Herbal medicine or phytomedicine is defined as a medicinal system that uses plant or animal materials for medicinal purposes. Market Research Future (MRFR) has published and released a research report regarding global herbal medicine market that speculates boosts for this market with 7.2% CAGR (Compound Annual Growth Rate) between 2017 and 2023. In terms of cash, this market is expected to be worth the US $ 111 bn during the forecast period. —
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The key factors driving the global herbal medicine market include growing aging population, little or no side effects, increasing consumer awareness, supplier innovations, and the release of Current Good Manufacturing Practices (CGMP) for dietary supplements by the FDA. Factors related to other markets contributing to the growth of global herbal medicine market include escalating prices, tighter health budgets of the modern medicinal system because of which, the consumers are opting for more economical and safer herbal medicine systems. Factors that can harm the market growth include lack of research and standardization in herbal medicines, poor legal and regulatory framework which causes patent problems, and poorly manufactured herbal products.
The global herbal medicine market has been segmented into application, source, system, and lastly, region. As per application-based segmentation, this market has been segmented into personal care, pharmaceutical, and other. The source-based segmentation segments the market into vegetable and animal. The vegetable segment has been sub-segmented into bark, leaves & fruit, roots, seeds, and other. The animal segment has been sub-segmented into bones, oils, and other. As per the system, the market has been segmented into Ayurveda, Chinese, Western and other.
The regional segmentation of the global herbal medicine market segments the market into continent-based regional markets known as North America, Asia Pacific, Europe, and Middle East & Africa (MEA). The Asia Pacific has been inferred to emerge as the fastest growing regional market because Asian countries like China and India have centuries-old traditions of using the herbal system. Many key players of the global herbal medicine market are based in India. Europe is the second largest regional market due to large disposable income and growing demand for natural therapies and remedies. During the forecast period, the European market is supposed to be led by France followed by Germany. Due to the high purchasing power of people, the United Kingdom (UK) has the possibility of becoming an important country-specific market in this region as the UK is a strong economy.
North America has the potential to emerge as an important regional market due to its strong economies like the United States of America (USA) and Canada where people have high disposable income. The MEA market is likely to be led by the Gulf nations particularly Saudi Arabia and the United Arab Emirates (UAE) during the forecast period. The poor regions of Africa can lag behind due to poor economic as well as political conditions.
The key players in the global herbal medicine market include Arkopharma (France), Dabur (India), Blackmores (Australia), China Herbs Company (China), Hamdard Laboratories (India), Himalaya Drug Company (India), Madaus (Italy), Nutraceutical International Corporation (USA), Patanjali Ayurved Ltd. (India), Ricola AG (Switzerland), Sheng Chang Pharmaceutical Company (China), Schwabe (Germany), Tsumura (Japan), and Zandu Pharmaceutical Works Ltd (India).
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Latest Industry News
Sari Agricultural Sciences and Natural Resources University of Iran and Volgograd State Agricultural University of Russia have signed a memorandum of undertaking (MOU). According to the MOU, the two universities will produce herbal medicine through a joint project. 21 OCT 2018
In a bid to ensure recognition for Ayurveda and other traditional medicinal systems abroad, the Indian Ministry of AYUSH is in the process of harmonizing the standards of herbal plants in collaboration with the United States Pharmacopeia (USP). 27 OCT 2018
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