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Global Herbal Medicine Market Size, Share, Trends, Growth, COVID-19 Impact & Growth Analysis Report – Segmented By Type, Source, Form, and Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) – Industry Forecast (2023 to 2028).

Published: March, 2023
ID: 10199
Pages: 190
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Herbal Medicine Market Size (2023 to 2028)

The global herbal medicine market is forecasted to be worth USD 284.75 billion by 2028 from 200.95 billion in 2023, increasing at a 7.22% CAGR from 2023 to 2028.

Herbal Medicine Market Share Insights:

  • Based on type, the Herbal Pharmaceuticals segment dominated the market in 2022 and is expected to cover the largest share of the global market by 2028.
  • Based on form, the extracts segment led the market in 2022 and is projected to grow with the highest growth rate during the forecast period.
  • Asia Pacific herbal medicine market is projected to have the fastest CAGR of  9.17% during the forecast period.

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 all 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 World Health Organization that 80% of the global population uses herbal medicine as a source of primary health care.

COVID-19 impact on the global 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, a 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.

MARKET DRIVERS:

The global herbal medicine market growth is majorly driven by the increasing government support and funding for herbal medicine research and development and the product's widespread availability.

Many health-conscious people are turning to natural remedies to cure their diseases as the prevalence of liver and heart disorders rises and expanded R&D activities related to the growth of newer varieties of more effective herbal medicine. The demand for herbal medicines among ordinary people is expected to be essential to the market's development. The low cost of these products and the creation of high demand for consumers primarily support the market size growth. Furthermore, herbal medications 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.

MARKET RESTRAINTS:

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. Among the industry, challenges are a lack of research and standardization of herbal medicines, a poor legal and regulatory framework that leads to patent issues, and poorly manufactured herbal products.

 REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 to 2028

Base Year

2022

Forecast Period

2023 to 2028

Segments Analysed

By Type, Source, Form, and Region

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

Regions Analysed

North America, Europe, Asia Pacific, Latin America, Middle East, and Africa

 

This research report on the global herbal medicine market has been segmented and sub-segmented based on type, source, form, and region.

Herbal Medicine Market - By Type:

  • Herbal Functional Foods
  • Herbal Dietary Supplements
  • Herbal Beauty Products
  • Herbal Pharmaceuticals

By category, herbal pharmaceuticals dominated the market more than any other segment. Herbal pharmaceuticals hold market revenue and shares as well. This is because of 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 causing exacerbation of the disease.

Herbal Beauty Products are also anticipated to dominate the market due to their increasing customer adoption owing to their user safety and more 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.

Herbal Medicine Market - By Source:

  • Roots and barks
  • Fruits
  • Whole plants
  • Leaves
  • Others

Based on the source, leaves held the largest share of the market in 2022 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.

Herbal Medicine Market - By Form:

  • Tablets
  • Capsules
  • Extracts
  • Syrups
  • Powders
  • Others

Based on the form, the extracts segment accounted for the largest share in 2022 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.

Herbal Medicine Market - By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • The Middle East and Africa

Geographically, Europe holds significant market growth for herbal market 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 good 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 more 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.

KEY MARKET PARTICIPANTS:

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.

RECENT MARKET DEVELOPMENTS:

  • In November 2022, Polo Herbs Pharmaceutical announced to unveil of some premium products which would help women control their bladder, reduce the risk of heart attack, and reduce sugar levels in the body.
  • In May 2022, The Thai Beach Samui announced its first licensed hotel-based herbal dispensary in Southeast Asia, designed to aid with natural herbal remedies, enhancing the lifestyle.
  • In November 2022, the Tawangmangu Herbal and Traditional Medicines Research and Development Center launched G20 delegates Indonesian herbal medicine, which includes four medicinal plants; Anyang-Anyang, winged bean, ulewood, and jali corn.
  • In November 2022, Ghana produced Immunim for herbal treatment of COVID-19, which has been produced from 70% of a local drug, to be introduced into the market next year, as stated by the Research Center for Plant Medicine (CPMR).

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FAQ's

What was the size of the herbal medicine market worldwide in 2022?

The global herbal medicine market size was valued at USD 187.42 billion in 2022. 

Which region is growing the fastest in the global herbal medicine market?

Geographically, the European herbal medicine market accounted for the largest share of the global market in 2022. 

At What CAGR, the global herbal medicine market is expected to grow from 2023 to 2028?

The global herbal medicine market is estimated to grow at a CAGR of 7.22% from 2023 to 2028. 

Which are the significant players operating in the herbal medicine market?

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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