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

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.