Herbal Medicine Market Synopsis

Herbal Medicine Market Size Was Valued at USD 206.7 Billion in 2023 and is Projected to Reach USD 535.7 Billion by 2032, Growing at a CAGR of 11.2% From 2024-2032.

Herbal medicine is the process of using plants, or plant parts, for their medicinal characteristics or properties, botanically it is called botanical or phytomedicine. Across different societies in many communities, knowledge of herbal medicine as an approach to combating ailments has been familiar. Comprising both scientific methods such as emphasizing the active principles contained in plants and even traditional knowledge handed down from the ancestors. Herbal medicine can entail based medicine by means of a form of parts of a plant such as the leaves, flower, root, berries even the bark in forms such as teas and tinctures and also in capsules topical applications. The proponents of herbal medicine state that the benefits are will have a complete approach to cure an illness since most of them are supplementing the conventional disease treatment, which at times seeks only to treat the symptoms of a disease and not the root cause of the disease, while the option has a lot of drawbacks primarily because its effectiveness is questionable and also due to the interactions between the different compounds existing in this supplement and the body. In conclusion, herbal medicine as a school is as old as it is expanding and still grabbing attention for its possibility to serve as an addition to traditional healing practices.

• The herbal medicine market is a growing market throughout the world because people are increasingly preferring natural and plant-based therapies for their healthcare needs. Drivers like heightened knowledge and appreciation for any possible medicinal properties of herbs, increasing incidences of chronic disease, and a shift towards the adoption of preventive care are among the many reasons behind this growth. In addition, popular desire for non-conventional therapies and a shift toward items derived from organically grown and naturally-sustained resources have strengthened the market as well.
• Abaca included that in the area of product types, herbal medicine can be classified into various forms which include tablets, capsules, powders, extracts, teas, and ointments. These products are consumed for enhancement of various aspects of the body like the immunity, treatment of disease such as diabetes, antibiotics, heart ailments and fever, influenza, allergy, flu and many others, and as general wellbeing boosters. Main current actors of the market encompass both large pharma with integrated natural remedies portfolio and niche herbal supplements producers targeting the increasing consumer base concerned with organic products. The market also has its trend dictated by the policies that are used in addressing the issue of regulatory authorities of herbal products in the region for safety, effectiveness and quality of production and Nd distribution. Since the public inclination on chemical-based medicines is gradually shifting more towards natural products, the consumption of herbal medicines is also expected to rise in the future.

Herbal Medicine Market Trend Analysis

Increasing popularity of adaptogens

• Adaptogens are another popular group of herbal products in the market and continue to gain popularity over time. Adaptogens are a diverse class of herbs, and botanicals that claims to help the body in maintaining its balance in response to stress and to support adrenal glands. Surgical face masks have attracted attention because of their possibilities to increase the level of wakefulness, reduce mental fatigue and promote better well-being under diverse stress.
• Cosumers are now using adaptogens for stress and fatigue including ashwaganda, rhodiola, holy basi and ginseng without severe negative effects. These herbs are usually made into supplements, teas, and other functional foods and beverages for use in stress relieving supplements, intelligence improving nutrients and energy boosting products. The increase in the search for adaptogens can be explained by the new cultural switch where more people are searching for solutions that improve health in general without the use of medicines with many people looking for ways to cope with numerous demands of the modern world.

Leveraging digital platforms and e-commerce to reach a wider audience and enhance consumer engagement

• In this case, a business opportunity with the herbal medicine market is to shift towards the online space and widen the consumer base via technology. Thus, the increase in e-business utilization and solutions aimed at the growth of the healthcare industry become the opportunity to increase sales and availability of herbal medicine companies.
• For a start, one can indicate that digital platforms help establish clear communication between the manufacturers of herbal medicines and consumers: providing the latter with information about the advantages of the offered products, the detailed description of their components and combinations, as well as comments and opinions of other clients. This transparency and information sharing can help pave the way to gaining trust and creditability amongst possibly interested customers researching natural health solutions.
• Secondly, e-commerce facilitates the market reach by eliminating geographical barriers thus providing an opportunity for the product makers, namely the herbal medicine sellers, to access consumers and markets that have different needs in different geographical locations. Currently the need is to create effective virtual space selling platforms and use online promotion tools including search engine optimization, social media marketing, and influencer marketing to attract and sell to the target young and digitally-oriented consumer segments interested in natural health products.

