The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The worldwide herbal medicine market should increase from $178.59 billion in 2022 to $196.83 billion in 2023, with a 10.2% CAGR. By 2027, the global herbal medicine market is projected to attain $287.31 billion, growing at a 9.9% CAGR.

Europe held the largest herbal medicine market share, and Asia-Pacific was the fastest-growing region in 2022.

Herbal Medicine Market Driver
The rising pharmaceutical industry use of herbal products will drive herbal medicine market growth. Herbal products contain one or more herbal substances or preparations as active components. Their application in pharmaceuticals boosts herbal medicine demand. For example, in August 2021, The Journal of the American Botanical Council reported that annual US retail sales of herbal dietary supplements exceeded $10 billion in 2020, reaching $11.261 billion, a 17.3% increase from 2019. Hence, growing herbal product use in the pharmaceutical industry spurs herbal medicine market growth.

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Prominent Herbal Medicine Market Trend
Innovation in products is a prominent trend in the herbal medicine market. Leading companies employ innovative technologies to maintain market positions. For example, in September 2022, BASF SE introduced Phytocine, a modern line of traditional Chinese medicine (TCM)-based products inspired by science. Phytocine addresses skincare concerns with natural, preservative-free ingredients. It offers various skin benefits, including enhancing hydration and barrier function (Phytocine AQUA), reducing signs of aging and oxidative stress (Phytocine NOVO), and soothing sensitive skin (Phytocine CALM).

Herbal Medicine Market Prominent Players
Major players in the herbal medicine market are Bayer AG, Patanjali Ayurved Ltd., Dabur Ltd., NOW Foods, Boiron Group, Nature’s Sunshine Products, Emami Ltd., Ricola AG, Young Living Essential Oils, Nature’s Way, Swanson Health Products, Gaia Herbs, New Chapter, Bio-Botanica Inc., Schaper & Brümmer GmbH & Co. KG, Traditional Medicinals, Herb Pharm, Nature’s Answer, Nature’s Bounty, Himalaya Global Holdings Ltd., Arizona Natural Products, Dasherb Corp, ZeinPharma Germany GmbH, Solaray, Hishimo Pharmaceuticals Pvt. Ltd., Beovita Deutschland GmbH & Co. KG, Dr. Willmar Schwable India Pvt. Ltd., and Source Naturals.

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Key Herbal Medicine Market Segments
The global herbal medicine market is segmented –
1) By Product: Capsules And Tablets, Powders, Extracts, Syrups, Other Products
2) By Category: Herbal Pharmaceuticals, Herbal Functional Foods, Herbal Dietary Supplements, Herbal Beauty Products
3) By Distribution Channel: Hospitals, Retail Pharmacies, E-commerce
4) By Application: Pharmaceutical And Nutraceutical, Food And Beverages, Personal Care And Beauty Products

The Herbal Medicine Global Market Report 2023  provides a comprehensive overview on the herbal medicine market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the herbal medicine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
Herbal Supplements Global Market Report 2023
Animal Medicine Global Market Report 2023
Telemedicine Services Global Market Report 2023

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