According to the current analysis of Reports and Data, the global Herbal Medicine Market was valued at USD 346.03 Million in 2020 and is expected to reach USD 533.21 Million by year 2027, at a CAGR of 6.37%. With the rising public awareness and the global demand of efficacious herbal products, the organic cultivation of medicinal plants is the need of the hour. In organic farming, crop cultivation depends on the use of organic (natural) ingredients and avoids the use of synthetic chemical inputs (herbicides, fertilizers, pesticides), and genetically modified organism seeds.
Consumers in developed countries are becoming more attentive to natural products; and are demanding more information on the ingredients and the additives found in their food, drink and health products – including information on processes used to grow the plant raw materials used in the products they are purchasing. In some situations they are also willing to pay higher prices. The demand for local, organic herbs is rapidly growing with the recovery of herbalism and cohesive medicine.
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Further key findings from the report suggest
- Echinacea herb is being studied for use in combating protozoan, viral, bacterial and fungal infections. The herb is also used as an anti-inflammatory agent, and as a possible chemo preventative agent. Active constituents in the herb vary according to the three main species and include essential oils, flavonoids, polyacetylenes, alkylamides, caffeic acid derivatives (primarily echinocoside), and polysaccharides. It is expected to grow at a CAGR of 5.83%
- Many of herbs are majorly native to the Americas, such as Echinacea, and stinging nettles, and lavender. Their ability to support pollinators and their inclination to grow in diverse communities make them valuable for existing operations.
- The utilization of medicinal plants are: direct utilization in the form of plant parts (root, stem, leaf, seed, and bark), powder, extracts, medicinal chemicals (alkaloids, glycosides) and plant drugs
- According to an estimate by the World Health Organization, around 4 billion people in the world use herbal medicines for their primary healthcare needs
- Neither herbal medicines nor organic medicines are regulated in many countries, including developed countries like United States. Many of these medicines are sold as dietary supplements and can be consumed without a prescription
- Echinacea is one of the popular types of medicinal plants. These plant’s blooms have been used for centuries as medicine in juice, tea and extracts. Currently, they can be taken as supplements and powders. The best-known use of Echinacea is to reduce symptoms of the common cold. The plant is widely used to strengthen the immune system and fight infections Treats and also help avert urinary tract infections
- On the basis of product, the extract segment is estimated to be the largest segment in the market at USD 258.90 Million in 2020. Organic medicinal herb extracts are plant extracts, which have medicinal properties and are a rich source of several active compounds, such as alkaloids, steroids, tannins, glycosides, volatile oils, phenols, and flavonoids
- A lot of developments are taking place in the end-use industries to serve consumer needs, thereby aiding in the evolution of these industries. One single extract can be used for multiple applications when used in combination with other extracts or ingredients; for instance, ashwagandha extract is used for hiccups, arthritis, asthma, insomnia, tuberculosis, leukoderma, bronchitis and chronic liver diseases. As a result of this diversity, there is a broad scope of growth for end-user industries
- The major driving factors for powdered organic medicinal herb extracts are cost-effectiveness, greater dosing flexibility, superior absorption, stability and bioavailability, low dusting nature. The ease in handling the product while mixing it as a food additive, feed additive, pharmaceutical, or nutraceutical ingredient is also expected to propel the market growth at a CAGR of 6.18%
- Asia Pacific is projected to be the fastest-growing segment in the global market due to the extensive use of herbal medicine in many parts of the region
- Key participants in the Herbal Medicine Market are Young Living, Symrise AG, Firmenich, Worlee Group, Kangcare Bioindustry Co, Ltd, Sunrise Nutrachem, Organic Spices, Inc., Frontier Natural Products Co-op, Native Extracts Pty Ltd and New Zealand Botanicals among others
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Segments covered in the report:
This report forecasts revenue growth at a global, regional country level, and provides an analysis of the market trends in each of the sub-segments from 2017 to 2027.
For the purpose of this study, Reports and Data have segmented the Herbal Medicine Market on the basis of Herb, form, source, product, end use, and region:
Herb (Revenue, USD Million; 2017–2027)
- Echinacea
- Rosemary
- Sage
- Myrtle
- Thyme
- NML
- Chives
- Mint
- Multi-herb Products
- Others
Source (Revenue, USD Million; 2017–2027)
- Leaves
- Roots
- Fruits
- Others
Product (Revenue, USD Million; 2017–2027)
- Extracts
- Essential Oil
Form (Revenue, USD Million; 2017–2027)
- Powder
- Liquid
End Use (Revenue, USD Million; 2017–2027)
- Medicinal
- Functional food beverage
- Others
Regional Outlook (Revenue in USD Million; 2017–2027)
- North America
- U.S
- Canada
- Europe
- Germany
- France
- U.K
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Rest of the World
- Middle East Africa
- Latin America
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Growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and RD activities to hamper market growth
Imposition of strict government regulations and shortage of funds have put a halt on the product launches and RD activities and are expected to restrain market growth over the forecast period. In addition, launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering market growth.
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