Herbal Medicine Market surpassed USD 85 billion in 2021 due to increasing demand for herbal ingredients in cosmetic industry | insightSLICE
The market for Herbal Medicine was valued at US$ 85 billion in 2021 and is anticipated to grow at a CAGR of 18.5% through 2032.
A plant or plant component that is utilized in medicine for its flavor, smell, or medicinal characteristics is referred to as a herb. An example of a dietary supplement is a herbal remedy. To treat illness and improve overall health and wellness, they use plants or plant parts for medicinal uses.
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Global Herbal Medicine Market Key Segments:
By Distribution Channel
- Hospital & Retail Pharmacies
- E-Commerce
By Category
- Herbal Pharmaceuticals
- Herbal Functional Foods
- Herbal Beauty Products
- Herbal Dietary Supplements
By Source
- Leaves
- Root & Barks
- Whole Plants
- Fruits
By Form
- Extracts
- Powders
- Capsules & Tablets
- Syrups
By Type of Medicinal Plants
- Marrubium Vulgare
- Vaccinium Macrocarpon
- Echinacea
- Curcuma Longa
- Camellia Sinensis
- Actaea Racemose
- Aloe Vera
- Zingiber Officinale
- Cocos Nucifera
- Cinnamomum Spp
- Allium Sativum
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- Rest of APAC
- South America
- Brazil
- Rest of South America
- Middle East & Africa
- UAE
- South Africa
- Saudi Arabia
- Rest of MEA
The key players of the Global Herbal Medicine Market are:
Arizona Natural Products, Arkopharma, Bayer AG, Blackmores, BEOVITA, Dasherb Corp., Dr. Willmar Schwabe India Pvt. Ltd., Himalaya Global Holdings Ltd, Hishimo Pharmaceuticals, Patanjali Herbals Ltd., Schaper&Brümmer, Venus Pharma GmbH, ZeinPharma Germany GmbH, are some of the main competitors in the Global Herbal Medicine Market.
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Rapid increase in usage of herbal products:
These organic drugs can be purchased as tablets, capsules, powders, or fresh or dried plants. Herbal remedies are used by people to treat illnesses or in an effort to maintain or enhance their health.
Herbal remedies work to restore the body’s natural equilibrium so that it can recover from illness on its own. Herbs of various kinds have diverse effects on various body parts.
Many health-conscious people are now turning to these natural remedies as a way to treat their illnesses as the prevalence of liver and heart diseases has increased, as well as the increased Research and Development activities that are going into the creation of the newer versions of the more effective herbal medicines.
The therapeutic characteristics of herbal plants are used to treat a wide range of illnesses and disorders. The Herbal Medicine Market is expanding as a result of the cheaper price of these drugs when compared to their equivalents produced in a lab.
The market is boosted by the rising demand for traditional medicines:
People’s desire for herbal medications is projected to be a key element that will significantly contribute to the market’s expansion. Another factor that may enhance the global market for herbal medicines in the next years is the growing knowledge of the benefits of natural therapies.
Chemicals are not used in herbal treatments. As a result of the general public’s preference, the market for herbal medicines will grow during the forecast period. In addition, they are less expensive than the alternatives.
The category market for herbal medicines is dominated by herbal pharmaceuticals:
In addition to other crucial factors like supplier innovations, few to no side effects from using herbal medicines, and the implementation of Current Good Manufacturing Practices (CGMP) by the FDA for dietary supplements, the growing geriatric population, coupled with the rising awareness of individuals today, is acting in favor of the surging Herbal Pharmaceuticals market share. This will further boost the global herbal medicine market.
Echinacea leads the market segment for plant based products:
Echinacea has become the most common among users of herbal medicines and is the third most widely used herbal supplement in the United States conventional retail distribution network, taking the lead in the category of medicinal plants.
The demand for these products was boosted by an increase in the number of clinical studies proving the health benefits of echinacea, which in turn helped the segment earn the greatest revenue share.
Echinacea can cut the duration of the common cold by 26% and the likelihood of recurring colds by 60%. This fact was further reinforced by Bioforce in 2015 when they considered a hot beverage product called Echinaforce that combined elderberry with concentrated Echinacea herb and root extract.
The researchers concluded that this combination is just as effective at treating the flu in its early stages as Tamiflu, an antiviral drug.
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The herbal extract segment takes the top spot in the Herbal medicines market:
The herbal medicine market’s form sector was led by the extract market. The extract market is growing and will continue to do so over the projected period due to extracts’ better absorption rate when compared to other dosage forms.
As tablets become more popular than other dosage forms, tablets and capsules are predicted to experience a significant increase. Tablets also have the benefit of being easier to carry than other forms because they take up less room and do not pose a spillage risk.
By distribution channel, retail pharmacies and hospitals lead the Herbal Medicine market:
Hospitals and retail pharmacies have managed to capture the largest market share in the area of the Distribution Channel of the global market for herbal medicine, and they will maintain this position during the forecast period.
The reason can be explained by the fact that the prevalence of infectious diseases and cancer has increased globally, leading skilled professionals and developing healthcare infrastructure to turn to herbal medicines as an alternative. This has a significant positive impact on the market for herbal medicines around the world.
The herbal medicine market is dominated by Europe, with rapid growth also expected in the Asia-Pacific region:
Europe dominated the market for herbal medicines globally, and it is predicted that it would continue to hold the top spot during the projection period.
Reputable sources, such as organizations like the British Herbal Medicine Association and the European Herbal and Traditional Medicine Practitioners Association (EHTPA), regularly encourage the use of these alternative remedies in the European region by organizing a variety of seminars and awareness campaigns of the advantages of using herbal substitutes.
As people become more aware of these medications, which include prescription medications, nutritional supplements, and skin care products, Asia Pacific is predicted to experience the fastest increase throughout the projected period. The two largest markets for herbal medicines in the Asia Pacific area are India and China.
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