September 30, 2019
According to the new research report available at MarketStudyReport.com under the title ‘Global Herbal Medicinal Products Market Growth (Status and Outlook) 2019-2024’, the worldwide herbal medicinal products market is predicted to surpass US $173900 million by the year 2024.
Herbal medicinal products, which are also known as phytomedicine or botanical medicine, use berries, leaves, flowers, roots, plant’s seeds and bark for medicinal purposes. Herbalism is known for using methods which are not considered in conventional medicinal process and is now becoming a prominent. Enhancement in quality control standards and development in analysis process, coupled with advancement in clinical research which stimulate the growth of herbal medicinal product market.
As per the report, herbal medicinal products market was worth US $141300 million in 2019 and is projected to grow with a CAGR of 4.3% by the year 2024, owing to fewer side effects of these products. The research also presents a comprehensive insight about the segmental share, overview, growth opportunities, drivers, challenges, and trends impacting the industry growth.
Speaking of the type, the market is fragmented as blood circulation medicine, detoxification medicine, antipyretic medicine, and others. While considering the application spectrum, the herbal medicinal products industry is segmented as traditional Chinese medicine, western herbalism, and others.
Based on the regional landscape, herbal medicinal products market is bifurcated into four major regions; China, India, Australia, Japan, Southeast Asia, and Korea fall under Asia Pacific; Europe consists of Germany, UK, France, Italy, Spain, and Russia; Americas comprise of Brazil, the U.S., Mexico, and Canada; and Egypt, Turkey, GCC Countries, South Africa, and Israel come under Middle East & Africa. Asia Pacific and Europe are the major consumers of the product market and combinedly held 72.36% share in 2017.
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Prominent manufacturers operating in herbal medicinal products market include Haiyao, Tsumura, Taiji, Schwabe, Guangzhou Pharma, Madaus, JZJT, Weleda, Sanjiu, Blackmores, Kunming Pharma, Arkopharma, Zhongxin, SIDO MUNCUL, TASLY, Arizona Natural, Tongrentang, Dabur, Yunnan Baiyao, Herbal Africa, Bio-Botanica, Nature’s Answer, Imperial Ginseng, Potter’s, Zand, and Nature Herbs.