Herbal Medicine Market 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) : Global Opportunity Analysis and Industry Forecast, 2024-2033
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.
Key FindingsOn 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 AnalysisCompetitive 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.
Key Market SegmentsBy FormTablets and Capsules
Powder
Others
By CategoryPharmaceutical and Nutraceutical
Personal Care and Beauty Products
Others
By Distribution ChannelOnline Channel
Offline Channel
By RegionNorth 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 PlayersHerbalife Nutrition Ltd.
Nutraceutical Corporation
Patanjali Ayurved Limited
ARKOPHARMA
BEOVITA
Hishimo Pharmaceuticals
Schaper & Brümmer
Venus Pharma GmbH
Arizona Natural Products
Himalaya Holdings Ltd