Herbal Medicine Market Segment Analysis:

Herbal Medicine Market Segmented on the basis of product type, form and application.

By Product Type, Powder segment is expected to dominate the market during the forecast period

• Herein below, it is seen that the powder segment is expected to lead the herbal medicine market during the forecast period due to the following factors – The fact that powders are easy to swallow makes it easy to take the herbal remedies as they just have to be added to water, juices or smoothies or, at most added to a meal. The format is clearly universal because it satisfies the need of a vast number of consumers and delivers natural remedies for various health issues. Also, such extracts formulated as powders keep all the bioactive ingredients derived from the raw plant they represent, thus being optimal for the delivery of health-promoting properties. This is due to the fact that most people in the current society are inclined towards healthier products, therefore, emphasizing on the strength of the natural products.
• Also, the powder segment has prospects due to the growing customer interest in individual health programs, as compared to water-soluble complex remedies, process-friendly powdered herbal supplements can easily be diluted or mixed with other supplements or nutrients. In the future years, the prospect of herbal powders will be stronger since before knowing the benefits of using these powders, a good health is attained through the use of herbs to treat or prevent certain diseases.

By Application, Pharmaceutical & Nutraceutical segment expected to held the largest share

• Hierarchical analysis of the global herbal medicine market also reflects certain changes and trends, according to which, the Pharmaceutical & Nutraceutical segment will continue to lead the market with the highest share of the demand. Specialty products are a broad category of products, which are made for medicine and nutrition using herbs that have the potential to cure diseases or provide essential nutrients to humans. Other application areas in pharmacy include the formulation and manufacturing of traditional medicines that are in the form of herbs, which are used instead of or complementary to standard chemical drugs that are used to treat different ailments. Contrary to this, Nutraceutical application aims at the use of herbo medicinal extract and other supplements for improving health and nutrition, wherein vocal and direct therapeutic goal might involve the supplementation of some nutrients or support of overall health.
• In addition to this, the segment gains strength mainly from heightened consumer awareness especially on natural and plant derived remedies as well as elevated research and innovative attempts performed in herbal medicine. Moreover, the enhancement of the regulatory support for herbal products in the categories of pharmaceutical and nutraceutical that provides safety, efficacy, and quality in the segment, it, in turn, stimulates the growth of the herbal medicine segment in the global market.

Herbal Medicine Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

• Asia Pacific has a higher potential to contribute to the herbal medicine market growth till the forecast year due to various factors. The said area has a long-standing culture of using conventional systems of medicine that include Ayurveda, Traditional Chinese Medicine (TCM), as well as Kampo, some of the most popular traditional medicines currently in the international market. The trends such as improved consumer knowledge and acceptance of herbal products and their related alternatives, higher disposable per capita incomes, and a transition towards natural health remedies are also fueling the market growth in countries like China, India, Japan, and South Korea.
• Further, policies from the government in support of healthcare infrastructures along with research and development in the herbal medicines segment provide the right business climate to accelerate the growth of the market. If the current soaring demand for natural and plant-based treatment procedures prevails in the Asia Pacific’s herbal medicine market is well preserved, this region will remain to be an enormously lucrative opportunity for a lot of manufacturers, suppliers, and healthcare service providers from around the world.

Active Key Players in the Herbal Medicine Market

• Arkopharma Laboratoires Pharmaceutiques (France)
• Bio-Botanica Inc. (United States)
• Blackmores Limited (Australia)
• Boiron Group (France)
• Dabur India Ltd. (India)
• Gaia Herbs (United States)
• Herbal Hills (India)
• Herbalife International Inc. (United States)
• Himalaya Drug Company (India)
• Nature's Answer, LLC. (United States)
• Nature's Sunshine Products Inc. (United States)
• Nutraceutical International Corporation (United States)
• Oregon's Wild Harvest (United States)
• Patanjali Ayurved Ltd. (India)
• Ricola AG (Switzerland)
• Sanofi S.A. (France)
• Schwabe Group (Germany)
• Weleda AG (Switzerland)
• Young Living Essential Oils (United States)
• Zandu Pharmaceutical Works Ltd. (India), Other key Players.

