Herbal Medicine Market Size, Share, Growth Analysis, By Form(Powder, Liquid & Gel, Tablets & Capsules), By Application(Pharmaceutical & Nutraceutical, Food & Beverages, Personal Care & Beauty Products), By Product Type(Homeopathic Medicines, Ayurvedic Medicines, Chinese Medicines, Aromatherapy Products), By Source(Barks, Leaves, Roots, Fruits), By Distribution Channel(Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Others), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35B2103 | Region: Global | Published Date: February, 2024
Pages: 242 |Tables: 149 |Figures: 78

Herbal Medicine Market Insights

Global Herbal Medicine Market size was valued at USD 151.91 billion in 2019 and is poised to grow from USD 168.86 billion in 2023 to USD 437.59 billion by 2031, growing at a CAGR of 11.16% in the forecast period (2024-2031).

Herbal medicine is a type of dietary supplement derived from plant parts such as leaves, bark, seeds, oil, berries, and roots. Herbal medicines have been used to treat a variety of diseases since antiquity. These medicines are now available in a variety of dosage forms thanks to the use of new and innovative methods. The market is divided into four categories such as Herbal Pharmaceuticals, Herbal Functional Foods, Herbal Dietary Supplements, and Herbal Beauty Products. There is restricted scientific evidence for the safety and efficacy of plants used in 21st-century herbalism, which generally does not include standards for purity or dosage. Herbal Medicine commonly involves fungal and bee products, along with minerals, shells, and animal parts. Phytomedicine or phytotherapy are other terms for herbal medicine.

Demand for herbal supplements has been primarily concentrated in the West Because of relatively high levels of health consciousness and widespread and easy access to products. The demand for herbal supplements and remedies is being driven by an ageing population, changing health perceptions, and the threat posed by antimicrobial resistance. Major factors driving growth in emerging countries include an expanding population base, a growing consumer preference for healthy living, rising consumer awareness of wellness and dietary requirements, and a rise in the demand for natural remedies. The region's growth is being fueled by a cultural affinity for herbalism as well as consumer confidence in the efficacy and safety of herbal ingredients.

US Herbal Medicine Market is poised to grow at a sustainable CAGR for the next forecast year.

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Herbal Medicine Market Segmental Analysis

Global herbal medicine market is segmented based on the form, application, product type, source, distribution channel, and region. Based on form, herbal medicine market is segmented into powder, liquid & gel and tablets & capsules. Based on application, the herbal medicine market is segmented into pharmaceutical & nutraceutical, food & beverages and personal care & beauty products. Based on product type, the market is segmented into homeopathic medicines, ayurvedic medicines, Chinese medicines and aromatherapy products. Based on source, the market is segmented into barks, leaves, roots, fruits and vegetables, and others. Based on distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, online pharmacies, and others. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Herbal Medicine Market Analysis by Form

Based on form, the tablets & capsules segment dominates the global market. Several medicines are available in the market in the form of capsules and tablets. Furthermore, an increasing number of prescriptions mention the use of herbal capsules and tablets. With a growing number of herbal products in the pharmaceutical industry, this segment is expected to maintain its global market dominance over the forecast period.

Moreover, the liquid & gel segment has the second-highest market share. The pharmaceutical, nutraceutical, and food and beverage industries all use liquid and gel products. In the liquid category, several market players are launching herbal and turmeric drinks. Furthermore, so many syrups made from herbal products can be used to treat coughs and common colds. This segment is expected to grow at a significant CAGR due to the presence of several products in this category. In the nutraceutical industry, powder form products are typically protein powders. This segment is expected to grow at the fastest CAGR during the forecast period, owing to the growing demand for herbal protein powders from the millennial population to the ageing population.

Herbal Medicine Market Analysis by Application

Based on application, the pharmaceutical and nutraceutical industry dominates the herbal medicine market. This is due to the high demand for herbal raw materials from the dietary supplement and alternative medicine industries. After learning about the long-term benefits of herbal products, consumers are shifting their focus from synthetic medicines to herbal ones. In the nutraceutical industry, dietary supplements such as herbal protein powders and anti-aging products are popular product categories. Long-term growth in demand for herbal products from these industries is expected. This factor will contribute to the pharmaceutical and nutraceutical segment's dominance in the global market during the forecast period. Personal care and beauty products have the second largest market share. The long-term benefits for hair, face, and skin are the primary reason for the increased demand for herbal raw materials in the cosmetic industry. The sales volume of herbal cosmetic products is increasing as people become more aware of the product's long-term benefits. The food and beverage industry are relatively new and still adjusting to the product. To provide customers with alternatives to traditional drinks, major food manufacturers are entering the market with herbal-flavored drinks, juices, and milk products. With the introduction of new products in the coming years, this segment is expected to grow at the fastest CAGR during the forecast period.

