The herbal medicine market was valued at $186.4 billion in 2023, and is projected to reach $433.7 billion by 2033, growing at a CAGR of 8.8% from 2024 to 2033.
Herbal medicine, also known as botanical medicine or phytotherapy, is the practice of using plants or plant-derived substances to treat and prevent illnesses. It is commonly used to complement modern medical treatments or as a form of self-care for conditions like stress, digestive issues, and mild infections. This practice relies on the therapeutic properties of plants, utilizing their extracts, roots, leaves, flowers, and seeds to create remedies that address a wide range of health conditions.
The growth of the global herbal medicine market is driven by rise in awareness about the side effects of synthetic drugs has led consumers to seek out natural, plant-based remedies. Moreover, rise in interest in preventative care has shifted consumer preference toward herbal supplements and treatments to maintain health and prevent diseases. Furthermore, rise in prevalence of chronic conditions such as diabetes, hypertension, and arthritis has driven the demand for alternative treatments, including herbal medicines, which are perceived to have fewer side effects compared to conventional drugs. A 2023 study by the World Health Organization claimed that approximately 41 million individuals die each year due to chronic diseases.
In addition, surge in geriatric population significantly contributes toward the market growth. This is attributed to the fact that as the global elderly population grows, so does the demand for herbal medicines, which are often used to manage age-related health issues like memory loss, joint pain, and digestive disorders. As per the World Health Organization, the number of people aged 60 years and older was 1 billion in 2019. This number is estimated to increase to 1.4 billion by 2030 and 2.1 billion by 2050. The online availability of herbal products, coupled with digital marketing strategies, has made these products more accessible to consumers globally, thereby fostering the market growth.
However, lack of robust, large-scale clinical trials to scientifically validate the efficacy and safety of herbal medicines restrains the growth of the global market. In addition, widespread availability and strong marketing of conventional pharmaceutical drugs, which are often perceived as more effective and reliable, hamper the growth of the market. On the contrary, increase in investment in research on the efficacy and safety of herbal products, along with advancements in extraction and formulation techniques, is expected to offer lucrative opportunities for the market expansion during the forecast period.
The global herbal medicine market analysis is segmented into form, category, distribution channel, and region. On the basis of form, the market is categorized into tablets & capsules, powder, and others. As per category, it is divided into pharmaceutical & nutraceutical, personal care & beauty products, and others. Depending on distribution channel, it is bifurcated into online channel and offline channel. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
As per category, the pharmaceutical & nutraceutical segment is likely to exhibit highest growth by 2033.
Depending on distribution channel, the online channel is expected to register highest growth rate from 2024 to 2033.
Region wise, North America held the largest market share in terms of revenue in 2023, the global herbal medicine market revenue, and is likely to dominate the market during the forecast period.
Herbal medicine, also known as botanical medicine or phytotherapy, is the practice of using plants or plant-derived substances to treat and prevent illnesses. It is commonly used to complement modern medical treatments or as a form of self-care for conditions like stress, digestive issues, and mild infections. This practice relies on the therapeutic properties of plants, utilizing their extracts, roots, leaves, flowers, and seeds to create remedies that address a wide range of health conditions.
The growth of the global herbal medicine market is driven by rise in awareness about the side effects of synthetic drugs has led consumers to seek out natural, plant-based remedies. Moreover, rise in interest in preventative care has shifted consumer preference toward herbal supplements and treatments to maintain health and prevent diseases. Furthermore, rise in prevalence of chronic conditions such as diabetes, hypertension, and arthritis has driven the demand for alternative treatments, including herbal medicines, which are perceived to have fewer side effects compared to conventional drugs. A 2023 study by the World Health Organization claimed that approximately 41 million individuals die each year due to chronic diseases.
In addition, surge in geriatric population significantly contributes toward the market growth. This is attributed to the fact that as the global elderly population grows, so does the demand for herbal medicines, which are often used to manage age-related health issues like memory loss, joint pain, and digestive disorders. As per the World Health Organization, the number of people aged 60 years and older was 1 billion in 2019. This number is estimated to increase to 1.4 billion by 2030 and 2.1 billion by 2050. The online availability of herbal products, coupled with digital marketing strategies, has made these products more accessible to consumers globally, thereby fostering the market growth.
