According to a new report, published by KBV research, The Global Herbal Medicine Market size is expected to reach $342 billion by 2030, rising at a market growth of 7.9% CAGR during the forecast period.
The Pharmaceutical & Nutraceutical segment is leading the Global Herbal Medicine Market by Application in 2022; thereby, achieving a market value of $206.8 billion by 2030. This is attributed to dietary supplement manufacturers' high demand for herbal ingredients. Consumers are shifting their preference from synthetic or chemical-based medicines to herbal-based medicines, considering their impact on health in the long term. Herbal protein powders and anti-aging products are popular in the dietary supplement and nutraceutical industry. This factor will boost the dominance of the pharmaceutical & nutraceutical segment in the market during the forecast period.
The Liquid & Gel segment is experiencing a CAGR of 8.3% during (2023 - 2030). Liquid and gel formulations receive application in the food and beverage, pharmaceutical, and nutraceutical sectors. Several market participants are introducing liquid beverages containing turmeric and herbal ingredients. Moreover, numerous syrups containing herbal remedies for cough and common cold are produced, given the huge number of products within this category. Typically, protein powders comprise powder-form products within the nutraceutical industry. As the elderly and millennial generation increase their demand for herbal protein powders, this market segment is expected to expand.
Full Report: https://www.kbvresearch.com/herbal-medicine-market/
The Europe region dominated the Global Herbal Medicine Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $111.9 billion by 2030. The Asia Pacific region is poised to grow a CAGR of 8.4% during (2023 - 2030). Additionally, The North America region would witness a CAGR of 7.7% during (2023 - 2030).
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