Herbal Medicinal Products Market :
Herbal Medicinal Products Market is projected to be worth USD 383.14 Billion by 2030, registering a CAGR of 10.9% CAGR during the forecast period (2022-2030), the market was valued at USD 151.00Billion in 2021. By 2030, homeopathic medicines are expected to dominate the growth of the market for herbal medicinal products. Based on form, the category of tablets and capsules gained the majority of the market due to their low maintenance cost. Europe is expected to lead the growth of the market in the regional segment during the forecast period.
Herbal Medicinal Products Market Dynamics:
Products marketed as herbal medicines typically have substances that come from plants and other natural sources. The market offers fresh and dried plants, tablets, capsules, powders, teas, and other herbal remedies. These medications have no adverse or side effects on the body since they are made from natural ingredients. The health and organ function of a person can be improved by using herbal medicines. However, even herbal medicines can be damaging to the body if taken wrongly and in excess.
Driver:
The demand for herbal medicinal goods has grown as people are becoming more aware of the side effects of allopathic medications and the advantages of using them instead. The expanding population, which is coupled with an increase in the prevalence of chronic diseases, is another factor impacting the market growth. The the herbal medicinal products market expansion would be fueled by rising demand for herbal medications based on Ayurvedic and Unani teachings.
Increasing chronic illnesses such as heart disease, stroke, COPD (chronic obstructive pulmonary disease), and respiratory conditions with dementias like Alzheimer’s are growing the demand for herbal medicinal products is fueling the growth of the herbal medicinal products market.
Restrain:
The regulatory authorities lack of focus and attention is expected to slow the herbal medicinal products market’s expansion. Additionally, a dearth of knowledge regarding herbal therapies is expected to restrain market expansion.
Opportunity:
Customers typically choose these medications for painful ailments such as joint pain, rheumatic diseases, stiffness, cough and cold, nervousness, and gastrointestinal illness. It is anticipated that the market will experience significant growth prospects as a result of the current trend of using herbal supplements.
COVID-19 Analysis of Herbal Medicinal Products Market:
The herbal medicinal products market has been severely impacted since the COVID-19 epidemic in many different parts of the world. Shipments were impacted during the initial lockdown due to a labor shortage and the closure of a manufacturing facility. The pandemic’s initial effects on China were tremendous. However, the nation’s circumstances have stabilized, and all product and service production rates have increased. During the pandemic, many surgeries were postponed to avoid the risk of the transfer of the virus. As a result, it is determined that COVID-19’s overall impact on the herbal medicinal products market is severe.
Herbal Medicinal Products Market Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2016-2030 |
| Market Size in 2030 (USD Billion) | 383.14 |
| CAGR (2022-2030) | 10.9% |
| By Product Type | Homeopathic medicines, Aromatherapy products, Ayurvedic medicines, Chinese medicines |
| By Product Form | Capsules/Tablets, Syrups, Oils and Ointment, Powder, Others |
| By Distribution Channel | Retail pharmacies, e-commerce, Hospital pharmacies, Others |
| By geography | North America– (U.S., Canada, Mexico
Europe- (Germany, France, U.K., Russia, Italy, Spain, BENELUX, Rest of Europe) Asia Pacific- (China, Japan, India, South Korea, Australia, ASEAN, Rest of Asia Pacific) Latin America- (Brazil, Argentina, Chile, Rest of Latin America) The Middle East and Africa- (GCC, Turkey, Israel, Rest of MEA) |
| Key Players | Moderna, Inc., PERSONALISE INC., GENOCEA BIOSCIENCES, INC, CureVac AG, CELLDEX THERAPEUTICS, BioNTech SE, Advaxis, Inc, Agenus Inc, Immatics Biotechnologies GmbH, Gritstone Oncology, NantKwest, Inc., bioMérieux SA, Bayer AG, Pfizer Inc., GlaxoSmithKline plc, F. Hoffmann-La Roche Ltd, Merck & Co., Inc. |
Herbal Medicinal Products Market Segment Analysis:
By Product Type
By 2030, homeopathic medicines are expected to dominate the growth of the market for herbal medicinal products. As an efficient and affordable therapy option for a variety of disorders, herbal medications like homeopathy have been gaining popularity quickly over the years, with increasing acceptance from various authorities. For instance, Health Canada has approved over 8,500 different homeopathic medicine items. Further, due to the rising knowledge of affordable herbal therapies, the switch from conventional to traditional medicine has boosted market growth. The developing manufacturing sector in emerging economies is expected to promote market growth in the forecast period.
By Product Form
Based on form, the category of tablets and capsules commands the majority of the market. In the herbal medicinal products market, a number of these medications are offered as pills and capsules. Additionally, taking herbal capsules and pills is mentioned in an increasing number of prescriptions. This market segment is anticipated to maintain its dominance in the global market during the forecast period due to the growing use of herbal products in the pharmaceutical industry. This in turn is expected to boost the growth of the market.
