The global herbal medicine market is forecasted to be worth USD 305.3 billion by 2029 from 215.4 billion in 2024, growing at a 7.22% CAGR from 2024 to 2029.
Herbs are plants or parts of plants used in medicine for their scent, flavor, or medicinal properties. Herbal remedies are a form of dietary supplement. The medicinal properties of herbal plants were used to treat a wide range of diseases and conditions. Plants or plant parts are used to cure illness and improve overall health and well-being. Tablets, capsules, powders, and fresh or dried plants are available as natural remedies. Herbal remedies are designed to restore the body's normal health to cure itself as it becomes ill. Over the last three decades, natural medical products and supplements have increased dramatically. As a result, more than eighty percent of people depend on them for primary health care. Herbs have various effects on different parts of the body. Milk thistle (fruit), garlic (cloves, root), echinacea (leaf, stalk, root), chamomile (flower), and other ingredients are used to manufacture herbal medicines, and their availability around the world allows them a readily accessible raw material. Among the 4 billion population, it has been estimated by the World Health Organization that 80% of the global population uses herbal medicine as a source of primary health care.
Many health-conscious people are turning to natural remedies to cure their diseases as the prevalence of liver and heart disorders rises, and R&D activities related to the growth of newer varieties of more effective herbal medicine are expanding. The demand for herbal medicines among ordinary people is expected to be essential to the market's growth rate. The low cost of these products and the creation of high demand for consumers primarily support global market growth. Furthermore, herbal medicines are most often used to treat stomach problems, so this part of the herbal drug market, by indication, would gain the most popularity. The abovementioned factors are expected to drive the growth of the global herbal medicine market.
Herbal drug manufacturing is an expensive operation, so the cost of herbal drugs on the market is high, contributing to the sluggish development of the herbal drug market. In addition, herbal medications often take much longer to cure than allopathic remedies, which has slowed the expansion of the herbal medicine market. Lack of research and standardization of herbal medicines, a poor legal and regulatory framework that leads to patent issues, and poorly manufactured herbal products are further inhibiting the growth rate of the herbal medicine market.
Coronavirus disease 2019 (COVID-19) is a new viral disease caused by the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). Impaired immune function is one of the reasons that contribute to COVID-19 patients' poor outcomes. COVID-19 is a virus that infects people. The disease spreads quickly, primarily via close contact with infected people through respiratory droplets from sneezing or coughing. In addition, there are two other ways to spread the virus: touch and aerosol transmission. Therefore, people in the community and researchers are attempting to determine the best method for curing or preventing the illness, including herbal medicine. Since the immune state of patients is so essential in COVID-19 infection, an herbal remedy with an immunomodulatory effect may be helpful as a preventive and therapeutic measure for COVID-19 infection patients. Echinacea, quinine, and curcumin are herbal medicines containing active substances with antimicrobial or antiviral, anti-inflammatory, and immunostimulatory properties. Plants were chosen mainly from the WHO and EMA's list of species, but other herbal medicines were also included due to their everyday use in respiratory conditions. Herbal medicines treat various illnesses and preserve or improve one's health. These herbal compounds are thought to be able to modulate immune responses and have beneficial effects in preventing or curing disease.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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Segments Analysed |
By Type, Source, Form and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Analysed |
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa |
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Market Leaders Profiled |
MATSUMURA & CO., Dr. Willmar Schwabe India Pvt. Ltd., Blackmores Limited, NATURE'S ANSWER, Arkopharma, Arizona Natural Products, Bio-Botanica Inc., Herbal Africa, Sidomuncul, and Nature Herbs |
Based on type, the herbal pharmaceuticals segment dominated the market in 2023 and the domination of the segment is expected to continue throughout the forecast period owing to the rise in awareness in people for adopting herbal drugs, as there are no side effects. Herbal medicine practitioners from these pharmaceuticals use the disinfectant properties of herbs to inhibit the growth of pathogenic microbes, thus, stopping the spread of infectious diseases. Further, they provide a calming effect on the body along with the prevention and treatment of disease, unlike harmful, ineffective drugs that cause exacerbation of the disease.
