities have also experienced obstacles during the pandemic.
However, plant-based products have seen a resurgence as consumers have become more health and wellness conscious. The increased focus on immunity has fueled the demand for various pharmaceuticals and nutraceuticals containing herbal ingredients. These factors have opened up new opportunities for market participants during the pandemic period.
The application, form and region are researched for the market
- Based on an application
- food and drinks
- personal care
- beauty products
- liquid & gel
In terms of geography
- North America
- South America
- Asia Pacific
- Middle East
The report offers:
- Key growth drivers, restraining factors, opportunities and potential challenges for the market.
- A comprehensive overview of regional developments.
- List of major industry players.
- Key strategies adopted by market players.
- The latest industry developments such as product launches, partnerships, mergers and acquisitions.
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Drivers and Constraints:
Emerging demand for natural medicines and cosmetics to accelerate growth
The growth of the herbal medicines market is influenced by the surge in demand for products for medical purposes in developing countries. Herbal products are widely used for almost all minor health issues. Consumers are also turning to cosmetics and personal care products containing natural and organic ingredients due to greater safety. To capitalize on this trend, beauty and cosmetics brands are introducing new varieties of products containing plant-based ingredients. The above-mentioned factors will significantly boost the market demand.
However, stringent regulatory frameworks related to the importation and use of herbal raw materials in food, pharmaceutical and cosmetic applications might slightly hamper the development of the market.
Europe is expected to dominate the herbal medicine market share over the projected period. Regional demand is largely influenced by the popularity of cosmetics and personal care products containing natural and organic ingredients. Turmeric has become a popular ingredient in the European health products market due to its antioxidant and anti-inflammatory properties. It is also gaining popularity as a spice in ethnic cuisine.
The North America market is growing owing to the growing consumer awareness about the benefits of herbal products. Meanwhile, Asia-Pacific will see strong growth driven by rising disposable incomes and increased spending on healthier foods and natural cosmetics.
March 2021 – Fitday, a supplement startup based in Hyderabad, India, has announced plans to set up over 50 brick-and-mortar stores across the country by 2023 with an investment of $8 million.
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Detailed Table of Contents:
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- key ideas
- Overview of parent/related markets
- Supply chain and regulatory analysis
- Recent Industry Developments – Policies, Partnerships, New Product Launches and Mergers & Acquisitions
- Qualitative analysis related to COVID-19
- Impact of COVID-19 on the market
- Supply chain challenges during a pandemic
- Potential opportunities due to this global crisis
- Global Herbal Medicine Market Analysis, Outlook and Forecast, 2017-2028
- Main results/summary
- Market size estimates and forecasts
- By request
- Pharmaceutical & Nutraceutical
- Food and drinks
- Personal care and beauty products
- By form
- Liquid & Gel
- Tablets and capsules
- By region
- North America
- Asia Pacific
- South America
- Middle East and Africa
- By request
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