Global Herbal Medicine Market Size, Share, and COVID-19 Impact Analysis, By Product Form (Powder, Liquid/Gel, Tablets/Capsules, and Others), By Application (Pharmaceutical & Nutraceutical, Food & Beverages, and Personal Care & Beauty Products), By Distribution Channel (Direct Sales, E-Commerce Sales, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033

Global Herbal Medicine Market Insights Forecasts to 2033

• The Global Herbal Medicine Market Size was estimated at USD 80.82 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 18% from 2023 to 2033
• The Worldwide Herbal Medicine Market Size is Expected to Reach USD 422.82 Billion by 2033
• North America is expected to Grow the fastest during the forecast period.

The Global Herbal Medicine Market was worth around USD 80.82 Billion in 2023 and is predicted to grow to around USD 422.82 Billion by 2033, with a compound annual growth rate (CAGR) of around 18% between 2023 and 2033. The herbal medicine market has increased as people become more aware of the side effects of allopathic medicines and the benefits of using them instead. The expanded population, combined with an increase in the prevalence of chronic diseases, is another market driver that affects market growth. 

Market Overview

The global herbal medicine market is the industry dedicated to the manufacturing, distribution, and use of medicines derived from natural plant sources. Herbal medications include botanical extracts, powders, capsules, tablets, and teas used to prevent or treat a variety of health issues. Consumer desire for natural and organic solutions, increased awareness of alternative and traditional medicine systems, and expanding demand for nutraceuticals and nutritional supplements are all driving the market forward. The market is expanding due to factors like rising awareness of the health advantages of herbal medications, the prevalence of chronic illnesses like diabetes, heart disease, and arthritis, as well as a growing trend toward preventative healthcare. Technology is being used by the market to enhance user experience, boost efficiency, and improve product quality. For instance, the Indian government introduced the Ayurveda Health and Wellness Center, a digital portal that offers patients telemedicine and e-permission services. Businesses in the market are collaborating and forming partnerships to increase their capabilities and reach. This has led to a surge in the usage of herbal treatments in a variety of businesses, such as supplements and pharmaceuticals. Numerous products containing botanical ingredients that have therapeutic benefits are commercially available.

 Report Coverage

This research report categorizes the herbal medicine market based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the herbal medicine market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the herbal medicine market.

Driving Factors

The herbal medicines are an important part of medical treatment in many developing countries. These products are used for almost all minor diseases. In developing and lower-income countries, trainee doctors or pharmacists' seizures are usually rare and reserved for life-threatening disorders. In developing countries, the herbs used for medicinal purposes are used as disappointed herbs, plant, or plant organs, whole or cut form. Herbs are used to create internal treatment, internal treatment for external injuries, and tea (sometimes in the form of capsules or pills), in the form of salves and poultices. Since most developing economies have minimal rules about the use of herbs as drugs, the industry's size can expand at a strong speed in the coming years.

Restraining Factors

There are different guidelines and rules for the import and use of herbal types of drugs in every country. According to the WHO, many countries have political will, legal structures, the ability to monitor the safety and use of products, herbal and traditional medical physicians lack referral mechanisms, information systems, analysis of information systems, herbal ingredients, and the lack of integration of herbal products in health services.

Market Segmentation

The herbal medicine market share is classified into product form, application, and distribution channel.

• The tablets/capsules herbal medicine segment accounted for the highest share in 2023 and is projected to grow at a substantial CAGR during the forecast period.

Based on the product form, the herbal medicine market is segmented into powder, liquid/gel, tablets/capsules, and others. Among these, the tablets/capsules herbal medicine segment accounted for the highest share in 2023 and is projected to grow at a substantial CAGR during the forecast period. The segmental expansion can be attributed to the fact that they are more appealing in the retail and pharmaceutical industries due to their longer shelf life, which lowers the chance of contamination and deterioration. Furthermore, the development of fractional technology has improved absorption and bioavailability, which makes products like slow-release tablets and enteric-coated capsules more efficient.

• The pharmaceutical & nutraceutical herbal medicine segment accounted for the highest share in 2023 and is projected to grow at a substantial CAGR during the forecast period.

Based on the application, the herbal medicine market is divided into pharmaceutical & nutraceutical, food & beverages, and personal care & beauty products. Among these, the pharmaceutical & nutraceutical herbal medicine segment accounted for the highest share in 2023 and is projected to grow at a substantial CAGR during the forecast period. This is attributed to the herbal resources are in high demand from producers of nutritional supplements. Due to their long-term effects on health, consumers are shifting their preference for herbal-based medications from synthetic or chemical-based ones. In the nutritional sector, dietary supplements and popular product categories include herbal protein powder and anti-aging items.

• The direct sale segment dominated the market in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

Based on the distribution channel, the herbal medicine market is classified into direct sales, e-commerce, and others. Among these, the direct sales dominated the market in 2023 and are anticipated to grow at a significant CAGR during the forecast period. The segmental growth is due to the advantages that herbal medications have drawn more attention, which has been accomplished by businesses utilizing direct sales methods. Businesses that use direct sales channels can provide tailored items and personalized recommendations depending on the needs of each customer.

Regional Segment Analysis of the Herbal medicine Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Europe is anticipated to hold the largest share of the herbal medicine market over the predicted timeframe.

Europe is anticipated to hold the largest share of the herbal medicine market over the predicted timeframe. Growing gynaecological populations, the increase of chronic illnesses, and growing demand for plant-based remedies all contribute to this growth. Europe is a mature yet developed market with a broad range of goods and a diverse growth, due to its long history of herbal traditions, adoption of traditional measures, integration of herbs in mainstream healthcare, and emphasis on quality assurance and safety requirements.

North America is expected to grow at a rapid CAGR in the herbal medicine market during the forecast period. The market is expanding toward natural care products as a result of a huge green wave and growing consumer health consciousness, particularly in the US. This is because alternative therapies are thought to have negative effects on people's health. This element has contributed to the product's success in the US market.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the herbal medicine market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, business strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Weleda AG.
• Ginkgo BioWorks.
• Dabur India Ltd. 
• Himalaya Drug Company
• Herbalife Nutrition Ltd.
• Rishiri Pharmaceuticals Co., Ltd.
• Caron Products & Services, Inc
• The Herb Society of America
• 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
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In December 2021, Simply Herbal, supplement segment, is all set to launched its new range of product lines under the name - Divya Himalayan. Completely based on pure and organic ingredients, Simply Herbal has played a huge role in popularising the herbal healthcare supplements segment.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the herbal medicine market based on the below-mentioned segments: 

Global Herbal medicine Market, By Product Form

• Powder
• Liquid/Gel
• Tablets/Capsules
• Others

Global Herbal medicine Market, By Application

• Pharmaceutical & Nutraceutical
• Food & Beverages
• Personal Care
• Beauty Products

 Global Herbal medicine Market, By Distribution Channel

• Direct Sales
• E-Commerce sales
• Others

Global Herbal medicine Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa