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 historical period can be attributed to traditional practices, limited access to modern medicine, cultural heritage, a natural and holistic approach, and 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 the expanding wellness industry, increasing emphasis on environmental sustainability, the rise in chronic health conditions, consumer demand for natural products, and the allocation of funding for clinical trials and research. Major trends in the forecast period include standardization and quality assurance, integration with digital health, focus on adaptogens and stress management, the prominence of herbal supplements and nutraceuticals, and collaboration with conventional medicine.

The increasing utilization of herbal products in the pharmaceutical industry is expected to drive the growth of the herbal medicine market. Herbal products encompass medications with one or more herbal substances, one or more herbal preparations, or a combination of the two as active components. The application of herbal products in the pharmaceutical sector supports the demand for the herbal medicine market. For instance, as of December 2022, annual retail sales of herbal dietary supplements in the United States reached $12.350 billion in 2021, marking a 9.7% increase in total sales compared to the previous year. Therefore, the rising use of herbal products in the pharmaceutical industry is a key driver of the herbal medicine market's growth.

The increasing prevalence of chronic diseases is anticipated to propel the herbal medicine market's growth. Chronic diseases are long-term health conditions that persist over an extended period and often necessitate ongoing medical management and care. Herbal medicine is employed in the management of chronic diseases, providing natural remedies derived from plants to address symptoms and enhance overall health. For instance, global statistics from the World Health Organization indicate that annually, 74% of deaths caused by non-communicable diseases (NCDs) or chronic diseases amount to 41 million deaths globally. The specific breakdown includes 17.9 million deaths from cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory diseases, and 2.0 million deaths from diabetes. Moreover, a report from the National Institutes of Health (NIH) predicts a 99.5% increase in the number of people aged 50 and older with at least one chronic illness, from 71.522 million in 2020 to 142.66 million in 2050. Thus, the growing prevalence of chronic diseases is a significant driver for the herbal medicine market.


Product innovation stands out as a prominent trend gaining momentum in the herbal medicine market. Leading companies within the herbal medicine market are embracing innovative technologies to fortify their market positions. For example, in September 2022, BASF SE, a German-based chemical company, unveiled Phytocine, a cutting-edge line of traditional Chinese medicine (TCM)-inspired activities infused with scientific advancements. The Phytocine range specifically addresses various skin issues through TCM. These groundbreaking natural active ingredients, devoid of preservatives, focus on enhancing personal care skin benefits such as improving skin hydration and barrier function (Phytocine AQUA), reducing the appearance of aging and oxidation (Phytocine NOVO), and soothing sensitive skin (Phytocine CALM).

Prominent companies in the herbal medicine market are directing their efforts toward formulating natural products such as herbal cough syrup to provide respiratory relief and gain a competitive advantage. Herbal cough syrup comprises plant-based ingredients known for alleviating symptoms of cough and cold. For instance, in December 2022, Auretics Limited, an India-based online retail platform, introduced Sedoril, a meticulously researched herbal cough syrup. The 100ml syrup, produced by GMP & ISO certified partners, proves effective in expelling excessive Kapha, aiding in managing respiratory conditions such as bronchial asthma, facilitating breathing, and mitigating allergic reactions. Sedoril delivers swift relief for various coughs, colds, and sore throats, boasting antimicrobial and anti-allergic properties.

In January 2023, Dermapharm Holding SE, a German pharmaceutical company, successfully acquired Apharma TopCo SAS for an undisclosed amount. This strategic move enabled Dermapharm to intensify its internationalization efforts, securing a first-mover advantage in the French market and expanding its global presence in Western and Southern Europe. Apharma TopCo SAS, based in France, specializes in herbal medicinal products and food supplements.

Major companies operating in the herbal medicine market report are Bayer AG, Patanjali Ayurved Ltd., Dabur Ltd., NOW Foods, Boiron Group, Nature's Sunshine Products, Emami Ltd., Ricola AG, Young Living Essential Oils, Nature's Way, Swanson Health Products, Gaia Herbs, New Chapter, Bio-Botanica Inc., Schaper & Brümmer GmbH & Co. KG, Traditional Medicinals, Herb Pharm, Nature's Answer, Nature's Bounty, Himalaya Global Holdings Ltd., Arizona Natural Products, Dasherb Corp, ZeinPharma Germany GmbH, Solaray, Hishimo Pharmaceuticals Pvt. Ltd., Beovita Deutschland GmbH & Co. KG, Dr. Willmar Schwabe Pvt. Ltd., Source Naturals.

Europe was the largest region in the herbal medicine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the herbal medicine market report during the forecast period. The regions covered in the herbal medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the herbal medicine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary forms of herbal medicine products include capsules and tablets, powders, extracts, syrups, and other formulations. Herbal pharmaceuticals, as a branch of pharmaceutical science, focus on the development, production, and utilization of pharmaceutical products derived from herbal or botanical sources. These products fall into categories such as herbal pharmaceuticals, herbal functional beverages, herbal dietary supplements, and herbal beauty products. They are distributed through diverse channels, including hospitals, retail pharmacies, and e-commerce platforms. The applications span across pharmaceutical and nutraceutical, food and beverages, as well as personal care and beauty products.

The herbal medicine market research report is one of a series of new reports that provides herbal medicine market statistics, including herbal medicine industry global market size, regional shares, competitors with an herbal medicine market share, detailed herbal medicine market segments, market trends and opportunities, and any further data you may need to thrive in the herbal medicine industry. This herbal medicine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The herbal medicine market consists of sales of herbal supplements, herbal remedies, and herbal teas. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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