Herbal Medicine Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Herbal Medicine Market
The global herbal medicine market witnessed a value of USD 216.40 billion in 2023 and is expected to rise from USD 233.08 billion in 2024 to USD 437 billion by 2032, exhibiting a CAGR of 8.17% during the forecast period from 2024 to 2032.
COVID-19 pandemic increased the herbal medicine market size because more & more people were getting ill. The pandemic increased the medicinal sector because of rising respiratory issues, and various treatments.
It is observed that the increasing demand for natural medicines is driving the herbal medicine market growth. The people prefer natural medicine more in countries that are in the developing phase or have lower-income. Since people here does not have much money to spend on doctors they prefer herbs, which are must cheaper and equally effective on the condition. As a result, a majority of the population of such countries are using herbs for their medicine sector.
The use of herbal medicines as an alternate method for medicines is a new rising trend among the population. It is observed that more than 50% of people and even professionals are suggesting herbal medicines because of their better immunity compared to synthetic drugs.
Comprehensive Analysis of Specialty Fertilizers Market
Segmentation in the herbal medicine market share is driving market because it allows companies to target specific customer groups with tailored services and solutions. The herbal medicine market is classified by form into powder, liquid & gel, and tablets & capsules. By application it is divided as pharmaceutical & nutraceutical, food & beverages, and personal care & beauty products.
Europe leads the herbal medicine market due to its large cosmetics industry, increasing demand for natural ingredients, recognition of turmeric's health benefits, diverse import sources, rising health consciousness, and popularity of ethnic cuisine.
Key players within the herbal medicine market are revolutionizing the industry by means of embracing modern product packaging designs. This strategic pass objectives to charm new customers and pressure up product sales, thereby reshaping the marketplace landscape substantially. These include 21ST Century HealthCare, Inc. (U.S.), Herbalife Nutrition (U.S.), ZeinPharma Germany GmbH (Germany), Blackmores Limited (Australia), Himalaya Global Holdings Ltd. (India), Nutraceutical Corporation (U.S.), Emami Limited (India), Nature's Answer, LLC. (U.S.), Patanjali Ayurved Limited (India), Cultivator Natural Products Pvt. Ltd. (India).
Traditional Medicinals is a prominent botanical wellness firm in North America. It will launch its most recent product organic lemon ginger tea in Canada in June 2023. This combination that's made with organic lemon peel, ginger, hibiscus, and lemongrass, has a zesty, candy, and moderately spiced taste .
Segementation Table
Global Herbal Medicine Market Scope
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Unit Value (USD Billion)
Growth Rate ○ CAGR of 8.17% from 2024 to 2032
Segmentation By Application
Pharmaceutical & Nutraceutical
Food & Beverages
Personal Care & Beauty Products
By Form
Powder
Liquid & Gel
Tablets & Capsules
By Geography
North America (By Application, Form, and Country)
U.S. (By Application)
Canada (By Application)
Mexico (By Application)
Europe (By Application, Form, and Country)
France (By Application)
Spain (By Application)
U.K. (By Application)
Italy (By Application)
Germany (By Application)
Rest of Europe (By Application)
