Herbal Market to grow by USD 117.37 billion between 2022 to 2027 | Over-the-counter delivery to be the major contributing segment - Technavio

NEW YORK, Oct. 10, 2023 /PRNewswire/ -- The herbal market size is expected to grow by USD 117.37 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 6.5% during the forecast period. The increase in the prevalence of liver and heart diseases is notably driving the herbal market. However, factors such as adverse climatic conditions affecting herbal plant production may impede market growth. The market is segmented by Delivery (Over-the-counter and Prescription), Product (Herbal supplements and remedies, Herbal medicine, and Herbal cosmetics), and Geography (North America, Europe, Asia, and Rest of World (ROW)). Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The free sample report is available in PDF format 

Key Segment Analysis
The over-the-counter segment is significant during the forecast period. There has been a 15% growth in over-the-counter herbal supplement sales in the US in 2022 according to the Food and Drug Administration (FDA). Similarly, the Ministry of AYUSH in India estimates a 25% increase in the over-the-counter herbal medicine market by 2021. Hence, such factors drive the growth of the over-the-counter segment of the herbal market during the forecast period. To know additional highlights and key points on various market segments and their impact in coming years, View the free PDF Sample Report.

Geographical Market Analysis 

• North America will contribute 38% to the growth of the global market during the forecast period. Factors like the growing consumer desire for natural and holistic solutions in the region lead to regional market growth. Furthermore, owing to the rise in health consciousness among people, there is a growing demand for herbal items such as supplements, teas, and skincare. Additionally, there is a significant growth in the herbal skincare market with products including components such as aloe vera and lavender. Hence, such factors drive the herbal market growth in North America during the forecast period.

Company Insights 
The herbal market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market companies, including:
Archer Daniels Midland Co., Arizona Natural Products, Arkopharma Laboratories, Austral Herbs, Bellan Pharmaceuticals, Blackmores Ltd., Dabur India Ltd., Dasherb Corp., Dr. Willmar Schwabe India Pvt. Ltd., Glanbia plc, Herbalife International of America Inc., Himalaya Global Holdings Ltd., Hishimo Pharmaceuticals Pvt. Ltd., KPC Products Inc., Patanjali Ayurved Ltd., Schaper and Brummer GmbH and Co. KG, SP Pharmaceuticals, Tsumura and Co., ZeinPharma Germany GmbH, Gaia Herbs Inc.

• View the Free PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.

Related Reports:

The herbal extract market size is estimated to grow at a CAGR of 12.97% between 2022 and 2027. The market size is forecast to increase by USD 29.19 billion.

The US - Herbal Cigarette Market size is estimated to grow at a CAGR of 11.31% between 2022 and 2027. The market size is forecast to increase by USD 376.88 million.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Delivery

Market Segmentation by Product

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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.

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SOURCE Technavio