Herbal Medicine Market Value to Surpass USD 129 Billion Revenue Mark by 2023 at 5.88% CAGR, Predicts Market Research Future

Global Herbal Medicine Market Size is expected to reach a valuation of more than USD 129 billion by 2023, according to the latest research report from Market Research Future (MRFR). The market is expected to exhibit a strong 5.88% CAGR over the forecast period from 2018 to 2023, according to the report.

Market Overview

Herbal medicine comprises products derived from plants and consumed directly with little processing. The lack of extensive processing is probably the major difference between herbal medicine and conventional medicine, as the field of herbal medicine seeks to preserve the natural composition of the plant, while conventional medicine devotes considerable efforts to isolate the active ingredient and produce it on a large scale into medicinal products. This field of medicine has been the oldest field of medicine in human history, as all medicine originally started with the use of plant materials for remedial action against various natural ailments. The field has experienced a resurgence in recent years due to the growing demand among consumers for naturally oriented, process-free, chemical-free medicine. Preference for personal medication could also drive the global herbal medicine market at a strong rate over the forecast period.

Competitive Analysis

Leading players in the global herbal medicine market include Arkopharma, Beovita, Schaper & Brummer, Venus Pharma GmbH, Arizona Natural Products, Dasherb Corp., ZeinPharma Germany GmbH, Hishimo Pharmaceuticals, and Bayer AG.

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Segmentation

By category, the global herbal medicine market is segmented into herbal pharmaceuticals, herbal functional foods, herbal dietary supplements, and herbal beauty products. Herbal pharmaceuticals are by far the most dominant product segment in the global herbal medicine market and accounted for a valuation of more than USD 50.9 billion in 2017.

By type of medicinal plant, the global herbal medicine market is segmented into Marrubium vulgare, Cinnamomum spp., Vaccinium macrocarpon, Echinacea, Camellia sinensis, Curcuma longa, Actaea racemosa, Aloe vera, Zingiber officinale, Cocos nucifera, and others. Marrubium vulgare, commonly known as the white horehound, is likely to dominate the global herbal medicine market over the forecast period with a CAGR of 6.45%.

By form, the market is segmented into capsules and tablets, powders, extracts, syrups, and others. Extracts account for the largest market share in 2017 and are likely to remain dominant over the forecast period.

By source, the global herbal medicine market is segmented into leaves, roots and barks, fruits, whole plants, and others. The leaves segment is likely to lead the global herbal medicine market over the forecast period.

By distribution channel, the market is dominated by hospitals and retail pharmacies, which accounted for 55.82% of the global market in 2017, followed by ecommerce and others.

Growing Demand for Natural Medicines

While conventional medicine has worked tirelessly to produce harmless, isolated products from plants, the commercial aspect of conventional medicine has annoyed many consumers, while the increasing use of synthetic chemicals in medicine has also irked off a significant population. These consumers are increasingly demanding all-natural alternatives to conventional medicine, which has driven the demand for herbal medicine across the world, including developed regions such as North America and Europe as well as developing countries in Asia Pacific, Latin America, and the Middle East and Africa. The increasing number of consumers opting for natural alternatives to conventional medicine is likely to remain the strongest driver for the global herbal medicine market over the forecast period.

Growing Clinical Research into Perfecting Herbal Medicine

Governments in developed countries, especially in Europe, have also been quick to take into account the growing demand for herbal medicine and have funded significant research efforts into the field to enhance the precision and sophistication of the field. This is likely to be a major driver for the Herbal Medicine Market over the forecast period, as government-funded clinical research facilities could provide a sophisticated, polished version of herbal medicine, providing the customer with the best of both worlds.

Browse the market data and information spread across 160 pages with 182 data tables and 17 figures of the report “Herbal Medicine Market Report – Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/herbal-medicine-market-3250