The herbal beauty products segment is anticipated to command a considerable share of the worldwide market during the forecast period owing to their increasing customer adoption, user safety, and greater effectiveness than chemical products. Being natural, they are compatible with all skin types, free from all harmful toxic synthetic chemicals, and save the user from side effects such as rashes or itching. In addition, they are hypoallergenic, don't require animal testing, are prepared by Ayurvedic experts, are readily available at low cost, have a wide range of skincare and hair care products, and are free from parabens which are added as a preservative. Thus, the herbal products used for these purposes are expected to drive market growth.
Based on the source, the leaves segment held the largest share of the market in 2023 and is estimated to grow at a promising CAGR during the forecast period, owing to their uses in drug preparations. Leaf extract has most of the crude drug present in it. This presence of an active ingredient in the leaf makes it more resourceful. Lemongrass leaves and fenugreek help lower cholesterol levels and help prevent and control heart disease, cancer, and diabetes. Reducing blood clot formation saves the person from many heart-related diseases.
Based on the form, the extracts segment accounted for the largest share in 2023 and continues to hold first place throughout the forecast period. As extracts are crude plant derivatives, these play an essential role in various herbal and pharmaceutical drug manufacturing processes. In addition, plant crude extracts are more critical in producing pharmaceutical drugs and will also act as active pharmaceutical agents.
The herbal powders sector is anticipated to hold a significant market share due to its various benefits in improving skin and hair, which worries most people. In addition, Ayurvedic powders help cure all beauty problems, being very nutritious, through uprooting internal and external causes.
Geographically, Europe has significant market growth for herbal medicines. Europe will continue to remain in first place for herbal market medicine. Homegrown medicinal plants are more holistic and are encouraged in European countries. The region of Europe is anticipated to hold the largest herbal market share across the world due to the demand for natural ingredients used in beauty and personal care products, the presence of prominent opportunities for new entrants from developing countries, and the popularity of ethnic cuisine in the region making turmeric a popular spice and in a health product market. Moreover, increased health awareness among the European population, strong demand for natural ingredients, and people's attitude towards natural skin care products are further helping the market grow. Hence, the rate of usage of herbal medicines is higher in this region.
The Asia Pacific is liable to expect significant market growth due to its developments and advancements. Another critical factor for market drives in the Asia Pacific region is homegrown medication development over time by utilizing natural medication. American countries encourage herbal medicines as they have no side effects and are comparatively low in cost besides Allopathic medicines and pharmaceutical-based drugs. The region of Asia-Pacific is expected to show a high growth rate due to the realization of long-term benefits associated with herbal products and the spread of a robust green wave across the region.
The market in the Middle East and Africa region is foreseen to grow steadily due to the financial stability of families of the countries that come under these regions, such as South Africa, United Arab Emirates, Qatar, Saudi Arabia, Kenya, and Nigeria. Also, due to a lack of awareness in the Middle East and African countries, the market growth is at least expected to increase in the forecast period.
MATSUMURA & CO., Dr. Willmar Schwabe India Pvt. Ltd., Blackmores Limited, NATURE'S ANSWER, Arkopharma, Arizona Natural Products, Bio-Botanica Inc., Herbal Africa, Sidomuncul, and Nature Herbs are some of the major companies operating in the global herbal medicine market.
By Type
By Source
By Form
By Region
Frequently Asked Questions
The global herbal medicine market size was valued at USD 200.9 billion in 2023.
Geographically, the European herbal medicine market accounted for the largest share of the global market in 2023.
The global herbal medicine market is estimated to grow at a CAGR of 7.22% during the forecast period.
Blackmores Limited, NATURE'S ANSWER, Arkopharma, Arizona Natural Products, Bio-Botanica Inc., Herbal Africa, Sidomuncul, and Nature Herbs are some of the significant players operating the herbal medicine market
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