USD 151.91 billion
Herbal Medicine Market Size, Share, Growth Analysis, By Intervention(Ayurveda, Apitherapy, Bach Flower Therapy, Naturopathic Medicine), By Product Form(Powder, Liquid/Gel, Tablets/Capsules, Others), By Source(Barks, Leaves, Roots, Others), By Distribution Channel(Direct Sales, E-sales), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35B2103 |
Region:
Global |
Published Date: September, 2024
Pages:
242
|Tables:
149
|Figures:
78
Herbal Medicine Market Insights
Global Herbal Medicine Market size was valued at USD 70.10 billion in 2022 and is poised to grow from USD 84.82 billion in 2023 to USD 389.75 billion by 2031, growing at a CAGR of 21% during the forecast period (2024-2031).
The increasing demand for products made from organic ingredients originating from fair trade is one of the major drivers responsible for the growth of the herbal medicines market. Moreover, the growth of the market can be attributed to the popularity of traditional medicine systems such as Ayurveda and Traditional Chinese Medicine as they are gaining the increasing recognition of their holistic approach all over the world. In addition to that, the trend toward personalized healthcare and wellness tourism is increasing the demand for plant-derived active ingredients designed to meet specific needs.
With the development of modern extraction and formulation technologies, greater effectiveness and consistency have been achieved in the application of herbal medicines. The innovative approaches to creating dosage forms, which include Nano emulsions and sustain-released formulations, cannot be produced or tested solely without their identification and authentication. Analytical techniques, such as chromatography, spectroscopy, as well as DNA barcoding, are required to examine the properties of herbal raw materials. The same methods are applied for the purposes of preventing adulteration of herbal medicines and products. In addition, cooperation between traditional healers, scientists, and healthcare is based on proving the accuracy of traditional medicine, as well as discovering new therapeutic substances. Herbal medicines are being recommended with conventional medicines as there is an increasing emphasis on the study of herb-drug interaction. Such research aims to identify interactions that can affect the metabolism, efficacy or safety of the drug, as well as help make reasonable decisions in prescribing behavior.
US Herbal Medicine Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Ayurveda
Fastest Growth
Tablets/Capsules
Growth Rate
11.16% CAGR
Global Herbal Medicine Market ($ Bn)
Country Share for North America Region (%)
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Herbal Medicine Market Segmental Analysis
Global Herbal Medicine Market is segmented by Intervention, Product Form, Source, Distribution Channel, and region. Based on Intervention, the market is segmented into Ayurveda, Apitherapy, Bach Flower Therapy, Naturopathic Medicine, Traditional Chinese Medicine, Traditional Korean Medicine, Traditional Japanese Medicine, Traditional Mongolian Medicine, Traditional Tibetan Medicine, Zang Fu Theory. Based on Product Form, the market is segmented into Powder, Liquid/Gel, Tablets/Capsules, and Others. Based on Source, the market is segmented into Barks, Leaves, Roots, and Others. Based on Distribution Channel, the market is segmented into Direct Sales, and E-sales. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Herbal Medicine Market Analysis by Intervention
In terms of intervention, the demand for ayurveda segment led the market in terms of revenue in 2023. This growth was attributed to the increasing awareness and the adoption of Ayurveda as well as the consumers’ growing demand for natural and holistic healthcare solutions. The market is also leveraging technology to improve product quality, reduce the cost of production, increase efficiency, and enhance the consumer experience. For example, the Indian government launched a digital platform, the Ayurveda Health and Wellness Centre where patients can access telemedicine and e-consultation services. Companies in the market are forming partnerships and collaborations to expand their reach and increase their capabilities.
The apitherapy segment is expected to expand at the fastest CAGR over the forecast period. The broader acceptance of apitherapy among the medical community is majoring owing to the growing scientific evidence to support the health benefits of honeybee products. Apitherapy is a medical practice that uses products originating from honeybees, like honey, bee venom, and beeswax. In our time, the demand for natural and alternative medicines and treatments for different medical conditions is increasing. Moreover, since food and safety are not different from other industries, the apitherapy market is adopting technology to improve product quality, safety, and traceability.
