Press release
2025-2034 Herbal Medicine Market Roadmap: Insights for Competitive Advantage
Herbal Medicine
How Large Will the Herbal Medicine Market Size By 2025?
In the past few years, the herbal medicine market has seen substantial growth. The market's value is projected to increase from $214.32 billion in 2024 to $235.5 billion in 2025, reflecting a compound annual growth rate (CAGR) of 9.9%. The previous growth rate can be credited to traditional practices, limited access to modern medicine, characteristics related to cultural heritage, a natural and holistic approach, as well as historical records.
How Big Is the Herbal Medicine Market Size Expected to Grow by 2029?
The market size of herbal medicine is anticipated to expand swiftly in the upcoming years, reaching $356.25 billion by 2029 with a compound annual growth rate (CAGR) of 10.9%. The escalation in the projected period can be associated with the escalating wellness industry, environmental sustainability, increasing chronic health issues, consumer preference for natural products, and funding for clinical trials and research. Significant trends during the forecast period encompass standardization and quality assurance, digital health's integration, adaptogens and stress management, herbal supplements and nutraceuticals, along with collaboration with conventional medicine.
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Which Key Market Drivers Powering Herbal Medicine Market Expansion and Growth?
The growth of the herbal medicine market is anticipated to be driven by the expanding utilization of herbal products in the pharmaceutical industry. Herbal products are medicines containing one or more herbal substances, one or more herbal preparations, or a blend of both as active ingredients. The use of these products in the pharmaceutical industry bolsters the demand for the herbal medicine market. For example, a report from Glanbia Nutritionals (NA) Inc., a firm in the US offering dairy and non-dairy solutions, in February 2024, disclosed that the herbal supplement market in the United States stands at $5.9 billion. The anticipated compound annual growth rate (CAGR) is 4.3% from 2022 to 2027. Thus, the escalating use of herbal products in the pharmaceutical sector is spurring the expansion of the herbal medicine market.
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Which Fast-Growing Trends Are Poised to Disrupt the Herbal Medicine Market?
In the herbal medicine market, one significant trend gaining traction is Product Innovation. To maintain their market standing, major corporations are embracing cutting-edge technologies. For instance, BASF SE, a chemical company based in Germany, unveiled a novel line of traditional Chinese medicine (TCM)-based products in September 2022 named Phytocine. Designed with a scientific edge, the Phytocine line focuses on skin issues solvable through TCM. These innovative, fully natural, preservative-free active ingredients target specific personal care skin benefits. Phytocine AQUA enhances skin hydration and barrier function. Phytocine NOVO reduces visible signs of aging and oxidation, while Phytocine CALM soothes sensitive skin.
What Are the Emerging Segments in the Herbal Medicine Market?
The herbal medicine market covered in this report is segmented -
1) By Product: Capsules And Tablets, Powders, Extracts, Syrups, Other Products
2) By Category: Herbal Pharmaceuticals, Herbal Functional Foods, Herbal Dietary Supplements, Herbal Beauty Products
3) By Distribution Channel: Hospitals, Retail Pharmacies, E-commerce
4) By Application: Pharmaceutical And Nutraceutical, Food And Beverages, Personal Care And Beauty Products
Subsegments:
1) By Capsules And Tablets: Herbal Capsules, Herbal Tablets
2) By Powders: Single Herb Powders, Blend Powders
3) By Extracts: Liquid Extracts, Dry Extracts, Standardized Extracts
4) By Syrups: Herbal Syrups, Cough Syrups
5) By Other Products: Teas, Tinctures, Ointments And Creams
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Who Are the Global Leaders in the Herbal Medicine Market?
Major companies operating in the herbal medicine market include 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
Which are the Top Profitable Regional Markets for the Herbal Medicine Industry?
Europe was the largest region in the herbal medicine market in 2024. Asia-Pacific is expected to be the fastest-growing region in the herbal medicine market report during the forecast period. The regions covered in the herbal medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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