Asia Pacific (By Application, Form, and Country)
China (By Application)
India (By Application)
Japan (By Application)
South Korea (By Application)
Australia (By Application)
Rest of Asia Pacific (By Application)
South America (By Application, Form, and Country)
Argentina (By Application)
Brazil (By Application)
Rest of South America (By Application)
Middle East and Africa (By Application, Form, and Country)
UAE (By Application)
South Africa (By Application)
Rest of Middle East & Africa (By Application)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 3.4. Market Trends
- 4. Key Insights
- 4.1. Overview on the Parent Market
- 4.2. Supply Chain Analysis
- 4.3. Industry SWOT Analysis
- 4.4. Recent Industry Developments - Policies, Mergers & Acquisitions, and New Product Launches
- 4.5. Market Analysis and Insights (in Relation with COVID-19)
- 4.5.1. Impact of COVID-19 on the Market
- 4.5.2. Supply Chain Challenges due to the Pandemic
- 4.5.3. Potential Opportunities Due to COVID-19
- 5. Global Herbal Medicine Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. Market Size Estimates and Forecast
- 5.2.1. By Form (Value)
- 5.2.1.1. Powder
- 5.2.1.2. Liquid & Gel
- 5.2.1.3. Tablets & Capsules
- 5.2.2. By Application (Value)
- 5.2.2.1. Pharmaceutical & Nutraceutical
- 5.2.2.2. Food & Beverages
- 5.2.2.3. Personal Care & Beauty Products
- 5.2.3. By Region (Value)
- 5.2.3.1. North America
- 5.2.3.2. Europe
- 5.2.3.3. Asia Pacific
- 5.2.3.4. South America
- 5.2.3.5. Middle East & Africa
- 6. North America Herbal Medicine Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. Market Size Estimates and Forecast
- 6.2.1. By Form (Value)
- 6.2.1.1. Powder
- 6.2.1.2. Liquid & Gel
- 6.2.1.3. Tablets & Capsules
- 6.2.2. By Application (Value)
- 6.2.2.1. Pharmaceutical & Nutraceutical
- 6.2.2.2. Food & Beverages
- 6.2.2.3. Personal Care & Beauty Products
- 6.2.3. By Country (Value)
- 6.2.3.1. U.S.
- 6.2.3.1.1. By Application (Value)
- 6.2.3.1.1.1. Pharmaceutical & Nutraceutical
- 6.2.3.1.1.2. Food & Beverages
- 6.2.3.1.1.3. Personal Care & Beauty Products
- 6.2.3.2. Canada
- 6.2.3.2.1. By Application (Value)
- 6.2.3.2.1.1. Pharmaceutical & Nutraceutical
- 6.2.3.2.1.2. Food & Beverages
- 6.2.3.2.1.3. Personal Care & Beauty Products
- 6.2.3.3. Mexico
- 6.2.3.3.1. By Application (Value)
- 6.2.3.3.1.1. Pharmaceutical & Nutraceutical
- 6.2.3.3.1.2. Food & Beverages
- 6.2.3.3.1.3. Personal Care & Beauty Products
- 7. Europe Herbal Medicine Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. Market Size Estimates and Forecast
- 7.2.1. By Form (Value)
- 7.2.1.1. Powder
- 7.2.1.2. Liquid & Gel
- 7.2.1.3. Tablets & Capsules
- 7.2.2. By Application (Value)
- 7.2.2.1. Pharmaceutical & Nutraceutical
- 7.2.2.2. Food & Beverages
- 7.2.2.3. Personal Care & Beauty Products
- 7.2.3. By Country (Value)
- 7.2.3.1. Germany
- 7.2.3.1.1. By Application (Value)
- 7.2.3.1.1.1. Pharmaceutical & Nutraceutical
- 7.2.3.1.1.2. Food & Beverages
- 7.2.3.1.1.3. Personal Care & Beauty Products
- 7.2.3.2. France
- 7.2.3.2.1. By Application (Value)
- 7.2.3.2.1.1. Pharmaceutical & Nutraceutical
- 7.2.3.2.1.2. Food & Beverages
- 7.2.3.2.1.3. Personal Care & Beauty Products
- 7.2.3.3. Italy
- 7.2.3.3.1. By Application (Value)
- 7.2.3.3.1.1. Pharmaceutical & Nutraceutical
- 7.2.3.3.1.2. Food & Beverages
- 7.2.3.3.1.3. Personal Care & Beauty Products
- 7.2.3.4. Spain
- 7.2.3.4.1. By Application (Value)
- 7.2.3.4.1.1. Pharmaceutical & Nutraceutical
- 7.2.3.4.1.2. Food & Beverages
- 7.2.3.4.1.3. Personal Care & Beauty Products
- 7.2.3.5. U.K.