Herbal Medicine Market Analysis by Source
The root segment had the largest revenue share in terms of source in 2023. This is due to its traditional use in herbal medicine and various formulations. In addition, the increasing amount of scientific evidence regarding the pharmacological benefits of multiple root extracts has been a major driving factor. Various research studies have found that compounds obtained from roots possess anti-inflammatory, antioxidant, immune-modulating, and adaptogenic properties. As a result, the demand for all types of root extracts used in herbal medicine formulations has been steadily increasing. The growing demand for wildcrafted and organically cultivated roots has also been a factor contributing to the growth of this segment.
The leaves segment is projected to grow at the fastest CAGR throughout the forecast period. The increasing utilization of leaves in herbal remedies because of their well-documented medicinal properties, such as antioxidants, anti-inflammatory and detoxifying effects, has furthered the growth of the segment. Leaves are becoming increasingly popular owing to their high content of bioactive components, including polyphenols, flavonoids, and essential oils, which attract health-conscious consumers. In addition, leaves can be used in various forms in herbal formulations, including teas, extracts, tinctures, and topicals, addressing a wide range of health needs. With the rising popularity of plant-based diets and holistic lifestyles among consumers, the demand for leaves in herbal products is driving the growth of the market.
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Herbal Medicine Market Regional Insights
Based on revenue, in 2023, North America was the dominant region with the largest demand share of the herbal medicine market. It is attributed to key factors including increasing consumer awareness regarding the benefits of natural alternatives, a growing preference for preventive healthcare and demand for organic products. The market is further propelled by the expanding portfolio of product offerings by leading market players, a focus on developing new formulations, and mainstreaming of herbal supplements within the healthcare system. The U.S. is a key growth pocket for the herbal medicine market and this growth is originally spurred by the increasing health consciousness, escalating costs of healthcare, and a favorable scenario for herbal supplements.
Asia Pacific is expected to witness the fastest growth in the Herbal medicine market and will hold a significant share during the forecast period. The market is estimated to grow even faster due to the long traditional practice of Herbal Medicine and high consumer awareness of natural medication. China, India, and Japan are significant contributors to Asia Parks market growth. Acceptance of supplements and increasing availability thereof via different distribution channels including pharmacies and stores are drivers of this market growth. Most growth is attributable to the psychosocial support from the governments in emerging countries like China and India that is a significant contributor to this market. Immense knowledge of natural remedies in markets like India and China form part of the base on why the industry is thriving.
Global Herbal Medicine Market By Geography
- Largest
- Fastest
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Herbal Medicine Market Dynamics
Herbal Medicine Market Drivers
Growing Application in Cosmetic Industry
- The demand for natural ingredients of the cosmetics sector has been increasing, and the boom is based on the increased awareness of the natural products within the industry and the attempts of companies in the cosmetics sector to integrate natural herbal alternatives in place of synthetic elements. This demand for natural ingredients in toiletries and cosmetics is expected to remain overwhelmingly strong at least soon and even beyond.
High Demand from Emerging Economies
- In low and middle-income countries, visits to qualified physicians or even pharmacists are very infrequent and typically restricted to life-threatening conditions. Pharmacies are a primary source of treatment where consumers can get assistance from pharmacists with or without a prescription. In developing countries, medicinal herbs are unprocessed herbs, dried and used as whole or sliced plant parts. They are consumed either as an aid to drink as tea or in rare cases as a capsule or tablet for internal treatment or applied as a salve or poultice for the treatment of external wounds.
Restraints
Rigid Guidelines Obstructing the Market Growth
- There are different guidelines and legislations for importation and use of the herbal type of medicines in every country. The suppliers and the manufacturers of the herbal products face hurdles while trying to access various markets. They also have to adhere to different legislations and accept different requirements and standards.
Fluctuation in Prices and Availability of Raw Materials
- Large segments of medicinal plants are rare and not readily available anymore because of the degradation of forests and the subsequent extinction of species. Due to uncertainty in supply, the difference in prices is widespread, making it difficult to standardize the final product’s price. The supply bottlenecks, the fact that the demand grows in the countries of origin, and the unpredictable weather, sometimes leads to concern.
