The global herbal medicine market size is anticipated to reach USD 328.72 billion by 2030 and is projected to grow at a CAGR of 20.91% from 2024 to 2030. There is a key shift towards healthier lifestyles, with individuals increasingly prioritizing their well-being and seeking natural alternatives to conventional healthcare. This inclination towards holistic wellness is accompanied by a growing preference for herbal remedies, perceived as gentler and safer options compared to synthetic drugs.
Consumers are increasingly seeking plant-based solutions due to concerns over the adverse effects of synthetic drugs, aligning with a broader shift towards holistic wellness and preventive healthcare. According to the World Health Organization (WHO), approximately 4 billion people i.e., 80% of the world's population use botanicals for some aspect of primary health care.
The advancements in extraction and formulation technologies have enhanced the efficacy and quality of botanical, making them more appealing to a broader audience. As scientific research continues to validate the benefits of remedies, consumer trust in these products is on the rise. Cultural and traditional practices also play a significant role, with the rich history of botanicals contributing to its growing popularity. With an expanding product range and distribution channels, including online platforms, these alternative therapy is becoming increasingly accessible and mainstream, driving further market growth.
There is an increasing demand for evidence-based medicine across all healthcare sectors, including botanicals. Clinical trials play a crucial role in advancing our understanding of traditional medicines and validating their efficacy, safety, and potential therapeutic benefits. In March 2024, 4 plant-based supplements, Yerba Buena, Ulasimang Bato, Tsaang Gubat, and Ampalaya, have passed clinical trials by the Institute of Herbal Medicine-National Institute of Health of University of the Philippines. These supplements have been proven to be effective in treating elevated relieving body pains, uric acid levels, lowering sugar levels in diabetics, and providing anti-colic relief for loose bowel movements and gallstones.
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Consumers are increasingly seeking plant-based solutions due to concerns over the adverse effects of synthetic drugs, aligning with a broader shift towards holistic wellness and preventive healthcare. According to the World Health Organization (WHO), approximately 4 billion people i.e., 80% of the world's population use botanicals for some aspect of primary health care.
The advancements in extraction and formulation technologies have enhanced the efficacy and quality of botanical, making them more appealing to a broader audience. As scientific research continues to validate the benefits of remedies, consumer trust in these products is on the rise. Cultural and traditional practices also play a significant role, with the rich history of botanicals contributing to its growing popularity. With an expanding product range and distribution channels, including online platforms, these alternative therapy is becoming increasingly accessible and mainstream, driving further market growth.
There is an increasing demand for evidence-based medicine across all healthcare sectors, including botanicals. Clinical trials play a crucial role in advancing our understanding of traditional medicines and validating their efficacy, safety, and potential therapeutic benefits. In March 2024, 4 plant-based supplements, Yerba Buena, Ulasimang Bato, Tsaang Gubat, and Ampalaya, have passed clinical trials by the Institute of Herbal Medicine-National Institute of Health of University of the Philippines. These supplements have been proven to be effective in treating elevated relieving body pains, uric acid levels, lowering sugar levels in diabetics, and providing anti-colic relief for loose bowel movements and gallstones.
Herbal Medicine Market Report Highlights
- Based on intervention. the ayurveda segment led the market with the largest revenue share of 27.7% in 2023, owing to its increasing awareness of the benefits of ayurvedic products and the growing adoption and acceptance of Ayurveda
- The tablet/capsules segment held the market with the largest revenue share of 46.10% in 2023. This growth is attributable to the ease of consumption, precise dosing, and portability offered by this product form
- Based on source, the roots segment led the market with the largest revenue share of 38.07% in 2023, owing to their traditional use in herbal remedies and various formulations
- Based on distribution channel, the direct sales segment led the market with the largest revenue share of 67.62% in 2023, due to its benefits of personalized recommendations and customization of product as per need
Why should you buy this report?
- Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments.
- Competitive Landscape: Explore the market presence of key players worldwide.
- Future Trends: Discover the pivotal trends and drivers shaping the future of the global market.
- Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions.
This report addresses:
- Market intelligence to enable effective decision-making
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
- Segment and regional revenue forecasts for market assessment
- Competition strategy and market share analysis
- Product innovation listing for you to stay ahead of the curve
- COVID-19's impact and how to sustain in these fast-evolving markets
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Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Herbal Medicine Market Variables, Trends & Scope
Chapter 4. Herbal Medicine Market: Intervention Estimates & Trend Analysis
Chapter 5. Herbal Medicine Market: Product Form Estimates & Trend Analysis
Chapter 6. Herbal Medicine Market: Source Estimates & Trend Analysis
Chapter 7. Herbal Medicine Market: Distribution Channel Estimates & Trend Analysis
Chapter 8. Herbal Medicine Market: Regional Estimates & Trend Analysis
Chapter 9. Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
- Sheng Chang Pharmaceutical Company
- Nordic Nutraceuticals
- Herb Pharma
- AYUSH Ayurvedic Pte Ltd.
- Herbal Hills
- LKK Health Products Group Limited
- International Chinese Body Care Houses
- KindCare Medical Center
- Pascoe Natural Medicine
- Bionorica SE
- Ming Chen Clinic
- The Center for Natural and Integrative Medicine
- Sinomedica
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 137 |
Published | June 2024 |
Forecast Period | 2023 - 2030 |
Estimated Market Value ( USD | $ 70.57 Billion |
Forecasted Market Value ( USD | $ 328.72 Billion |
Compound Annual Growth Rate | 20.9% |
Regions Covered | Global |
No. of Companies Mentioned | 13 |