Herbal Medicine Market Size
Herbal Medicine Market size was USD 134.23 billion in 2021 and projected to grow from USD 173.3 billion in 2023 to USD 556.4 billion by 2032, exhibiting a CAGR of 13.8% during the forecast period.
Herbal Medicine is the practice of using plants to treat illness and improve overall health and wellbeing. Herbs should be used carefully since they may come into contact with other medicinal drugs. The practice of using plants medicinally to alleviate illness and improve overall health and wellbeing has roots in ancient societies. The majority of pharmaceutical drugs are derived from synthetic copies of naturally occurring substances found in plants.
Market Highlights
Herbal Medicine Market is expected to project a CAGR of 13.8% during the forecast period, 2022-2032
Herbal Medicine Market is expected to reach USD 556.4 billion, growing at a CAGR of 13.8% during the forecast period owing to the growing awareness regarding the side effects of allopathic medicines and the benefits of using the herbal medications. Other significant factors influencing the market growth include increasing cases of chronic diseases and the growing population.
Herbal Medicine Market Segmentation
Tablets & Capsules segment is expected to dominate in the forecast period
Herbal Medicine Market is classified based on the Form into Powder, Liquid & Gel, and Tablets & Capsules. The Tablets & Capsules category holds a sizable market share. There are several such medications on the market in the form of tablets and capsules. Herbal capsules and pills are mentioned in an increasing number of medicine recipes. This sector is likely to stay dominant in the global market over the forecast period, owing to the rising number of herbal products in the pharmaceutical market.
Pharmaceutical & Nutraceutical segment is expected to dominate in the forecast period
Herbal Medicine Market is classified based on the Application into Pharmaceutical & Nutraceutical, Food & Beverages, and Personal Care & Beauty Products. The Pharmaceutical & Nutraceutical segment dominates the global Herbal Medicine Market. The strong consumer demand for herbal raw ingredients from the alternative medicine and dietary supplement industries are the key driving factors. Consumers are moving their focus from synthetic drugs to herbal medicines after understanding the long-term benefits of herbal medicines and supplements.
Market Dynamics
Growth Drivers
Growing Use of Herbal Medicines due to Multiple Benefits is Expected to Boost the Market Growth
The growing use of herbal medicines by individuals all over the world to maintain and improve their health is driving the global Herbal Medicine Market. Growing demand for natural medicines, combined with increased financing for traditional drug development, will create future growth prospects for the market. Herbal remedies are also classified as nutritional supplements and are sold in a variety of forms, including extracts, powder, dried plants, fresh leaves, teas, tablets, and capsules.
Strong Demand for Herbal and Natural Ingredients is Expected to Boost the Market Growth
Strong demand for herbal and natural products is likely to create opportunities for developing-country producers. The very popular product class is skincare, which includes a wide selection of items made with herbal and natural ingredients. Vegetable oils, which have functional capabilities and are helpful to the body and face, are commonly utilized herbal substances. Most plant-based extracts are used for their functional qualities.
Restraint
Several Regulations and Guidelines for Importing Herbal Products to Restrain the Market Growth
Each country has its own set of rules and restrictions regarding the importation and usage of natural and herbal products. As a result, herbal product providers and manufacturers encounter challenges while trying to enter various product marketplaces. Manufacturers and suppliers are also anticipated to comply with various laws and accept a variety of regulations and standards.
Recent Developments
- Blackmores, a vitamin producer, will extend its firm outside China in February 2021, with Alastair Symington (CEO) convinced that the health brand can establish a committed following in India.
- Lotus, one of India's most popular beauty firms, will introduce the Lotus Botanicals variety in March 2021. Customers will be able to order a wide range of hair and skin care products of only through Lotus Botanicals and other 3rd party eCommerce platforms via this e-commerce brand.
Herbal Medicine Market
Key Players Covered:
- Bayer AG
- Himalaya Wellness Company
- Dabur India Ltd.
- Blackmores Ltd.
- SuAyu
- Arkopharma
- Versus Arthritis
- Schaper & Brümmer GmbH & Co. KG
- Hishimo Pharmaceuticals Pvt. Ltd.
- Hishimo Pharmaceuticals
- Dasherb Corp.
- Better Health Channel
- Genius Nature Herbs Pvt. Ltd.
- BEOVITA
- S.P Pharma
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Regional Analysis
Herbal Medicine Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Europe currently leads the Herbal Medicine Market and is likely to continue dominance during the forecast period. Credible European sources consistently encourage the use of these natural therapies in the region by hosting numerous seminars and raising awareness about the advantages of using herbal substitutes. Asia Pacific is predicted to exhibit the quickest growth during the projection period due to increased knowledge of these pharmaceuticals, which comprise drugs, skin care items, and nutritional supplements.
Impact of Covid-19 on Herbal Medicine Market
The global impact of drug shortages varies in retail and hospital medicine sales. While the full scope of the global epidemic was unknown, pharmaceutical companies were reacting and struggling to recoup lost revenue. Consumers in Asian countries where herbs are readily available have changed their interests to raw herbs and domestically produced treatments to boost immunity. Medicines and dietary supplements containing turmeric, herbal tea, cumin, coriander, and garlic as active ingredients have been widely distributed due to the effect they provide in after the entry of COVID-19 on the body. As a result, despite a disrupted supply chain in the 1st 2020 quarter, the Herbal Medicine Market grew at an average rate due to abundance of herbs in storage and the existence of local manufacturers.
Herbal Medicine Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Herbal Medicine Market Scope and Segments:
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 13.8% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Form |
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Application |
|
|
Distribution Channel |
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By Region |
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Frequently Asked Questions (FAQ):
Herbal Medicine Market size was estimated at USD 134.23 billion in 2021 and is expected to reach USD 556.4 billion in 2032.
Herbal Medicine is the practice of using plants to treat illness and improve overall health and wellbeing. Herbs should be used carefully since they may come into contact with other medicinal drugs
Tablets & Capsules and Pharmaceutical & Nutraceutical segments accounted for the largest Herbal Medicine Market share.
Key players: Bayer AG, Himalaya Wellness Company, Dabur India Ltd., Blackmores Ltd., SuAyu, Arkopharma, Versus Arthritis, Schaper & Brümmer GmbH & Co. KG, Hishimo Pharmaceuticals Pvt. Ltd., Hishimo Pharmaceuticals, Dasherb Corp., Better Health Channel, Genius Nature Herbs Pvt. Ltd., BEOVITA, S.P Pharma, and Other Prominent Players are the key players in the Herbal Medicine Market.
Rising number of different diseases and growing awareness regarding herbal products and their benefits globally are the factors driving the Herbal Medicine Market.
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