However, lack of robust, large-scale clinical trials to scientifically validate the efficacy and safety of herbal medicines restrains the growth of the global market. In addition, widespread availability and strong marketing of conventional pharmaceutical drugs, which are often perceived as more effective and reliable, hamper the growth of the market. On the contrary, increase in investment in research on the efficacy and safety of herbal products, along with advancements in extraction and formulation techniques, is expected to offer lucrative opportunities for the market expansion during the forecast period.
The global herbal medicine market analysis is segmented into form, category, distribution channel, and region. On the basis of form, the market is categorized into tablets & capsules, powder, and others. As per category, it is divided into pharmaceutical & nutraceutical, personal care & beauty products, and others. Depending on distribution channel, it is bifurcated into online channel and offline channel. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
On the basis of form, the tablets & capsules segment dominated the market in 2023.As per category, the pharmaceutical & nutraceutical segment is likely to exhibit highest growth by 2033.
Depending on distribution channel, the online channel is expected to register highest growth rate from 2024 to 2033.
Region wise, North America held the largest market share in terms of revenue in 2023, the global herbal medicine market revenue, and is likely to dominate the market during the forecast period.
Competition Analysis
Competitive analysis and profiles of the major players in the global herbal medicine market include Herbalife Nutrition Ltd., Nutraceutical Corporation, Patanjali Ayurved Limited, ARKOPHARMA, BEOVITA, Hishimo Pharmaceuticals, Schaper & Brümmer, Venus Pharma GmbH, Arizona Natural Products, and Himalaya Holdings Ltd. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to sustain the intense competition and gain a strong foothold in the global market.Additional benefits you will get with this purchase are:
- Quarterly Update* (with the purchase of an enterprise license)
- 5 additional Company Profiles, pre- or post-purchase, as a free update.
- Free Updated Version (once released) with the purchase of an enterprise user license.
- 16 analyst hours of support* (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
- 15% Free Customization* (in case the scope or segment of the report does not match your requirements, 15% is equivalent to 3 working days of free work, applicable once)
- Free data Pack on the Enterprise User License. (Excel version of the report)
- Free Updated report if the report is 6-12 months old or older.
- 24-hour priority response*
- Free Industry updates and white papers.
Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)
- Regulatory Guidelines
- Additional company profiles with specific to client's interest
- Additional country or region analysis- market size and forecast
- Expanded list for Company Profiles
- Historic market data
- SWOT Analysis
Key Market Segments
By Form
- Tablets and Capsules
- Powder
- Others
By Category
- Pharmaceutical and Nutraceutical
- Personal Care and Beauty Products
- Others
By Distribution Channel
- Online Channel
- Offline Channel
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- Herbalife Nutrition Ltd.
- Nutraceutical Corporation
- Patanjali Ayurved Limited
- ARKOPHARMA
- BEOVITA
- Hishimo Pharmaceuticals
- Schaper & Brümmer
- Venus Pharma GmbH
- Arizona Natural Products
- Himalaya Holdings Ltd
Please note:
- Online Access price format is valid for 60 days access. Printing is not enabled.
- PDF Single and Enterprise price formats enable printing.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: HERBAL MEDICINE MARKET, BY FORM
CHAPTER 5: HERBAL MEDICINE MARKET, BY CATEGORY
CHAPTER 6: HERBAL MEDICINE MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 7: HERBAL MEDICINE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
- Herbalife Nutrition Ltd.
- Nutraceutical Corporation
- Patanjali Ayurved Limited
- ARKOPHARMA
- BEOVITA
- Hishimo Pharmaceuticals
- Schaper & Brümmer
- Venus Pharma GmbH
- Arizona Natural Products
- Himalaya Holdings Ltd
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 280 |
| Published | September 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 186.4 billion |
| Forecasted Market Value ( USD | $ 433.7 billion |
| Compound Annual Growth Rate | 8.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