- 7.2.3.5.1. By Application (Value)
- 7.2.3.5.1.1. Pharmaceutical & Nutraceutical
- 7.2.3.5.1.2. Food & Beverages
- 7.2.3.5.1.3. Personal Care & Beauty Products
- 7.2.3.6. Rest of Europe
- 7.2.3.6.1. By Application (Value)
- 7.2.3.6.1.1. Pharmaceutical & Nutraceutical
- 7.2.3.6.1.2. Food & Beverages
- 7.2.3.6.1.3. Personal Care & Beauty Products
- 8. Asia Pacific Herbal Medicine Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.1.1. By Form (Value)
- 8.1.1.1. Powder
- 8.1.1.2. Liquid & Gel
- 8.1.1.3. Tablets & Capsules
- 8.1.2. By Application (Value)
- 8.1.2.1. Pharmaceutical & Nutraceutical
- 8.1.2.2. Food & Beverages
- 8.1.2.3. Personal Care & Beauty Products
- 8.1.3. By Country (Value)
- 8.1.3.1. China
- 8.1.3.1.1. By Application (Value)
- 8.1.3.1.1.1. Pharmaceutical & Nutraceutical
- 8.1.3.1.1.2. Food & Beverages
- 8.1.3.1.1.3. Personal Care & Beauty Products
- 8.1.3.2. India
- 8.1.3.2.1. By Application (Value)
- 8.1.3.2.1.1. Pharmaceutical & Nutraceutical
- 8.1.3.2.1.2. Food & Beverages
- 8.1.3.2.1.3. Personal Care & Beauty Products
- 8.1.3.3. Japan
- 8.1.3.3.1. By Application (Value)
- 8.1.3.3.1.1. Pharmaceutical & Nutraceutical
- 8.1.3.3.1.2. Food & Beverages
- 8.1.3.3.1.3. Personal Care & Beauty Products
- 8.1.3.4. Australia
- 8.1.3.4.1. By Application (Value)
- 8.1.3.4.1.1. Pharmaceutical & Nutraceutical
- 8.1.3.4.1.2. Food & Beverages
- 8.1.3.4.1.3. Personal Care & Beauty Products
- 8.1.3.5. South Korea
- 8.1.3.5.1. By Application (Value)
- 8.1.3.5.1.1. Pharmaceutical & Nutraceutical
- 8.1.3.5.1.2. Food & Beverages
- 8.1.3.5.1.3. Personal Care & Beauty Products
- 8.1.3.6. Rest of APAC
- 8.1.3.6.1. By Application (Value)
- 8.1.3.6.1.1. Pharmaceutical & Nutraceutical
- 8.1.3.6.1.2. Food & Beverages
- 8.1.3.6.1.3. Personal Care & Beauty Products
- 9. South America Herbal Medicine Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.1.1. By Form (Value)
- 9.1.1.1. Powder
- 9.1.1.2. Liquid & Gel
- 9.1.1.3. Tablets & Capsules
- 9.1.2. By Application (Value)
- 9.1.2.1. Pharmaceutical & Nutraceutical
- 9.1.2.2. Food & Beverages
- 9.1.2.3. Personal Care & Beauty Products
- 9.1.3. By Country (Value)
- 9.1.3.1. Brazil
- 9.1.3.1.1. By Application (Value)
- 9.1.3.1.1.1. Pharmaceutical & Nutraceutical
- 9.1.3.1.1.2. Food & Beverages
- 9.1.3.1.1.3. Personal Care & Beauty Products
- 9.1.3.2. Argentina
- 9.1.3.2.1. By Application (Value)
- 9.1.3.2.1.1. Pharmaceutical & Nutraceutical
- 9.1.3.2.1.2. Food & Beverages
- 9.1.3.2.1.3. Personal Care & Beauty Products
- 9.1.3.3. Rest of South America
- 9.1.3.3.1. By Application (Value)
- 9.1.3.3.1.1. Pharmaceutical & Nutraceutical
- 9.1.3.3.1.2. Food & Beverages
- 9.1.3.3.1.3. Personal Care & Beauty Products
- 10. Middle East and Africa Herbal Medicine Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.1.1. By Form (Value)
- 10.1.1.1. Powder
- 10.1.1.2. Liquid & Gel
- 10.1.1.3. Tablets & Capsules
- 10.1.2. By Application (Value)
- 10.1.2.1. Pharmaceutical & Nutraceutical
