U.S.: Medicinal And Botanical Market 2024

Medicinal And Botanical Market Size in the U.S.

The U.S. medicinal and botanical market rose modestly to $X in 2022, picking up by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2013 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being observed in certain years. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Medicinal And Botanical Production in the U.S.

In value terms, medicinal and botanical production declined modestly to $X in 2022. Overall, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Medicinal And Botanical Exports

Exports from the U.S.

In 2022, after two years of growth, there was significant decline in shipments abroad of medicinal and botanical, when their volume decreased by X% to X tons. Overall, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when exports increased by X%. The exports peaked at X tons in 2021, and then dropped in the following year.

In value terms, medicinal and botanical exports rose sharply to $X in 2022. Over the period under review, exports recorded a abrupt setback. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Mexico (X tons), the Netherlands (X tons) and Spain (X tons) were the main destinations of medicinal and botanical exports from the United States, together accounting for X% of total exports.

From 2013 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mexico (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), Canada ($X) and Mexico ($X) were the largest markets for medicinal and botanical exported from the United States worldwide, with a combined X% share of total exports.

In terms of the main countries of destination, Mexico, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average medicinal and botanical export price amounted to $X per ton, increasing by X% against the previous year. Overall, the export price, however, saw a abrupt slump. The growth pace was the most rapid in 2015 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while the average price for exports to Spain ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Brazil (X%), while the prices for the other major destinations experienced more modest paces of growth.

Medicinal And Botanical Imports

Imports into the U.S.

In 2022, purchases abroad of medicinal and botanical decreased by X% to X tons, falling for the second consecutive year after six years of growth. Over the period under review, imports, however, continue to indicate a perceptible expansion. The pace of growth was the most pronounced in 2020 with an increase of X%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, medicinal and botanical imports surged to $X in 2022. The total import value increased at an average annual rate of X% from 2013 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest medicinal and botanical supplier to the United States, accounting for a X% share of total imports. Moreover, medicinal and botanical imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), more than tenfold. The third position in this ranking was held by India (X tons), with a X% share.

From 2013 to 2022, the average annual rate of growth in terms of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and India (X% per year).

In value terms, China ($X) constituted the largest supplier of medicinal and botanical to the United States, comprising X% of total imports. The second position in the ranking was held by Switzerland ($X), with a X% share of total imports. It was followed by India, with a X% share.

From 2013 to 2022, the average annual growth rate of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (X% per year) and India (X% per year).

Import Prices by Country

The average medicinal and botanical import price stood at $X per ton in 2022, growing by X% against the previous year. Overall, the import price, however, recorded a slight shrinkage. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Switzerland ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by India (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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