Global Herbal Medicines Market to Reach US$178.4 Billion by – GlobeNewswire

Global Herbal Medicines Market to Reach US$178.4 Billion by – GlobeNewswire

New York, Jan. 14, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Herbal Medicines Industry” – https://www.reportlinker.com/p06031785/?utm_source=GNW
Offered in tablets, powder, capsules, and tea forms, these products have few or no side effects and present a safe alternative to standard options to improve health and organ function. Growth in the global market is being spurred by increasing attention on self-care, rising awareness and influx of significant investments for R&D activity. Market growth is augmented by increasing awareness regarding negative effects of using allopathic medicines as well as compelling health benefits of herbal medicines. Factors such as rising attention on natural products, increasing aging population and rising cases of chronic disorders are providing a significant impetus to the global market. The outbreak of Covid-19 has also provided an opportunity for herbal medicine manufacturers to increasingly roll out herbal products that boost immunity. Growth is supported by increasing focus on products that offer digestive support, stress relief and better immunity health. The market growth is also favored by increasing attention on personalized medicines and easy availability of herbal supplements. On the flip side, lack of a proper regulatory framework and low level of awareness about these products remain major barriers to the market growth.

Amid the COVID-19 crisis, the global market for Herbal Medicines estimated at US$110.2 Billion in the year 2020, is projected to reach a revised size of US$178.4 Billion by 2026, growing at a CAGR of 8.1% over the analysis period. Herbal Pharmaceuticals, one of the segments analyzed in the report, is projected to grow at a 8.6% CAGR to reach US$84.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Herbal Functional Foods segment is readjusted to a revised 7.9% CAGR for the next 7-year period. This segment currently accounts for a 25.4% share of the global Herbal Medicines market. Known for medicinal properties, leaves from herbal plants are extracted to produce numerous herbal supplements. Herbal pharmaceuticals, and supplements contain whole plants or individual parts of plants used to prevent or treat illness or disease. Besides offering reliable treatment medications for a range of health disorders, medicinal herbs are also ideal for use in food and beverage products as health consciousness is poised to remain as one of the important aspects of modern population.

The U.S. Market is Estimated at $22.8 Billion in 2021, While China is Forecast to Reach $32.9 Billion by 2026

The Herbal Medicines market in the U.S. is estimated at US$22.8 Billion in the year 2021. The country currently accounts for a 18.4% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$32.9 Billion in the year 2026 trailing a CAGR of 10.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.4% and 7.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.5% CAGR while Rest of European market (as defined in the study) will reach US$35.8 Billion by the end of the analysis period. The demand for herbal supplements has been predominantly concentrated in the West, due to relatively high levels of health …….

Source: https://www.globenewswire.com/news-release/2022/01/14/2367098/0/en/Global-Herbal-Medicines-Market-to-Reach-US-178-4-Billion-by-the-Year-2026.html

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