The global herbal medicine market accounted for USD 70.61 billion in 2023 and is expected to reach at USD 571.66 billion by 2034 with a CAGR of 20.94% during the forecast period 2024-2034. The market will grow as a result of rising consumer interest in plant-based goods, government backing for traditional medicine, growing awareness of herbal medicines, and concerns about sustainability and the environment.
The benefits of using herbal remedies are becoming more widely known. The rising acceptance of complementary and alternative medicine (CAM) treatments is partially to blame for this. Natural remedies are becoming more and more popular as substitutes for prescription drugs, which frequently have negative side effects. For instance, A Singapore-based business called Eu Yan Sang International Ltd., which produces and markets traditional Chinese medicines, announced in April 2024 that Mitsui & Co., Ltd. will buy all of its interests in the company. The shares are expected to be worth 88 billion yen.
By intervention, the ayurveda segment accounted for the highest revenue-grossing segment in the global herbal medicine market in 2023 owing to the increasing global demand for traditional and natural health solutions, supported by extensive historical use and growing consumer trust in Ayurvedic practices. For instance, the Nigeria Natural Medicine Development Agency (NNMDA) produced four herbal medications that the Federal Government unveiled in March 2024 to cure upper respiratory tract infections, control diabetes, and slow down the aging process. Additionally, the apitherapy segment is predicted to grow at the fastest CAGR during the forecast period owing to the rising awareness of the health benefits of bee products and increasing interest in natural and alternative treatments.
By product form, the tablet/capsules segment accounted for the highest revenue-grossing segment in the global herbal medicine market in 2023 owing to their convenience, precise dosing, and widespread consumer preference. For instance, the Phyto social enterprise (POSE) project was launched in February 2023 by FXB Rwanda and the National Industrial Research and Development Agency (NIRDA) with the goal of increasing the production of commodities and medicines based on herbs for local and regional use. Additionally, the powder form segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing demand for versatile and easily customizable herbal supplement options.
By source, the roots segment accounted for the highest revenue-grossing segment in the global herbal medicine market in 2023 owing to the high efficacy and widespread use of root-based remedies in traditional medicine practices. For instance, Himalaya Wellness unveiled new herbal products, such Himalaya PureHands Hand Sanitizer and Himalaya PureHands Hand Wash, in March 2022 that are targeted towards immunity and wellness. Additionally, the leaves segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing popularity of herbal teas and dietary supplements derived from medicinal leaves.
By distribution channel, the direct sales channels segment accounted for the highest revenue-grossing segment in the global herbal medicine market in 2023 owing to the personalized customer service and strong consumer trust in direct purchase methods. For instance, in January 2022, Schwabe Group strengthened its position in the worldwide herbal medicine industry by expanding through strategic partnerships and acquisitions into the Asian market. Additionally, the e-sales segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing convenience of online shopping and the wider availability of herbal products on e-commerce platforms.
North American region is anticipated to have the highest revenue share during the forecast period owing to the growing consumer preference for natural health products and significant investments in herbal medicine research and development. Additionally, the Asia Pacific region is estimated to grow at the fastest CAGR during the forecast period owing to the rich tradition of herbal medicine, increasing consumer awareness, and rising adoption of holistic healthcare practices. For instance, in February 2022, Amazon India announced the opening of a special store on its marketplace that will sell only Ayurvedic supplements and medications made from herbs.
This extensive research report concentrates on the size and projections of the global and regional markets from 2023 to 2034.
The benefits of using herbal remedies are becoming more widely known. The rising acceptance of complementary and alternative medicine (CAM) treatments is partially to blame for this. Natural remedies are becoming more and more popular as substitutes for prescription drugs, which frequently have negative side effects. For instance, A Singapore-based business called Eu Yan Sang International Ltd., which produces and markets traditional Chinese medicines, announced in April 2024 that Mitsui & Co., Ltd. will buy all of its interests in the company. The shares are expected to be worth 88 billion yen.
By intervention, the ayurveda segment accounted for the highest revenue-grossing segment in the global herbal medicine market in 2023 owing to the increasing global demand for traditional and natural health solutions, supported by extensive historical use and growing consumer trust in Ayurvedic practices. For instance, the Nigeria Natural Medicine Development Agency (NNMDA) produced four herbal medications that the Federal Government unveiled in March 2024 to cure upper respiratory tract infections, control diabetes, and slow down the aging process. Additionally, the apitherapy segment is predicted to grow at the fastest CAGR during the forecast period owing to the rising awareness of the health benefits of bee products and increasing interest in natural and alternative treatments.