Key Industry Developments in the Herbal Medicine Market:

• In 2022, At Dubai Science Park, Himalaya Global Holdings Ltd. has established a state-of-the-art Himalaya Global Research Center, which spans 55,000 square feet and is home to over 100 scientists. The center is dedicated to the development of herbal-based pharmaceutical and personal care products. The facility also features Himalaya's inaugural Consumer Experience Center, which is fully equipped to facilitate the testing and evaluation of Himalaya products across a variety of categories by consumers. This initiative is designed to ensure that the company's products are both secure and effective.

Chapter 1: Introduction
 1.1 Scope and Coverage

Chapter 2:Executive Summary

Chapter 3: Market Landscape
 3.1 Market Dynamics
  3.1.1 Drivers
  3.1.2 Restraints
  3.1.3 Opportunities
  3.1.4 Challenges
 3.2 Market Trend Analysis
 3.3 PESTLE Analysis
 3.4 Porter's Five Forces Analysis
 3.5 Industry Value Chain Analysis
 3.6 Ecosystem
 3.7 Regulatory Landscape
 3.8 Price Trend Analysis
 3.9 Patent Analysis
 3.10 Technology Evolution
 3.11 Investment Pockets
 3.12 Import-Export Analysis

Chapter 4: Herbal Medicine Market by Product Type
 4.1 Herbal Medicine Market Snapshot and Growth Engine
 4.2 Herbal Medicine Market Overview
 4.3 Homeopathic Medicines
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 Homeopathic Medicines: Geographic Segmentation Analysis
 4.4 Ayurvedic Medicines
  4.4.1 Introduction and Market Overview
  4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.4.3 Key Market Trends, Growth Factors and Opportunities
  4.4.4 Ayurvedic Medicines: Geographic Segmentation Analysis
 4.5 Chinese Medicines
  4.5.1 Introduction and Market Overview
  4.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.5.3 Key Market Trends, Growth Factors and Opportunities
  4.5.4 Chinese Medicines: Geographic Segmentation Analysis
 4.6 Aromatherapy Products
  4.6.1 Introduction and Market Overview
  4.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.6.3 Key Market Trends, Growth Factors and Opportunities
  4.6.4 Aromatherapy Products: Geographic Segmentation Analysis

Chapter 5: Herbal Medicine Market by Form
 5.1 Herbal Medicine Market Snapshot and Growth Engine
 5.2 Herbal Medicine Market Overview
 5.3 Powder
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Powder: Geographic Segmentation Analysis
 5.4 Liquid & Gel
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Liquid & Gel: Geographic Segmentation Analysis
 5.5 Tablets & Capsules
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 Tablets & Capsules: Geographic Segmentation Analysis

Chapter 6: Herbal Medicine Market by Application
 6.1 Herbal Medicine Market Snapshot and Growth Engine
 6.2 Herbal Medicine Market Overview
 6.3 Pharmaceutical & Nutraceutical
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Pharmaceutical & Nutraceutical: Geographic Segmentation Analysis
 6.4 Food & Beverages
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Food & Beverages: Geographic Segmentation Analysis
 6.5 Personal Care & Beauty Products
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 Personal Care & Beauty Products: Geographic Segmentation Analysis

Chapter 7: Company Profiles and Competitive Analysis
 7.1 Competitive Landscape
  7.1.1 Competitive Benchmarking
  7.1.2 Herbal Medicine Market Share by Manufacturer (2023)
  7.1.3 Industry BCG Matrix
  7.1.4 Heat Map Analysis
  7.1.5 Mergers and Acquisitions
  
