Medicinal Herbs Market to Hit US$ 555 Billion by 2033: Fact.MR Report
Rapidly Rising Preference for Clean-label Ingredients Creating New Opportunities for Medicinal Herb Businesses
Rockville , Aug. 28, 2023 (GLOBE NEWSWIRE) -- The global medicinal herbs market is estimated to reach a size of US$ 555 billion at a steady CAGR of 5.4% by the end of 2033. This study by Fact.MR, a market research and competitive intelligence provider reveals that Asian countries such as India, China, and Japan are expected to be the most lucrative markets for medicinal herb companies over the coming years.One of the most popular uses of medicinal herbs is herbal teas, which have been gaining massive popularity around the world owing to rising awareness regarding their health benefits. Surging popularity of holistic wellness trends and an increasing number of people preferring products with organic and natural ingredients are also projected to influentially bolster the sales of medicinal herbs going forward.
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In June 2023, Traditional Medicinals, a renowned botanical wellness product provider, announced the launch of a new tea blend. Organic Lemon Ginger Tea is a Canadian blend that is packed with organic ingredients picked by expert herbalists working at Traditional Medicinals.
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Report Attributes
* *Details*
*Forecast Period* *2023 - 2033*
*Value Projection (2033)* *US$ 555 Billion*
*Growth Rate (2023-2033)* *5.4% CAGR*
*No. of Pages* *170 pages*
*No. of Tables* *160 Tables*
*No. of Figures* *128 Figures*
*Key **T**akeaways **from Market Study*
· The global medicinal herbs market stands at a valuation of US$ 328 billion in 2023.
· Sales of medicinal herbs are projected to rise at a CAGR of 5.4% from 2023 to 2033.
· The market is anticipated to attain a revenue of US$ 555 billion by 2033.
· Growing awareness regarding the side effects of modern pharmaceuticals, rising demand for clean-label ingredients, increasing consumption of herbal supplements and nutraceuticals, and high investments in herbal medicine R&D are creating opportunities for medicinal herb suppliers.
· Lack of awareness regarding the benefits of herbs and the stringent regulatory landscape to approve their use in different products are key market constraints.
· Asia Pacific is predicted to dominate medicinal herb sales in the global market from 2023 to 2033.
· Calendula accounts for around 50% of global medicinal herb demand at present.
· Use of medicinal herbs in cosmeceuticals is forecasted to rise at 7% CAGR over the next ten years.
*“Creating awareness about the benefits of medicinal herbs will be of paramount importance for the future success of companies in this space**,”* says a Fact.MR analyst
*Key Companies Profiled in This Report*
· Zielpol
· Herbs Zaporozhye
· Falcon Trading Company
· Wellgreen Technology Co. Ltd.
· Penn Herb Company Ltd.
· Mountain Rose Herbs
· Jahrom Green Kian.
· Elmar D.O.O.
· Himalayan Bio Trade Pvt. Ltd.
· Starwest Botanicals
· Sunrise Nutrachem Group Co. Ltd.
· Piante Officinali San Marco
· Yogi Globals
· Shanxi Hongda Phytochemistry Co. Ltd.
*Winning Strategy*
Medicinal herb producers are focusing on expanding their production capacity to meet increasing demand from industry verticals. Companies are also taking efforts to save endangered medicinal herbs by creating awareness regarding their benefits. Medicinal herb providers are also opting for strategies such as mergers, acquisitions, collaborations, and partnerships to improve their market presence.
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*More Valuable Insights on Offer*
Fact.MR, in its new offering, presents an unbiased analysis of the global medicinal herbs market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on type (horsetail, dandelion, echinacea, valerian, St. John’s Wort, lemon balm, yarrow, calendula, peppermint, spearmint, marshmallow wintergreen), nature (organic, conventional), form (whole, powder, liquid), and end use (medicinal tea, health supplements, nutritive jam, herbal medicines, cosmeceuticals, other uses), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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*Powder Dietary Supplements Market: *North America is the biggest market for powder dietary supplement suppliers, expected to hold 35% market share by 2032.
*About **us**:*
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we delivers deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empowers businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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