Herbal Medicine Market size to grow by USD 39.52 Bn | 42% growth to originate in Asia | Technavio

NEW YORK, Jan. 3, 2022 /PRNewswire/ -- The global herbal medicine market is observing substantial growth in Asia. Countries such as China, Japan, and India are emerging as potential markets for herbal medicines. Millennials in the region are exhibiting significant demand for dietary and nutritional food products. Also, a growth in the number of self-directed customers who rely on the internet for information on balanced diets and nutrition is resulting in a shift from medical diagnostics and treatment toward the consumption of herbal medicines. In addition, the proliferation of retail stores that sell herbal medicine is creating new growth opportunities for market players.

Technavio expects the global herbal medicine market to grow by USD 39.52 billion between 2021 and 2026, progressing at a CAGR of 6.69% during the forecast period.

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The herbal medicine market report covers insights on major trends, key growth drivers, and challenges impacting the overall growth of the market. The immune-boosting properties of herbal medicine are expected to have a positive impact on the growth of the herbal medicine market during the forecast period. Many herbs are hostile to pathogens. This makes herbal medicines effective in combating various germs, including viruses, bacteria, worms, and bugs. Several studies conducted by researchers across the globe have proved herbal medicines to be effective in improving the immune system and reducing the chances of developing various diseases and medical conditions. This coupled with growing awareness is fostering the growth of the market.

Technavio analyzes the market by product (capsules and tablets, powders, extracts, syrups, and others) and geography (Asia, North America, Europe, and MEA).

By product, capsules and tablets accounted for maximum sales in the market in 2021. They are safe, available at less cost, and can be easily administered. The market growth in the segment is expected to be significant during the forecast period.

By geography, Asia will register maximum growth. The region currently holds 42% of the global market share. The market will witness faster growth in Asia than in other regions.

This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.

Download our Free Sample for highlights on major growth drivers, trends, and performing segments in the global herbal medicine market.

Companies Mentioned

• Arizona Natural Products
• Arkopharma Laboratories
• Bio Botanica Inc.
• Blackmores Ltd.
• Dabur India Ltd.
• Himalaya Global Holdings Ltd.
• Hishimo Pharmaceuticals Pvt. Ltd.
• Ricola Ltd.
• Schaper and Brummer GmbH and Co. KG
• ZeinPharma Germany GmbH

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SOURCE Technavio