The herbal medicine market is expected to grow significantly in the next few years, according to experts.
According to data from the global market research company Euromonitor, herbal medicine is forecast to reach US$2.2 trillion by 2020, with the United States expected to be the top destination for the product, as well as Europe.
Accordingly, the number of herbal medicine providers is expected in the United Kingdom to increase by 35% to 1,700 by 2021, while the United Arab Emirates, the country with the highest number of doctors, will see a jump of 80% to 2,600 doctors by 2021.
Meanwhile, the Chinese herbal medicine industry is expected be in the top five destination for herbal medicine in 2021, with a forecast of nearly 20,000 doctors in China alone.
With China being the biggest market for herbal medicines, there are a number of Chinese herbal medicines providers.
The most popular herbal medicine brand is the brand of Buhang Huazhong, which is currently the top seller in China, according, according the market research firm Euromonitors.
Buhong Huazhi is also the leading brand in Taiwan, which has seen a significant rise in sales, as its brand has seen significant growth in the last few years.
According the market data, Buhan Huazha has seen an average increase in the number and number of sales per month from around 7,500 to over 20,600 in the first half of this year.
According to Euromoncers, Bohuajia has also seen a rise in its sales per day, from around 10,000 to more than 25,000 in the same period.
In the United Nations’ Food and Agriculture Organization, China is considered the top herbal medicine producer in the world, with an estimated sales of around US$9.6 billion, which makes it the fourth most lucrative market in the country.
In 2017, Chinese herbal practitioners were able to sell over 2,500 different herbal medicines products, according Euromonters data.
In 2018, the average annual sales were around US $2.7 billion, and in 2019, the market grew by US $3.4 billion, Euromonter said.
The United States, with its high rate of medical malpractice lawsuits, is expected as a major growth market for the herbal medicine sector.
The market for medical malformations rose from $1.4 million in 2016 to $8.6 million in 2019.
In 2018, medical malformation rates in the US were nearly double the global average, and a third of US medical practitioners were found to be using herbal medicine products at some point in the year, according a 2017 report by the Consumer Reports Foundation.
The herbal medicine supply chain is also expected to continue to grow in the coming years, as demand for herbal drugs grows in the Chinese market.
Accordingto Euromoniters, the United China herbal medicine manufacturer is expected grow from 1,000 manufacturers in 2019 to 3,400 by 2020.
China will also see an increase in annual production from about 40% to 50%, according to Euromom.
The United States will see an average of 7.5% growth in herbal medicine exports to China in 2020, and about 12% growth from 2020 to 2025, Euromomonitor said.