What is the global market size of Herbal Medicine Market?

Global Herbal Medicine Market size was valued at USD 151.91 billion in 2021 and is poised to grow from USD 168.86 billion in 2022 to USD 437.59 billion by 2030, growing at a CAGR of 11.16% in the forecast period (2023-2030).

Who are the key vendors in the Global Herbal Medicine Market?

Global herbal medicine market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. moreover, Patanjali Ayurved is a major player in the Indian herbal medicine industry. The majority of its products are made from herbal raw materials that are sourced naturally. It is working hard to gain a foothold in the Indian market and is expected to do so in the coming years. Patanjali has been the most disruptive force in the FMCG space because the brand is well-established and consistently growing in terms of both market share and retail shelves. The novelty factor is primarily responsible for Patanjali's exponential growth. Patanjali's market share was primarily increased in the toothpaste and honey categories in the early years. Later, it began to diversify into herbal soaps and edible oils. Patanjali is looking forward to make its mark with such expansion plans in Indian industry. 'Blackmores Limited ', 'Nature's Answer, LLC. ', 'Himalaya Drug Company', 'Schwabe Group', 'Dabur India Ltd.', 'Bio-Botanica Inc.', 'Arkopharma Laboratoires Pharmaceutiques', 'Nature's Sunshine Products Inc.', 'Sanofi S.A.', 'Zandu Pharmaceutical Works Ltd.', 'Ricola AG', 'Weleda AG', 'Young Living Essential Oils', 'Boiron Group', 'Nutraceutical International Corporation', 'Herbal Hills', 'Herbalife International Inc.', 'Patanjali Ayurved Ltd.', 'Gaia Herbs', 'Oregon's Wild Harvest'.

What is the key driver of Global Herbal Medicine Market?

The cosmetics industry provides excellent opportunities for developing-country exporters of natural ingredients to expand their businesses in developed regions. Natural ingredients from the cosmetics industry are in high demand. The growing consumer awareness of natural cosmetics, as well as the increasing focus of cosmetics companies on providing natural herbal alternatives to synthetic ingredients, are driving this demand. The growing demand for natural ingredients in cosmetics and toiletries products is expected to continue during the forecast period. Natural ingredients are being used to replace synthetic chemicals in cosmetic products. This is primarily to meet consumer demand, but it also reflects a shift toward more sustainable raw materials. Consumer demand for chemical-free personal care, beauty, and toiletries is expected to boost the growth of the herbal medicine market. Furthermore, strong demand for natural ingredients is expected to open doors for potential suppliers in developing countries. The most popular product category is skincare, which includes a wide range of products made with natural ingredients. Vegetable oils, which have functional properties and are beneficial to the body and face, are commonly used herbal natural ingredients. For their functional properties, various plant-based extracts are used. Essential oils, for example, are primarily used as fragrances. With the widespread use of herbal ingredients in the cosmetic industry, this factor is expected to be a major market driver.

What is the key market trend for Global Herbal Medicine Market?

Over the last decade, the use of alternative antibiotic medicines, such as herbal products, has increased. Herbal products are becoming increasingly popular among both patients and healthcare professionals. According to the World Health Organization, nearly 10-50% of the population in developed countries uses herbal products on a regular basis in some form. The primary benefit of using herbal products over synthetic drugs is their superior immunity. Herbal medicines are sometimes the only affordable and available treatment option in developing countries such as China, Japan, India, Vietnam, South Africa, and Bangladesh. Consumers primarily use these medications to treat coughs and colds, nervous disorders, gastrointestinal illnesses, and painful conditions such as joint pain, rheumatic diseases, and stiffness. This continuing trend of using herbal supplements is expected to provide promising growth opportunities for the industry.

Which region accounted for the largest share in Global Herbal Medicine Market?

Europe has the world's largest cosmetics market, which should provide good opportunities for new entrants from developing countries. Demand for natural ingredients used in personal care and beauty products is increasing at the same time, and this trend is expected to continue. Following this demand from European countries, Europe is expected to significantly contribute to market growth in the future. Turmeric is becoming increasingly popular in the European health-care market. Because of its antioxidant and anti-inflammatory properties, it is used as a supplement and in medical products to improve the immune and digestive systems, as well as overall health. The majority of turmeric imported into the EU comes from India, but other sources include Thailand, Madagascar, Peru, and Sri Lanka. The increasing lifespan of the European population is a major driver of turmeric demand. Rising health consciousness among the European population will drive regional growth. Turmeric is a popular spice in the region due to the prevalence of ethnic cuisine.

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.

Herbal Medicine Market Report Snapshots

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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.

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Herbal Medicine Market Insights

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What is the global market size of Herbal Medicine Market?

Who are the key vendors in the Herbal Medicine Market?

What is the key driver of Herbal Medicine Market?

What is the key market trend for Herbal Medicine Market?

Which region accounted for the largest share in Herbal Medicine Market?

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