The European herbal medicine market is forecasted to be growing at a CAGR of 6.02% between 2024 to 2029 and the European market size is expected to be worth USD 65.3 billion in 2024 and USD 89.05 billion in 2029.
The European herbal medicine market growth is projected to be driven by factors such as increasing inclination towards natural products and the growing senior population in developed countries such as Germany, the UK, and Spain. Also, the proliferation of chronic diseases across Europe and awareness among the people are expected to drive market growth. Besides, the increasing concerns such as nutritional deficiency and related diseases lead to the herbal medicine market opportunities. The herbal counterpart of these unhealthy nutrients provides consumers with the required nutrition, which is expected to fuel the herbal medicine market in the European region. Herbal drugs are derived from plants and natural resources and have disease-curable benefits with no side effects; this advantageous feature is expected to favor the development of this regional market during the forecast period. The increase in health and well-improving healthcare facilities and government incentives and investments contribute to the development of the herbal medicine market.
Other factors such as marginal side effects, supplier advances, and the FDA's adoption of Current Good Manufacturing Practices (CGMP) for dietary supplements are expected to drive the European herbal medicine market growth. The herbal beauty products segment is expected to expand rapidly during the forecast period, owing primarily to a rise in beauty sales revenue. High disposable income and the availability of a diverse commodity range are driving up market growth. European regulations are expected in the coming years, which will expand marketing prospects for natural goods. In particular, the European Community's implementation of two directives within the defined time frame would substantially affect the market.
The situation in the European market for herbal and natural products is complicated because the market is wide and fragmented, and it includes natural products whether they come under food or medicinal regulation. While herbals and plant extracts are the most common product types, there are many other natural ingredients found in foods and medicines, such as fish oils, vitamins, and minerals. The regulatory authorities' lack of interest and focus limits market expansion. Furthermore, a lack of understanding among people in emerging markets impedes market development. However, Incorrect use of herbal remedies can result in adverse side effects on the body, which is one of the market's restraint factors.
Impact of COVID-19 on the European Herbal Medicine Market:
The herbal medicine market had been negatively impacted during the first half of 2020. The surge in COVID-19-positive cases has led to the region-wide lockdown. The prohibition of transportation disrupted the supply chain of herbal products. The manufacturing activities of herbal products were stopped and postponed due to the unavailability of the workforce. Moreover, herbal medical treatment has been performed due to a shift towards the fight against novel coronavirus. However, the market has witnessed significant market growth after the unlock of lockdown. The demand for herbal products has rapidly increased; hence, the pandemic has positively impacted the next half of 2020. Nonetheless, the European herbal medicine market is estimated to register a promising growth rate during the forecast period.
This research report on the European herbal medicine market has been segmented & sub-segmented into the following categories.
Europe Herbal Medicine Market - By Type:
Europe Herbal Medicine Market - By Source:
Europe Herbal Medicine Market - By Form:
Europe Herbal Medicine Market - By Country:
Regionally, the European herbal medicine market is expected to account substantial share in the global market during the forecast period due to the increasing consumer demand for natural supplements and the aging population. However, new product launches of new natural health products in Europe will improve the market growth. Moreover, European customers are now open to experimenting with complementary and herbal drugs, driving up demand for natural ingredients. The current European regulatory situation in herbal and natural goods is marked by a significant disparity between stringent regulators such as Germany and relaxed countries like the United Kingdom. Non-EU companies find it almost difficult to sell their herbal and natural goods in an EU country due to complex regulations.
The German herbal medicine market is projected to dominate the European market during the forecast period. The market is anticipated to contribute to the European regional market in the coming years. However, the market growth is led by factors such as the rising prevalence of chronic diseases and growing awareness regarding preventive healthcare. Due to increased visibility, rising use of mobile phones and the internet, vast coverage areas, and offering goods at lower prices, the e-commerce delivery channel segment will produce higher revenues by 2028. Furthermore, the herbal pharmaceuticals segment accounted for a significant share of the overall market in 2022.
The UK herbal medicine market is expected to grow at the fastest CAGR between 2023 to 2028. Developed healthcare infrastructure, growing healthcare spending, and growing geriatric population influence the country's market growth. Furthermore, recent technical advances and an expansion in R&D spending in the healthcare sector generate lucrative opportunities for key market participants, through which market expansion can be possible.
KEY MARKET PARTICIPANTS:
Some of the prominent companies operating in the European herbal medicine market profiled in this report are TSUMURA & CO., Dr. Willmar Schwabe India Pvt. Ltd., Blackmores Limited, NATURE’S ANSWER, Arkopharma, Arizona Natural Products, Bio-Botanica Inc., Herbal Africa, Sidomuncul, and Nature Herbs.
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