The Herbal Medicine Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Herbal Medicine Global Market Report 2024, The herbal medicine market size has grown rapidly in recent years. It will grow from $196.83 billion in 2023 to $216.77 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to traditional practices, lack of access to modern medicine, cultural heritage, natural and holistic approach, historical documentation
The herbal medicine market size is expected to see rapid growth in the next few years. It will grow to $319.63 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to growing wellness industry, environmental sustainability, rising chronic health conditions, consumer demand for natural products, clinical trials and research funding. Major trends in the forecast period include standardization and quality assurance, digital health integration, adaptogen and stress management, herbal supplements and nutraceuticals, collaboration with conventional medicine.
The increasing use of herbal products in the pharmaceutical Industry is expected to propel the growth of the herbal medicine market going forward. Herbal products refer to any medication with only one or more herbal substances, one or more herbal preparations, or a combination of the two as active components. Applying herbal products in the pharmaceutical sector will support the demand for the herbal medicine market. For instance, in December 2022, according to a report published by The Journal of the American Botanical Council, a US-based organization responsible for information on medicinal plants and herbs, in the United States, yearly retail sales of herbal dietary supplements reached $12.350 billion in 2021, up 9.7 % in total sales compared to the previous year. Therefore, the increasing use of herbal products in the pharmaceutical Industry is driving the growth of the herbal medicine market.
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The herbal medicine market covered in this report is segmented –
1) By Product: Capsules And Tablets, Powders, Extracts, Syrups, Other Products
2) By Category: Herbal Pharmaceuticals, Herbal Functional Foods, Herbal Dietary Supplements, Herbal Beauty Products
3) By Distribution Channel: Hospitals, Retail Pharmacies, E-commerce
4) By Application: Pharmaceutical And Nutraceutical, Food And Beverages, Personal Care And Beauty Products
Product Innovation is a key trend gaining popularity in the herbal medicine market. Major companies operating in the herbal medicine market are adopting innovative technologies to sustain their position in the market. For Instance, in September 2022, BASF SE, a Germany-based chemical company, launched Phytocine, a new generation of traditional Chinese medicine (TCM)-based activities with scientific inspiration. The Phytocine line targets skin issues that can be resolved with TCM. These innovative active ingredients, which are entirely natural and free of preservatives, target personal care skin benefits such as improving skin hydration and barrier function (Phytocine AQUA), reducing the appearance of aging and oxidation (Phytocine NOVO), and calming sensitive skin (Phytocine CALM).
The herbal medicine market report table of contents includes:
1. Executive Summary
2. Herbal Medicine Market Characteristics
3. Herbal Medicine Market Trends And Strategies
4. Herbal Medicine Market – Macro Economic Scenario
5. Global Herbal Medicine Market Size and Growth
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26. South America Herbal Medicine Market
27. Brazil Herbal Medicine Market
28. Middle East Herbal Medicine Market
29. Africa Herbal Medicine Market
30. Herbal Medicine Market Competitive Landscape And Company Profiles
Top Major Players:
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