Herbal Medicine Industry Opportunities And Growth Strategies

The Herbal Medicine Global Market Report 2023, provides comprehensive information on the herbal medicine market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.

 

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The global herbal medicine market is expected to grow from $178.59 billion in 2022 to $196.83 billion in 2023 at a compound annual growth rate (CAGR) of 10.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global herbal medicine is expected to reach $287.31 billion in 2027 at a CAGR of 9.9%.

 

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Product Innovation is a key trend gaining popularity in the herbal medicine market. Major companies operating in the herbal medicine market are adopting innovative technologies to sustain their position in the market. For Instance, in September 2022, BASF SE, a Germany-based chemical company, launched Phytocine, a new generation of traditional Chinese medicine (TCM)-based activities with scientific inspiration. The Phytocine line targets skin issues that can be resolved with TCM. These innovative active ingredients, which are entirely natural and free of preservatives, target personal care skin benefits such as improving skin hydration and barrier function (Phytocine AQUA), reducing the appearance of aging and oxidation (Phytocine NOVO), and calming sensitive skin (Phytocine CALM).

 

The 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

 

Europe was the largest region in the herbal medicine market in 2022.

 

The table of contents in TBRC’s herbal medicine market report includes:

1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis

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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

 

 

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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.

 

 

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