The global herbal medicine market size was valued at USD 216.40 billion in 2023 and is expected to be worth USD 233.08 billion in 2024. The market is projected to reach USD 437 billion by 2032, recording a CAGR of 8.17% during the forecast period.
Natural ingredients are used to make herbal medications, which are used to treat a variety of illnesses and boost immunity. People's lifestyles have changed drastically, which has led to an increase in the prevalence of chronic stress and cardiovascular disorders. These elements are anticipated to increase the uptake of herbal medications since, in contrast to conventional medications, they are said to have no negative effects.
Fortune Business Insights™ displays this information in a report titled, "Herbal Medicine Market, 2024-2032."
Information Source: https://www.fortunebusinessinsights.com/herbal-medicine-market-106320
COVID-19 Impact:
Growing Health Concerns During Pandemic Boosted Product Demand
The pandemic had both short- and long-term repercussions on the pharmaceutical and healthcare sectors since it caused many delays in the R&D and manufacturing processes needed to generate viable treatments for the infection. People began to care more about their health and wellness as a result of this circumstance, which increased the demand for natural immune boosters and nutritional supplements. This quickened the market's development.
Segmentation:
Growing Usage of Herbal Ingredients in Nutraceuticals and Pharma Products to Boost Market Progress
In terms of application, the market is divided into pharmaceutical & nutraceutical, food & beverages, and personal care & beauty products. The pharmaceutical & nutraceutical segment holds the largest herbal medicine market share as herbal ingredients are increasingly used in dietary supplements and medicines to enhance their performance.
Rising Availability of Herbal Medicines in Tablet & Capsule Form to Augment Market Development
Based on form, the market is segmented into powder, liquid & gel, and tablets & capsules. The tablets & capsules segment is expected to capture the leading market share as herbal medicines are produced in the form of tablets and capsules to ease their access to patients.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The research study provides a thorough overview of the market and highlights important elements including the top product forms, companies, and leading types. In addition to covering important industry advancements, it offers insightful analysis of market trends and segmentation. In addition to the causes listed above, the study covers a wide range of factors that have fueled the market's recent expansion.
Drivers and Restraints:
Growing Adoption of Herbal Ingredients in Cosmetic Products to Boost Market Growth
Exporters of herbal components from poor nations see the cosmetics sector as a potential avenue for international expansion. To meet the strong demand for cosmetics that are beneficial for the face, skin, and body, an increasing number of cosmetics manufacturing companies are introducing natural components. To improve the functionality of their product and increase the size of their consumer base, they are substituting natural substances for synthetic chemicals.
Strict regulations on the use of herbal compounds as raw materials, however, can impede the expansion of the herbal medicine sector.
Regional Insights:
Europe Market to Expand Due to Growing Product Usage in Cosmetics Sector
Europe, with its big cosmetics industry, is predicted to lead the world market for herbal medicines. This can offer new businesses that create and distribute products using herbal ingredients profitable prospects. A significant increase in demand for natural ingredients in personal care and beauty products is being observed by numerous cosmetic enterprises in the region. This element will promote the expansion of the local market.
The demand for dietary supplements has increased as consumers in North America become more aware of their health and wellness, which is driving the market's growth.
Competitive Landscape:
Key Companies to Use Various Strategies to Boost Their Product Sales
ZeinPharma Germany GmbH, Cultivator Natural Products Pvt. Ltd., Blackmores Limited, Herbalife Nutrition, and numerous more prominent firms are among the prominent players in the market. They are putting different plans into action, like joint ventures and the introduction of new products, in an effort to boost sales and broaden their market share internationally.
Key Industry Development:
December 2022 – Dabur expanded its Ayurvedic medicines portfolio by introducing Ratnaprash Sugar-Free and Aampachak Kkadha. The former is said to be good for health and provides strength and stamina, whereas the latter strengthens the digestive system and contains herbs, such as shunthi, bhumiamla, harad, pippali, and others.
List of Key Companies Profiled in the Report:
- Cultivator Natural Products Pvt. Ltd. (India)
- 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)
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