By Region
The region segment of the Herbal Medicinal Products market is divided into the Asia Pacific, Europe, North America, the Middle East, Africa, and Latin America. Following Germany’s strong position as a key consumer of homeopathic medicine, the market for herbal medical goods in Europe is anticipated to have significant development through 2030. In Germany, homeopathy has become a crucial component of the medical sector. Over 70% of adults in Germany are either open to trying homeopathy or have experience with the treatment, according to a survey conducted by force in support of the Deutsche Homöopathie-Union (DHU) in September 2021. This significantly boosted regional herbal medicinal products market dynamics over the forecast period.
Herbal Medicinal Products Market Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and Product Type launches have accelerated the growth of the Herbal Medicinal Products market. Key players in the market include-
- Moderna, Inc.
- PERSONALIS INC.
- GENOCEA BIOSCIENCES, INC
- CureVac AG
- CELLDEX THERAPEUTICS
- BIONTECH SE
- Advaxis, Inc
- Agenus Inc
- Immatics Biotechnologies GmbH
- Gritstone Oncology
- NantKwest, Inc.
- bioMérieux SA
- Bayer AG
- Pfizer Inc.
- GlaxoSmithKline plc
- Hoffmann-La Roche Ltd
- Merck & Co., Inc.
Table of Content
- Introduction
- Market Introduction
- Market Research Methodology
- Research Process
- Primary Research
- Secondary Research
- Data Collection Technique
- Data Sources
- Market Estimation Methodology
- Limitations of the Study
- Product Type Picture of Herbal Medicinal Products
- Global Herbal Medicinal Products Market: Classification
- Geographic Scope
- Years Considered for the Study
- Research Methodology in brief
- Parent Market Overview
- Overall Herbal Medicinal Products Market Regional Demand
- Research Programs/Design
- Market Breakdown and Data Triangulation Approach
- Data Source
- Secondary Sources
- Primary Sources
- Primary Interviews
- Average primary breakdown ratio
- Market Dynamics
- Drivers
- Drivers
- Restraints
- Restraints
- Opportunity
- Impact forces on market dynamics
- Impact forces during the forecast years
- Industry Value Chain
- Upstream analysis
- Downstream analysis
- Therapeutic
- Direct Channel
- Indirect Channel
- Potential Customers
- Manufacturing/Operational Cost Analysis
- Pricing Analysis by Region
- Key Product Type Landscape
- Regulatory Analysis
- Porter’s Analysis
- Supplier Power
- Buyer Power
- Substitution Threat
- Threat from New Entry
- Competitive Rivalry
- PESTEL Analysis
- Political Factors
- Economic Factor
- Social Factors
- Technological Factor
- Environmental Factors
- Legal Factor
- Covid-19 impact on Global Economy
- Covid-19 impact on Herbal Medicinal Products Market demand
- Post-Covid Impact on Herbal Medicinal Products Market Demand
- Impact Analysis of Russia-Ukraine Conflict
- Drivers
- Global Herbal Medicinal Products Market Segmentation, Revenue (USD Billion), (2022-2030)
- By Product Type
- Homeopathic medicines
- Aromatherapy products
- Ayurvedic medicines
- Chinese medicines
- By Product Form
- Capsules/Tablets
- Syrups
- Oils and Ointment
- Powder
- Others
- Distribution Channel
- Retail pharmacies
- e-commerce
- Hospital pharmacies
- Others
- By Product Type
- Global Herbal Medicinal Products Market Overview, By Region
- North America Herbal Medicinal Products Market Revenue (USD Billion), by Countries, (2022-2030)
- US
- By Product Type
- By Product Form
- By Distribution Channel
- Canada
- Mexico
- US
- Europe Herbal Medicinal Products Market Revenue (USD Billion), by Countries, (2022-2030)
- France
- UK
- Spain
- Russia
- Italy
- BENELUX
- Asia Pacific Herbal Medicinal Products Market Revenue (USD Billion), by Countries, (2022-2030)
- China
- Japan
- Australia
- South Korea
- India
- ASEAN
- North America Herbal Medicinal Products Market Revenue (USD Billion), by Countries, (2022-2030)
- Latin America Herbal Medicinal Products Market Revenue (USD Billion), by Countries, (2022-2030)
- Brazil
- Argentina
- Chile
- Middle East and Africa Herbal Medicinal Products Market Revenue (USD Billion), by Countries, (2022-2030)
- GCC
- Turkey
- South Africa
- Global Herbal Medicinal Products Market Revenue: Competitive Analysis, 2021
- Key strategies by players
- Revenue (USD Billion and %), By manufacturers, 2021
- Player Positioning by Market Players, 2021
- Competitive Analysis
- Moderna, Inc.
- Business Overview
- Business Financials (USD Billion)
- Product Type Category, Source, and Specification
- Main Business/Business Overview
- Geographical Analysis
- Recent Development
- Swot Analysis
- PERSONALIS INC.
- GENOCEA BIOSCIENCES, INC
- CureVac AG
- CELLDEX THERAPEUTICS
- BIONTECH SE
- Advaxis, Inc
- Agenus Inc
- Immatics Biotechnologies GmbH
- Gritstone Oncology
- NantKwest, Inc.
- bioMérieux SA
- Bayer AG
- Pfizer Inc.
- GlaxoSmithKline plc
- Hoffmann-La Roche Ltd
- Merck & Co., Inc.
- Moderna, Inc.
- Market Research Findings & Conclusion
Disclaimer
Research Methodology
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