NEWARK, Del, June 22, 2023 (GLOBE NEWSWIRE) -- The Herbal Medicinal Products Market is estimated to secure a valuation of US$ 199.07 billion in 2023. The overall sales of herbal medicinal products are estimated to reach US$ 417.99 billion by 2033, with a CAGR of 7.7 % during the forecast period.
How the Popularity of Herbal Medicinal Products Are Growing?
The popularity of herbal medicinal products is widely growing due to several influencing factors are:
- Growing Preference Towards Natural Remedies: Consumers are seeking alternative approaches increasing the demand for natural and herbal remedies. It offers safe and gentle alternatives as compared to conventional pharmaceuticals.
- Growing Interest in Traditional Medicine: Traditional medicine systems such as Traditional Chinese Medicine, Ayurveda, and Indigenous Healing Practices are popularly increasing worldwide. These rely on natural and herbal remedies that are fueling the global market.
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- Perception of Safety: The demand for herbal medicinal products is widely growing due to their safety compared to synthetic drugs. These products are derived from natural sources, which feel more comfortable among people than pharmaceutical drugs.
- Increasing Research and Scientific Validation: Key players focus on research and development activities to develop safe, efficient, high-quality herbal medicines. As per scientific studies, herbal medicinal products are beneficial and easy to use.
- Availability: Herbal medicinal products are widely available in several forms, including capsules, teas, and topical applications. These products can be purchased from conventional pharmacies, retail stores, online stores, and health food stores.
Key Takeaways:
- The herbal medicinal products are anticipated to capture a valuation of US$ 417.99 billion with a CAGR of 7.7% during the forecast period.
- In the historic period, the market registered a CAGR of 2.4% between 2018 and 2022.
- The United States is leading the global market by registering a maximum share by 2033.
- Based on distribution channels, hospital pharmacies dominate the global market by securing a maximum share by 2033.
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How Key Players are Upsurging the Global Market?
The market is highly competitive by prominent players in the regions. These players are innovating advanced and improved products by adopting advanced technologies to upsurge the global market. They are focused on offering high-quality, reliable, and safe products that attract consumers' requirements.
The key players are adopting various marketing tactics to uplift the global market to another height. These marketing tactics are mergers, acquisitions, collaborations, product launches, and partnerships. Key players promote their products in trade shows, seminars, and exhibitions to reach more audiences and build trust among them.
These players are distributing their products and services through local suppliers and distributors to increase their sales volume. They are also increasing their sales through several online platforms such as social media, online retailers, and shopping applications.
Recent Developments in the Global Market are:
- Dabur India Ltd offers a variety of herbal products, such as natural food products, Ayurvedic medicines, personal care products, and herbal supplements. The company offers high-quality and natural products by investing in research and developing activities.
Other Essential Players in the Global Market are:
- Blackmores Limited
- Sanofi-Aventis Healthcare PTY Ltd.
- Arkopharma SA
- Nutraceutical Corporation
- STADA Arzneimittel AG
- Himalaya Global Holdings Ltd
- Integria Healthcare
- Boiron Group
- Young Living Essential Oils
- Mountain Rose Herbs
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Market by Categorization:
By Product Type:
- Ayurvedic
- Homeopathic Medicines
- Chinese Medicines
- Aromatherapy product
By Form:
- Capsules/Tablets
- Powder
- Syrups
- Oil and ointment
- Others
By Distribution Channel:
- Hospital pharmacies
- Retail pharmacies
- Mail order pharmacies
- e_commerce
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa (MEA)
Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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