The latest report on ‘herbal medicine market’ thoroughly scrutinizes this business space while providing qualitative insights, historical data, and verifiable projections for 2020-2026 to the companies that are operational in this industry.
Selbyville, Delaware, Oct. 29, 2020 (GLOBE NEWSWIRE) — According to the credible sources, global herbal medicine market is expected to reach a valuation of USD 411.2 billion by the year 2026. Increasing product adoption by the population across the world, rising support & funding from government for research & development of herbal medicines, and easy availability of the product are the major factors propelling the industry growth. Further, benefits such as low cost, and no side effects are also contributing to herbal medicine market outlook.
Global herbal medicine market report studies the landscape based on several segmentations, such as source type, distribution channel, category, form, and regional outlook. It enlists the factors that influence the segmental share along with their growth rate projections over the analysis timeframe. Furthermore, the document contains granular information about competitive landscape of the market defined by each participant, along with their business profile, product portfolio, and market stake.
Estimates cites that herbal pharmaceuticals segment held a major share in global herbal medicine industry in 2019, owing to rising geriatric population, and high consumer awareness. Other factors like negligible side effects, supplier innovations, and launch of Current Good Manufacturing Practices (CGMP) by the FDA for dietary supplements are expected to drive the segmental growth.
Meanwhile, herbal beauty products segment is predicted to register robust growth rate during the forecast period, mainly due to increase in sales of beauty products. High disposable income, and availability of large product portfolio are stimulating the overall market remuneration.
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Elaborating form outlook
Global herbal medicine market, as per form type, is segmented into powders, tablets & capsules, syrups, extracts, and others. Among these, extract segment is expected to witness high gains during the forecast period, owing to its utilization in manufacturing several products. Herbs & plants extracts vary from alcoholic extracts, hot water extracts to long-term boiled extracts, and acetic acid extracts depending on the solvent.
Considering source type
As per the report, whole plant sourced herbal medicine market segment is gaining substantial traction due to product’s ability to cure various diseases. As per National Center for Biotechnology Information, about 70% to 80% of the population worldwide preferred traditional drugs for treatment.
Notably, traditional medications are extracted from roots & barks, leaves, fruits, flowers, stalk, and cloves of the plant. For instance, chamomile, a flower, is used as sedative and anxiolytic for relaxation and anxiety. It also reduces swelling and inflammation while aiding in wound healing.
Analyzing distribution channel
Worldwide herbal medicine market share from e-commerce segment is projected to grow momentously during the forecast period, owing to rising awareness regarding traditional medication, high penetration of mobile phones with internet facilities, and easy accessibility in small towns & villages. Further, rising geriatric population, and cost efficiency of