With robust CAGR of 7.6% during the projected period, the global market for herbal medicinal products is expected to be valued at a little more than US$ 130 Bn in 2017. In 2018, this market is likely to represent absolute $ opportunity more than US$ 8800 Mn and incremental opportunity of more than US$ 140 Bn between 2017 and 2027.
Albany, NY -- (SBWIRE) -- 11/01/2017 -- The global herbal medicinal products market is growing at a steady pace owing to growing awareness among consumers about the benefits of using herbal medicines. A new report offering comprehensive research and analysis on the global herbal medicinal products market has been added to the repository of Market Research Reports Search Engine (MRRSE). The report offers comprehensive insights and analysis on the herbal medicinal products market and valuable guidance that can help stakeholders in creating a robust strategy to capitalize on the growing opportunities in this market. The report is titled "Herbal Medicinal Products Market: Global Industry Analysis (2012 - 2016) and Opportunity Assessment (2017 - 2027)".
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According to the report, an increasing number of people around the globe are focusing on using herbal medicinal products. This change in preference is mimicking the global health and wellness trend where a number of herbal and organic products are gaining traction. Although thought of as alternative medicine for a long time, demand for herbal medicines has been growing at a brisk pace as more consumers have become aware about the side effects of mainstream medicines.
Another key factor driving the adoption of herbal medicinal products in the market is the increase prevalence of various lifestyle disorders. The modern-day work schedule is heavily focused towards sedentary work, which has led to many problems. People suffering from arthritis are also looking for herbal alternatives for pain management and treatment. Use of herbal medicinal products is also growing in the skincare segment, where the global trend towards organic and natural is further fuelling their adoption. Anxiety and stress management herbal medicinal products are also gaining momentum, owing to the increase in these ailments globally.
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The pervasiveness of herbal medicinal products has also been helped on its way by the penetration of online channels. As many online retailers are offering a wide range of products, consumers have a broader range to choose from. This has also led to higher demand for herbal medicinal products from end-users.
According to the report, among the different types of herbal medicinal products, Ayurvedic segment is likely to account for a significant revenue share of the market. This is owing to higher awareness about traditional Ayurvedic products, and the growing acceptance of meditation and mindfulness activities in the west. Demand for herbal medicinal capsules/tablets is higher than the liquid or powder form, and this trend is likely to continue during the forecast period. Hospital and retail pharmacies remain the leading distribution channels in the market according to the report.
The key players profiled in the report include Nutraceutical Corporation, Sanofi-Aventis Arkopharma SA, Healthcare PTY Ltd., Young Living Essential Oils, Blackmores Limited, STADA Arzneimittel AG, Himalaya Global Holdings Ltd., Integria Healthcare, Boiron Group, MOUNTAIN ROSE HERBS
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