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

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 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.  '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)'

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. 

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. 

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.