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Herbal Medicine Global Market Report Competitive And Growth Analysis 2033
Herbal Medicine Global Market Report 2024
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According to The Business Research Company's, The herbal medicine market size has grown rapidly in recent years. It will grow from $196.83 billion in 2023 to $216.77 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to traditional practices, lack of access to modern medicine, cultural heritage, natural and holistic approach, historical documentation.
The herbal medicine market size is expected to see rapid growth in the next few years. It will grow to $319.63 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to growing wellness industry, environmental sustainability, rising chronic health conditions, consumer demand for natural products, clinical trials and research funding. Major trends in the forecast period include standardization and quality assurance, digital health integration, adaptogen and stress management, herbal supplements and nutraceuticals, collaboration with conventional medicine.
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Market Drivers and Trends:
The increasing use of herbal products in the pharmaceutical Industry is expected to propel the growth of the herbal medicine market going forward. Herbal products refer to any medication with only one or more herbal substances, one or more herbal preparations, or a combination of the two as active components. Applying herbal products in the pharmaceutical sector will support the demand for the herbal medicine market. For instance, in December 2022, according to a report published by The Journal of the American Botanical Council, a US-based organization responsible for information on medicinal plants and herbs, in the United States, yearly retail sales of herbal dietary supplements reached $12.350 billion in 2021, up 9.7 % in total sales compared to the previous year. Therefore, the increasing use of herbal products in the pharmaceutical Industry is driving the growth of the herbal medicine market.
Product Innovation is a key trend gaining popularity in the herbal medicine market. Major companies operating in the herbal medicine market are adopting innovative technologies to sustain their position in the market. For Instance, in September 2022, BASF SE, a Germany-based chemical company, launched Phytocine, a new generation of traditional Chinese medicine (TCM)-based activities with scientific inspiration. The Phytocine line targets skin issues that can be resolved with TCM. These innovative active ingredients, which are entirely natural and free of preservatives, target personal care skin benefits such as improving skin hydration and barrier function (Phytocine AQUA), reducing the appearance of aging and oxidation (Phytocine NOVO), and calming sensitive skin (Phytocine CALM).
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Major Key Players of the Market:
Bayer AG, Patanjali Ayurved Ltd., Dabur Ltd., NOW Foods, Boiron Group, Nature's Sunshine Products, Emami Ltd., Ricola AG, Young Living Essential Oils, Nature's Way, Swanson Health Products, Gaia Herbs, New Chapter, Bio-Botanica Inc., Schaper & Brümmer GmbH & Co. KG, Traditional Medicinals, Herb Pharm, Nature's Answer, Nature's Bounty, Himalaya Global Holdings Ltd., Arizona Natural Products, Dasherb Corp, ZeinPharma Germany GmbH, Solaray, Hishimo Pharmaceuticals Pvt. Ltd., Beovita Deutschland GmbH & Co. KG, Dr. Willmar Schwable India Pvt. Ltd., Source Naturals.
Herbal Medicine Market 2024 Key Insights:
• The herbal medicine market size is expected to see rapid growth in the next few years. It will grow to $319.63 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%.
• Rising Utilization Of Herbal Products In The Pharmaceutical Industry Fuels Herbal Medicine Market
• Innovative Phytocine Line In Herbal Medicine Market
• Europe was the largest region in the herbal medicine market in 2023
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