The North America Herbal Medicine Market would witness market growth of 7.7% CAGR during the forecast period (2023-2030).
Herbal medicines are naturally obtained from a plant's roots, stems, leaves, flowers, or seeds to improve health and treat illnesses. Some popular herbs include gingko, ginseng, ginger, turmeric, and chamomile. For years, local communities have used plant species as part of their culture and traditions to prepare medicines for human and animal diseases. Lifestyle changes significantly impact consumer health, causing a major shift in their medical needs. As individuals consume more processed food, they suffer from health complications, such as stress, obesity, and other serious ailments, such as cardiovascular problems. Therefore, consumers nowadays prefer these medicines over conventional ones to maintain or improve their health.
Moreover, the market has witnessed a remarkable resurgence in recent years, reflecting a growing consumer preference for natural and holistic approaches to healthcare. Herbal medicine, phytotherapy, or botanical medicine uses plant-based therapies to boost health and treat various ailments. This age-old practice, deeply rooted in traditional and indigenous healing systems, has evolved into a dynamic and burgeoning industry with many applications.
North America is culturally diverse, including a rich tapestry of traditional healing practices. According to the government of Canada, in 2022, the food and beverage processing industry was the biggest manufacturing sector in Canada in terms of the value of production, with sales of goods manufactured worth $156.5 billion; it accounted for 18.2% of total manufacturing sales and 1.7% of the national Gross Domestic Product (GDP). The food processing industry can collaborate with the market to develop herbal supplements in the form of fortified foods or food complements. This provides an alternative and accessible way for consumers to incorporate herbal remedies into their diets. Thus, the above aspects will expand the market growth across the region in the upcoming years.
The US market dominated the North America Herbal Medicine Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $67,851.1 million by 2030. The Canada market is experiencing a CAGR of 10.1% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 9.2% during (2023 - 2030).
Free Valuable Insights: The Herbal Medicine Market is Predict to reach $342 Billion by 2030, at a CAGR of 7.9%
Based on Application, the market is segmented into Pharmaceutical & Nutraceutical, Personal Care & Beauty Products, and Food & Beverages. Based on Form, the market is segmented into Tablets & Capsules, Liquid & Gel, and Powder. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
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