According to the report titled ‘Global Herbal Medicinal Products Market Size study, by Product type (Ayurvedic Medicines, Homeopathic Medicines, Chinese Medicines, Aromatherapy Products) by Form (Capsules/tablets, Powder, Syrups, Oils and Ointments, Other) by Distribution Channel(Hospital Pharmacies, Retail Pharmacies, Mail Order Pharmacies, E-commerce) and Regional Forecasts 2021-2027’, available with Market Study Report, global herbal medicinal products market was worth USD 83.9 billion in 2020 and is expected to register an annual growth rate of 5.5% during 2021-2027, thereby accumulating USD 121.9 billion by the end of analysis timeline.
 

As per the report findings, the expansion of global herbal medicinal products market can be credited to growing acceptance of herbal products over traditional allopathy due to lesser side effects. Besides, convenient access to Ayurveda therapies and nutrients owing to presence of e-commerce distribution channels, technological advancements, and rising R&D expenditure in the field are further augmenting industry outlook.
 

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In addition, various laws and initiatives implemented to promote herbal medicines, alongside globalization of these products are adding momentum to industry progression. Citing an instance, in September 2017, Dabur India announced its partnership with e-commerce giant Amazon.com, Inc. to launch an Ayurveda e-marketplace. The latter will sell herbal products like Herbal Hills, Shilajit, Himalaya healing pure herbs ashwagandha, etc. through the platform for the treatment of various diseases.
 

On the contrary, decrease in the use of these products in cases of trauma or injuries, and longer duration taken by herbal products to prove their efficacy are likely to hamper the remuneration scope of global herbal medicinal products market in the ensuing years.
 

Speaking of the geographical ambit, North America, Latin America, Europe, and Asia Pacific are considered to understand the dynamics of this business sphere. Among these, Europe market is speculated to witness notable gains during 2021-2027, owing to presence of major pharmaceutical and medical industries in the region, along with emphasis among various countries to develop strategies to enter this potent arena.
 

Meanwhile, Asia Pacific market is also slated to expand substantially over the projected timeline, owing to increasing development of herbal medicines, and high demand for products containing essential oils across the region.
 

Major players operating in worldwide herbal medicinal products market are Young Living Essential Oils LC, Integria Healthcare Pty Ltd.., Himalaya Global Holdings Ltd., Stada Arzneimittel AG, Nutraceutical Corporation, Ricola Ltd., Arkopharma Laboratories Co., Ltd., Boiron SA, Sanofi-Aventis Healthcare Pty Ltd., and Blackmores Limited.