 7.2 ARKOPHARMA LABORATOIRES PHARMACEUTIQUES (FRANCE)
  7.2.1 Company Overview
  7.2.2 Key Executives
  7.2.3 Company Snapshot
  7.2.4 Role of the Company in the Market
  7.2.5 Sustainability and Social Responsibility
  7.2.6 Operating Business Segments
  7.2.7 Product Portfolio
  7.2.8 Business Performance
  7.2.9 Key Strategic Moves and Recent Developments
  7.2.10 SWOT Analysis
 7.3 BIO-BOTANICA INC (UNITED STATES)
 7.4 BLACKMORES LIMITED (AUSTRALIA)
 7.5 BOIRON GROUP (FRANCE)
 7.6 DABUR INDIA LTD (INDIA)
 7.7 GAIA HERBS (UNITED STATES)
 7.8 HERBAL HILLS (INDIA)
 7.9 HERBALIFE INTERNATIONAL INC (UNITED STATES)
 7.10 HIMALAYA DRUG COMPANY (INDIA)
 7.11 NATURE'S ANSWER LLC (UNITED STATES)
 7.12 NATURE'S SUNSHINE PRODUCTS INC (UNITED STATES)
 7.13 NUTRACEUTICAL INTERNATIONAL CORPORATION (UNITED STATES)
 7.14 OREGON'S WILD HARVEST (UNITED STATES)
 7.15 PATANJALI AYURVED LTD (INDIA)
 7.16 RICOLA AG (SWITZERLAND)
 7.17 SANOFI SA (FRANCE)
 7.18 SCHWABE GROUP (GERMANY)
 7.19 WELEDA AG (SWITZERLAND)
 7.20 YOUNG LIVING ESSENTIAL OILS (UNITED STATES)
 7.21 ZANDU PHARMACEUTICAL WORKS LTD (INDIA)

