The global herbal medicine market revenue was valued at USD 216.40 billion in 2023 and is expected to grow to USD 233.08 billion in 2024, eventually reaching USD 437 billion by 2032. This represents a compound annual growth rate (CAGR) of 8.17% during the forecast period (2024–2032).
This data is sourced from the report “Herbal Medicine Market, 2024–2032” by Fortune Business Insights™.
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List of Key Players Mentioned 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)
Segmentation:
Pharmaceutical & Nutraceutical Segment Leads Market Share Due to Rising Demand for Herbal Products
The pharmaceutical and nutraceutical segment dominates the herbal medicine market by application, fueled by increasing demand for herbal raw materials from dietary supplement manufacturers and alternative medicine industries.
Tablets & Capsules Segment Emerges as Key Contributor
The tablets and capsules segment holds a significant market share in terms of form, driven by the extensive availability of herbal medicines in these formats within the pharmaceutical industry.
Geographic Segmentation
The herbal medicine market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report offers a detailed analysis of the herbal medicine market, focusing on major segments and evaluating key players' strategic initiatives to boost market growth and profitability. It provides actionable insights to help business owners make informed investment decisions. The analysis highlights regional dynamics and their influence on market expansion while assessing the impacts of COVID-19 to understand how the pandemic will shape the demand for herbal medicines in the years ahead.
Drivers and Restraints:
Increasing Demand for Herbal Ingredients in Cosmetics to Propel Growth
The cosmetics industry presents significant opportunities for exporters of organic ingredients from emerging markets to expand into developed regions. Consumer awareness of organic products and the increasing focus of cosmetics companies on offering natural alternatives to synthetic ingredients are key drivers. As herbal components continue to gain traction in cosmetics and toiletries, this trend is expected to sustain robust growth throughout the forecast period.
Regional Insights:
Europe Leads Market, Supported by Demand for Organic Products
Europe holds the largest market share and is home to the world’s largest cosmetics industry. The region offers substantial opportunities for emerging market entrants, driven by the growing demand for natural ingredients in personal care and beauty products.
North America Sees Surge in Demand Due to Health-Conscious Consumers
In North America, particularly the U.S., rising consumer awareness about health has driven a shift toward organic care products, fueled by the "green wave."
Emerging Markets in Asia and Latin America Gain Traction
Cosmetics markets in Asia and Latin America are experiencing rapid growth. Increased internet penetration has led to greater consumer awareness about the benefits of herbal products, fueling interest in natural and herbal medicines.
Competitive Landscape:
Innovative Product Launches Drive Market Leadership
Key market players adopt various strategies to maintain leadership positions, including acquisitions to enhance brand value and broaden market reach. Regular product launches, backed by comprehensive market research and a deep understanding of target audiences, are pivotal in sustaining a competitive edge and driving market growth.
Key Industry Development:
March 2021: Lotus Botanicals Expands Digital Presence
Lotus, a leading beauty company in India, launched its e-commerce brand, Lotus Botanicals, in March 2021. This brand offers a wide range of skin and hair care products, available exclusively on Lotus Botanicals' platform and other third-party e-commerce sites. The initiative aims to strengthen the brand's digital footprint and provide consumers with a seamless shopping experience.
