Global Herbal Medicinal Products Market
Global Herbal Medicinal Products Market

Global Herbal Medicinal Products Market Booming at a CAGR of 8.5% to Estimated $17.7Billion Growth by 2026

Global Herbal Medicinal Products Market By Product Type (Homeopathic medicines, Ayurvedic medicines, Chinese medicines and Aromatherapy products), Source (Barks, Leaves, Roots, Fruits & Vegetables, and Others), Application (Food & Beverages, Pharmaceuticals, Personal Care, and Others), Formulation Type (Syrups, Powder, Capsules & Tablets, Oils and Others), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, and others), Function (General Wellness, Cardiovascular Health, Gut & Digestive Health, Cognitive Health and others)

Market Analysis: Global Herbal Medicinal Products Market

Global Herbal Medicinal Products Market accounted to USD 9.21 billion in 2018 to a projected value of USD 17.7 billion by 2026 growing at a CAGR of 8.5% during the forecast period of 2019 to 2026. The upcoming market report contains data for historic years 2015, the base year of calculation is 2018 and the forecast period is 2019 to 2026.

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Market Definition: Global Herbal Medicinal Products Market

Products that are obtained from plants comprising active ingredients one or more herbal preparations, herbal substances, and herbal combinations, called as Herbal medicine. Herbal medicinal products are available in the form of powdered plant material and disinfected extract from lively ingredients insulated from plant materials. Herbal medicinal products are also derived from the part of plant either fragmented, cut of algae, plant, lichen and fungi.

According to the World Health Organization (WHO), 2017, Ayurvedic medicine is the sum of the knowledge, skills, and practices which are mainly based on the theories, beliefs and experience to different cultures used to maintain health in terms of prevention, diagnosis, and treatment of physical, and mental illness.

Market Drivers

  • Growing consumer awareness regarding preventive health care measures is going toact as a catalyst for the market.
  • Fewer side effects as compared to allopathic medicines will drive the market.

Market Restraints

  • Research initiatives and standardization in herbal medicines are less.
  • Lack of legal and regulatory frame work that causes patent problems are the factors that can hamper the growth of the herbal medicinal products market.

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Segmentation: Global Herbal Medicinal Products Market

By Product Type

  • Homeopathic medicines
  • Ayurvedic medicines
  • Chinese medicines
  • Aromatherapy products

By Source

  • Barks
  • Leaves
  • Roots
  • Fruits & Vegetables
  • Others

By Application

  • Food & Beverages
  • Pharmaceuticals
  • Personal Care
  • Others

By Formulation Type

  • Syrups
  • Powder
  • Capsules & Tablets
  • Oils
  • Others

By Distribution Channel

  • Hospital Pharmacies
  • Retail Pharmacies
  • Online Pharmacies
  • Others

By Function

  • General Wellness
  • Cardiovascular Health
  • Gut & Digestive Health
  • Cognitive Health
  • Others

Key Developments in the Market:

On 24th November 2017, CANVAS, an Australian beauty brand expanded its business in Singapore and officially appointed Maiko Pte Ltd to handle its  sales, marketing and brand-building activities. It will help CANVAS to build a stronger product portfolio.

On 22nd September 2017, Dabur India, a leading traditional medicine manufacturer tied up with Amazon to launch ayurveda e-marketplace. Consumers will gain easy access to traditional medicines and the growth of the market will increase.

Competitive Analysis:

Global herbal medicinal products market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of herbal medicinal products market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

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About Data Bridge Market Research 13983 Articles
Hi, I am Ravi Kumar, a Blogger, Freelancer, SEO Consultant, an Internet Marketer, I am a research analyst who loves to evaluate data relating to Manufacturing industry, Management of companies and enterprises, Finance and insurance, Wholesale trade, Management, scientific, and technical consulting services

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