By product form, the tablet/capsules segment accounted for the highest revenue-grossing segment in the global herbal medicine market in 2023 owing to their convenience, precise dosing, and widespread consumer preference. For instance, the Phyto social enterprise (POSE) project was launched in February 2023 by FXB Rwanda and the National Industrial Research and Development Agency (NIRDA) with the goal of increasing the production of commodities and medicines based on herbs for local and regional use. Additionally, the powder form segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing demand for versatile and easily customizable herbal supplement options.
By source, the roots segment accounted for the highest revenue-grossing segment in the global herbal medicine market in 2023 owing to the high efficacy and widespread use of root-based remedies in traditional medicine practices. For instance, Himalaya Wellness unveiled new herbal products, such Himalaya PureHands Hand Sanitizer and Himalaya PureHands Hand Wash, in March 2022 that are targeted towards immunity and wellness. Additionally, the leaves segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing popularity of herbal teas and dietary supplements derived from medicinal leaves.
By distribution channel, the direct sales channels segment accounted for the highest revenue-grossing segment in the global herbal medicine market in 2023 owing to the personalized customer service and strong consumer trust in direct purchase methods. For instance, in January 2022, Schwabe Group strengthened its position in the worldwide herbal medicine industry by expanding through strategic partnerships and acquisitions into the Asian market. Additionally, the e-sales segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing convenience of online shopping and the wider availability of herbal products on e-commerce platforms.
North American region is anticipated to have the highest revenue share during the forecast period owing to the growing consumer preference for natural health products and significant investments in herbal medicine research and development. Additionally, the Asia Pacific region is estimated to grow at the fastest CAGR during the forecast period owing to the rich tradition of herbal medicine, increasing consumer awareness, and rising adoption of holistic healthcare practices. For instance, in February 2022, Amazon India announced the opening of a special store on its marketplace that will sell only Ayurvedic supplements and medications made from herbs.
This extensive research report concentrates on the size and projections of the global and regional markets from 2023 to 2034.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
- Study Coverage
- Market Forecast by Intervention, Product Form, Source, and Distribution Channel
- Market Forecast for 5 Regions and 17+ Countries
- North America (U.S. and Canada)
- Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- MEA (South Africa, GCC, Rest of MEA)
- Exhaustive Company Profiles of the Top 10+ Major Market Players
- 20% Free Customization Available to Meet Your Exact Requirement
Segmentation: Herbal Medicine Market Report 2023 - 2034
Herbal Medicine Market Analysis & Forecast by Intervention 2023 - 2034 (Revenue USD Bn)
- Ayurveda
- Apitherapy
- Bach Flower Therapy
- Naturopathic Medicine
- Traditional Chinese Medicine
- Traditional Korean Medicine
- Traditional Japanese Medicine
- Traditional Mongolian Medicine
- Traditional Tibetan Medicine
- Zang Fu Theory
Herbal Medicine Market Analysis & Forecast by Product Form 2023 - 2034 (Revenue USD Bn)
- Powder
- Liquid/Gel
- Tablets/Capsules
- Others
Herbal Medicine Market Analysis & Forecast by Source 2023 - 2034 (Revenue USD Bn)
- Barks
- Leaves
- Roots
- Others
Herbal Medicine Market Analysis & Forecast by Distribution Channel 2023 - 2034 (Revenue USD Bn)
- Direct Sales
- E-sales
Herbal Medicine Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Herbal Medicine Market: Intervention Estimates & Trend Analysis
8. Herbal Medicine Market: Product Form Estimates & Trend Analysis
9. Herbal Medicine Market: Source Estimates & Trend Analysis
10. Herbal Medicine Market: Distribution Channel Estimates & Trend Analysis
11. Regional Market Analysis
12. North America Herbal Medicine Market
13. Europe Global Herbal Medicine Market
14. Asia Pacific Global Herbal Medicine Market
15. Latin America Global Herbal Medicine Market
16. MEA Global Herbal Medicine Market
17. Competitor Analysis
18. Company Profiles
Companies Mentioned
- Himalaya Wellness
- Dabur India Ltd.
- Patanjali Ayurved Limited
- Schwabe Group
- Bio-Botanica Inc.
- Dr. Willmar Schwabe GmbH & Co. KG
- Blackmores Limited
- Nature's Bounty Co.
- Nutraceutical Corporation
- Weleda AG
- Gaia Herbs
- Nature's Way Products LLC
- Bioforce AG (A. Vogel)
- Herbalife Nutrition Ltd.
- Arjuna Natural Pvt Ltd.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | October 2024 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 70.61 Billion |
| Forecasted Market Value ( USD | $ 571.66 Billion |
| Compound Annual Growth Rate | 20.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