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Herbal Medicine Market Competitive Landscape
The herbal medicine market will increase even more, as leading market players are investing heavily in research and development to expand their product ranges. Market participants are also using several strategic activities to expand their footprint, one of the most important of which are new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. Manufacturing locally to reduce operational costs is one of the key business strategies that manufacturers in the herbal medicine industry are employing to aid customers in benefiting and expanding the market sector. In recent years, some of the most significant benefits to the market have come from the herbal medicine industry. To expand and survive in a more competitive and increasing market environment, the industry must offer value-added items.
Herbal Medicine Market Top Player's Company Profiles
- Sheng Chang Pharmaceutical Company (Taiwan)
- AYUSH Ayurvedic Pte Ltd. (Singapore)
- Herbal Hills (India)
- Herb Pharm (US)
- LKK Health Products Group Limited (Hong Kong)
- International Chinese Body Care Houses (US)
- KindCare Medical Center (US)
- Pascoe Natural Medicine (Germany)
- Bionorica SE (Germany)
- Ming Chen Clinic (US)
- The Center for Natural and Integrative Medicine (US)
- Sinomedica (China)
- Nature's Way Products, LLC (US)
- Weleda AG (Switzerland)
- Ginkgo BioWorks, Inc. (US)
- Nipponham Co., Ltd. (Japan)
- Dabur India Ltd. (India)
- Himalaya Drug Company (India)
- Herbalife Nutrition Ltd. (US)
- Rishiri Pharmaceuticals Co., Ltd. (Japan)
- Caron Products & Services, Inc. (US)
- The Herb Society of America (US)
Herbal Medicine Market Recent Developments
- In June 2023, Traditional Medicinals, North America’s botanical wellness products lead, has introduced its newest product to Canada, the Organic Lemon Ginger tea. This refreshing blend comprises organic herbs including lemon peel, ginger, hibiscus, and lemon grass. The zesty, sweet, and slightly spicy herbal tea can be enjoyed hot or cold.
- In January 2023, Handard has diversified its Indian traditional medicine-manufacturing enterprise to include face washes, shampoos, and oral hygiene.
- In January 2022, The Australia-based natural health and dietary supplements manufacturer, Blackmores Ltd., has partnered with B2B e-commerce player Udaan for delivery of its multivitamins in India. Through the partnership, the brands Blackmores and Blackmore Healthy Care will be found in independent pharmacies in India.
Herbal Medicine Key Market Trends
- Growing Consumption of Herbal Dietary Supplements: The alternative of using antibiotic herbal medicine has gained popularity in the past 10 years. Taking into consideration the fact that the key reason for the consumption of such supplements are customers is diseases which don’t require any specific course of treatment such as cough, cold, gastrointestinal disorders, and painful conditions like joint pain, rheumatic diseases, and stiffness. Thus, the ongoing abrupt change in this tendency of taking the herbal medicine anticipates prospects for growth of the market.
- Increasing Technology Adoption: Technological advancement is widespread in bioactive extraction. Moreover, “Green technologies” in the domain are resulting in notable sustainable measures. The green fractionation technology is pertinent as it enables the extraction of an analyte from a sample, depending on its physical or chemical properties. This type of specialized extraction technology is used in extracting botanicals.
Herbal Medicine Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, increasing demand for natural medicines, in combination with the escalating amount of funding for the development of traditional medicaments, will create opportunities for growth within the identified industry in the forthcoming years. In addition, it should be noted that herbal medicines represent a form of dietary supplements that are promoted in the market in a wide variety of forms. The growth of the industry will be supported by the increasing number of diverse pathologies in the timeframe considered. Support for the identified market size is also facilitated by the low cost relating to the offered products and the creation of high value for end-users. On the other hand, it should be mentioned that the global awareness of commodities throughout the world will also promote the growth of the identified product in the period considered.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 70.10 billion |
| Market size value in 2031 | USD 389.75 billion |
| Growth Rate | 21% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Herbal Medicine Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Herbal Medicine Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Herbal Medicine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Herbal Medicine Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Herbal Medicine Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Herbal Medicine Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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