- 10.1.2.2. Food & Beverages
- 10.1.2.3. Personal Care & Beauty Products
- 10.1.3. By Country (Value)
- 10.1.3.1. South Africa
- 10.1.3.1.1. By Application (Value)
- 10.1.3.1.1.1. Pharmaceutical & Nutraceutical
- 10.1.3.1.1.2. Food & Beverages
- 10.1.3.1.1.3. Personal Care & Beauty Products
- 10.1.3.2. UAE
- 10.1.3.2.1. By Application (Value)
- 10.1.3.2.1.1. Pharmaceutical & Nutraceutical
- 10.1.3.2.1.2. Food & Beverages
- 10.1.3.2.1.3. Personal Care & Beauty Products
- 10.1.3.3. Rest of ME&A
- 10.1.3.3.1. By Application (Value)
- 10.1.3.3.1.1. Pharmaceutical & Nutraceutical
- 10.1.3.3.1.2. Food & Beverages
- 10.1.3.3.1.3. Personal Care & Beauty Products
- 11. Competitive Matrix
- 11.1. Business Strategies Adopted by Leading Players
- 11.2. Global Herbal Medicine Market Revenue Share/Ranking Analysis, By Key Manufacturer, 2023
- 12. Company Profiles
- 12.1. Cultivator Natural Products Pvt. Ltd.
- 12.1.1. Overview
- 12.1.2. Description
- 12.1.3. Product Portfolio
- 12.1.4. Financials (Data as available in public domain and/or on paid databases)
- 12.1.5. Recent Developments
- 12.2. 21ST Century HealthCare, Inc.
- 12.2.1. Overview
- 12.2.2. Description
- 12.2.3. Product Portfolio
- 12.2.4. Financials (Data as available in public domain and/or on paid databases)
- 12.2.5. Recent Developments
- 12.3. Herbalife Nutrition
- 12.3.1. Overview
- 12.3.2. Description
- 12.3.3. Product Portfolio
- 12.3.4. Financials (Data as available in public domain and/or on paid databases)
- 12.3.5. Recent Developments
- 12.4. ZeinPharma Germany GmbH
- 12.4.1. Overview
- 12.4.2. Description
- 12.4.3. Product Portfolio
- 12.4.4. Financials (Data as available in public domain and/or on paid databases)
- 12.4.5. Recent Developments
- 12.5. Blackmores Limited
- 12.5.1. Overview
- 12.5.2. Description
- 12.5.3. Product Portfolio
- 12.5.4. Financials (Data as available in public domain and/or on paid databases)
- 12.5.5. Recent Developments
- 12.6. Himalaya Global Holdings Ltd.
- 12.6.1. Overview
- 12.6.2. Description
- 12.6.3. Product Portfolio
- 12.6.4. Financials (Data as available in public domain and/or on paid databases)
- 12.6.5. Recent Developments
- 12.7. Nutraceutical Corporation
- 12.7.1. Emami Limited
- 12.7.2. Overview
- 12.7.3. Description
- 12.7.4. Product Portfolio
- 12.7.5. Financials (Data as available in public domain and/or on paid databases)
- 12.7.6. Recent Developments
- 12.8. Nature's Answer, LLC.
- 12.8.1. Overview
- 12.8.2. Description
- 12.8.3. Product Portfolio
- 12.8.4. Financials (Data as available in public domain and/or on paid databases)
- 12.8.5. Recent Developments
- 12.9. Patanjali Ayurved Limited
- 12.9.1. Overview
- 12.9.2. Description
- 12.9.3. Product Portfolio
- 12.9.4. Financials (Data as available in public domain and/or on paid databases)
- 12.9.5. Recent Developments
- 13. Strategic Recommendations
- 14. Appendix
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