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).

Global Herbal Medicine Market Size, Share, Growth Analysis, By Form(Powder, Liquid & Gel), By Application(Pharmaceutical & Nutraceutical, Food & Beverages), By Product Type(Homeopathic Medicines, Ayurvedic Medicines), By Source(Barks, Leaves), By Distribution Channel(Hospital Pharmacies, Retail Pharmacies) - Industry Forecast 2024-2031

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

Global 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.

Global Herbal Medicine Market Report Snapshots

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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).

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'

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.

Global Herbal Medicine Market Dynamics

Global Herbal Medicine Market Report Snapshots

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