Chapter 8: Global Herbal Medicine Market By Region
 8.1 Overview
 8.2. North America Herbal Medicine Market
  8.2.1 Key Market Trends, Growth Factors and Opportunities
  8.2.2 Top Key Companies
  8.2.3 Historic and Forecasted Market Size by Segments
  8.2.4 Historic and Forecasted Market Size By Product Type
   8.2.4.1 Homeopathic Medicines
   8.2.4.2 Ayurvedic Medicines
   8.2.4.3 Chinese Medicines
   8.2.4.4 Aromatherapy Products
  8.2.5 Historic and Forecasted Market Size By Form
   8.2.5.1 Powder
   8.2.5.2 Liquid & Gel
   8.2.5.3 Tablets & Capsules
  8.2.6 Historic and Forecasted Market Size By Application
   8.2.6.1 Pharmaceutical & Nutraceutical
   8.2.6.2 Food & Beverages
   8.2.6.3 Personal Care & Beauty Products
  8.2.7 Historic and Forecast Market Size by Country
   8.2.7.1 US
   8.2.7.2 Canada
   8.2.7.3 Mexico
 8.3. Eastern Europe Herbal Medicine Market
  8.3.1 Key Market Trends, Growth Factors and Opportunities
  8.3.2 Top Key Companies
  8.3.3 Historic and Forecasted Market Size by Segments
  8.3.4 Historic and Forecasted Market Size By Product Type
   8.3.4.1 Homeopathic Medicines
   8.3.4.2 Ayurvedic Medicines
   8.3.4.3 Chinese Medicines
   8.3.4.4 Aromatherapy Products
  8.3.5 Historic and Forecasted Market Size By Form
   8.3.5.1 Powder
   8.3.5.2 Liquid & Gel
   8.3.5.3 Tablets & Capsules
  8.3.6 Historic and Forecasted Market Size By Application
   8.3.6.1 Pharmaceutical & Nutraceutical
   8.3.6.2 Food & Beverages
   8.3.6.3 Personal Care & Beauty Products
  8.3.7 Historic and Forecast Market Size by Country
   8.3.7.1 Bulgaria
   8.3.7.2 The Czech Republic
   8.3.7.3 Hungary
   8.3.7.4 Poland
   8.3.7.5 Romania
   8.3.7.6 Rest of Eastern Europe
 8.4. Western Europe Herbal Medicine Market
  8.4.1 Key Market Trends, Growth Factors and Opportunities
  8.4.2 Top Key Companies
  8.4.3 Historic and Forecasted Market Size by Segments
  8.4.4 Historic and Forecasted Market Size By Product Type
   8.4.4.1 Homeopathic Medicines
   8.4.4.2 Ayurvedic Medicines
   8.4.4.3 Chinese Medicines
   8.4.4.4 Aromatherapy Products
  8.4.5 Historic and Forecasted Market Size By Form
   8.4.5.1 Powder
   8.4.5.2 Liquid & Gel
   8.4.5.3 Tablets & Capsules
  8.4.6 Historic and Forecasted Market Size By Application
   8.4.6.1 Pharmaceutical & Nutraceutical
   8.4.6.2 Food & Beverages
   8.4.6.3 Personal Care & Beauty Products
  8.4.7 Historic and Forecast Market Size by Country
   8.4.7.1 Germany
   8.4.7.2 UK
   8.4.7.3 France
   8.4.7.4 Netherlands
   8.4.7.5 Italy
   8.4.7.6 Russia
   8.4.7.7 Spain
   8.4.7.8 Rest of Western Europe
 8.5. Asia Pacific Herbal Medicine Market
  8.5.1 Key Market Trends, Growth Factors and Opportunities
  8.5.2 Top Key Companies
  8.5.3 Historic and Forecasted Market Size by Segments
  8.5.4 Historic and Forecasted Market Size By Product Type
   8.5.4.1 Homeopathic Medicines
   8.5.4.2 Ayurvedic Medicines
   8.5.4.3 Chinese Medicines
   8.5.4.4 Aromatherapy Products
  8.5.5 Historic and Forecasted Market Size By Form
   8.5.5.1 Powder
   8.5.5.2 Liquid & Gel
   8.5.5.3 Tablets & Capsules
  8.5.6 Historic and Forecasted Market Size By Application
   8.5.6.1 Pharmaceutical & Nutraceutical
   8.5.6.2 Food & Beverages
   8.5.6.3 Personal Care & Beauty Products
  8.5.7 Historic and Forecast Market Size by Country
   8.5.7.1 China
   8.5.7.2 India
   8.5.7.3 Japan
   8.5.7.4 South Korea
   8.5.7.5 Malaysia
   8.5.7.6 Thailand
   8.5.7.7 Vietnam
   8.5.7.8 The Philippines
   8.5.7.9 Australia
   8.5.7.10 New Zealand
   8.5.7.11 Rest of APAC
 8.6. Middle East & Africa Herbal Medicine Market
  8.6.1 Key Market Trends, Growth Factors and Opportunities
  8.6.2 Top Key Companies
  8.6.3 Historic and Forecasted Market Size by Segments
  8.6.4 Historic and Forecasted Market Size By Product Type
   8.6.4.1 Homeopathic Medicines
   8.6.4.2 Ayurvedic Medicines
   8.6.4.3 Chinese Medicines
   8.6.4.4 Aromatherapy Products
  8.6.5 Historic and Forecasted Market Size By Form
   8.6.5.1 Powder
   8.6.5.2 Liquid & Gel
   8.6.5.3 Tablets & Capsules
  8.6.6 Historic and Forecasted Market Size By Application
   8.6.6.1 Pharmaceutical & Nutraceutical
   8.6.6.2 Food & Beverages
   8.6.6.3 Personal Care & Beauty Products
  8.6.7 Historic and Forecast Market Size by Country
   8.6.7.1 Turkey
   8.6.7.2 Bahrain
   8.6.7.3 Kuwait
   8.6.7.4 Saudi Arabia
   8.6.7.5 Qatar
   8.6.7.6 UAE
   8.6.7.7 Israel
   8.6.7.8 South Africa
 8.7. South America Herbal Medicine Market
  8.7.1 Key Market Trends, Growth Factors and Opportunities
  8.7.2 Top Key Companies
  8.7.3 Historic and Forecasted Market Size by Segments
  8.7.4 Historic and Forecasted Market Size By Product Type
   8.7.4.1 Homeopathic Medicines
   8.7.4.2 Ayurvedic Medicines
   8.7.4.3 Chinese Medicines
   8.7.4.4 Aromatherapy Products
  8.7.5 Historic and Forecasted Market Size By Form
   8.7.5.1 Powder
   8.7.5.2 Liquid & Gel
   8.7.5.3 Tablets & Capsules
  8.7.6 Historic and Forecasted Market Size By Application
   8.7.6.1 Pharmaceutical & Nutraceutical
   8.7.6.2 Food & Beverages
   8.7.6.3 Personal Care & Beauty Products
  8.7.7 Historic and Forecast Market Size by Country
   8.7.7.1 Brazil
   8.7.7.2 Argentina
   8.7.7.3 Rest of SA

Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies

Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research