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Herbal Medicine Market Regional Insights

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.

In North America, there is a growing awareness of health among consumers, particularly in the United States, and there is a shift in people's attitudes toward natural care products as a result of a powerful green wave. This is due to the perceived negative effects of alternative medicines on people's health. This has aided the product's success in the US market.

The cosmetics market in Asia Pacific and Latin America is also expanding rapidly. With increased internet usage, consumers are becoming more aware of the long-term benefits of herbal products and are eager to use natural and herbal products. Furthermore, rising disposable income in developing countries such as India, China, Brazil, and Southeast Asia has kept these markets growing. South Africa, the United Arab Emirates, Qatar, Saudi Arabia, Kenya, and Nigeria are among the developing countries in the Middle East and Africa region, as well as some of the world's major emerging economies. Families in these countries are expected to spend more on cosmetic products as their financial stability improves, and this factor is expected to play a significant role in market growth.

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Herbal Medicine Market Dynamics

Herbal Medicine Market Driver

  • 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.
  • In many developing countries, herbal medicines are an important part of medical treatment. Almost all minor ailments are treated with herbal products and natural preparations. Visits to trained doctors or prescription pharmacists are typically rare in developing and lower-income countries, and are reserved for life-threatening disorders. Herbs used for medicinal purposes in developing countries are unprocessed herbs, plants, or plant parts that have been dried and used whole or cut. Herbs are prepared for internal use as teas (sometimes as pills or capsules) and for external use as salves and poultices. Because most developing countries have little regulation regarding the use of herbs as medicines, the growth of the industry in developing countries is expected to be one of the driving factors in the industry.

Herbal Medicine Market Restraint

Each country has its own set of rules and regulations regarding the importation and use of herbal and natural products. According to the WHO, the several countries lack political will, a legal framework, the capacity to monitor product safety and practice referral mechanisms between herbal and conventional medical practitioners, information systems, herbal ingredient analysis, and herbal product integration into health systems. Because of the aforementioned reasons, herbal product suppliers and manufacturers face challenges when attempting to gain access to various product markets. Manufacturers and suppliers must also adhere to various laws and accept a variety of requirements and standards.

Similarly, pharmaceutical companies must create different dossiers for the same products in order to present them to different national authorities. International collaboration between scientists and regulators is required to create appropriate regulatory environments for herbal and traditional medicines. This factor may prove to be a major impediment to the global industry's growth.

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Herbal Medicine Market Competitive Landscape

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.

Herbal Medicine Market Top Player's Company Profiles

  • 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

Herbal Medicine Market Recent Developments

  • In 2022, Himalaya Global Holdings Ltd. established a state-of-the-art Himalaya Global Research Center at Dubai Science Park, with a built-up area of 55,000 sq. ft., housing 100+ scientists and focusing on developing herbal-based Pharmaceutical and Personal Care products. The facility also showcases Himalaya's first Consumer Experience Center, which is fully equipped to welcome consumers to test and evaluate Himalaya products across various categories in order to deliver the best and safest products.
  • In March 2021, Lotus, one of India's popular beauty companies produced the Lotus Botanicals brand. Through this e-commerce brand, consumers will be able to order Lotus Botanicals' range of skin and hair care products only through Lotus Botanicals and other third-party eCommerce channels.

Herbal Medicine Key Market Trends

  • 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.

Herbal Medicine Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our herbal medicine market analysis, in terms of forms, tablets and capsules market hold a significant share this is because of their widespread availability in the global pharmaceutical industry. In terms of application, the pharmaceutical and nutraceutical segment holds a significant market share Due to increased demand for herbal products. Moreover, rising demand for herbal ingredients in cosmetic industry and high demand for natural medicine from growing countries are driving the market growth. Whereas, strict guidelines regarding to use of herbal medicines as raw material in cosmetic industry is one of the restrain to the market growth.

Report Metric Details
Market size value in 2023 USD 151.91 billion
Market size value in 2031 USD 437.59 billion
Growth Rate 11.16%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Form
    • Powder, Liquid & Gel, Tablets & Capsules
  • Application
    • Pharmaceutical & Nutraceutical, Food & Beverages, Personal Care & Beauty Products
  • Product Type
    • Homeopathic Medicines, Ayurvedic Medicines, Chinese Medicines, Aromatherapy Products
  • Source
    • Barks, Leaves, Roots, Fruits, Vegetables, Others
  • Distribution Channel
    • Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • 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
Customization scope

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  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Herbal Medicine Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Herbal Medicine Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Herbal Medicine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Herbal Medicine Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Herbal Medicine Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Herbal Medicine Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Herbal Medicine Market size was valued at USD 151.91 billion in 2019 and is poised to grow from USD 168.86 billion in 2023 to USD 437.59 billion by 2031, growing at a CAGR of 11.16% in the forecast period (2024-2031).

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'

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.

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.

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.

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