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.Fortune 500 companies for over 16 years
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.About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.