The global herbal medicine market was valued at USD 216.40 billion in 2023 and is expected to grow from USD 233.08 billion in 2024 to USD 437 billion by 2032, reflecting a compound annual growth rate (CAGR) of 8.17% during the forecast period (2024-2032).
This data is sourced from Fortune Business Insights' report, titled "Herbal Medicine Market, 2024-2032."
Information Source: https://www.fortunebusinessinsights.com/herbal-medicine-market-106320
Segments:
Pharmaceutical & Nutraceutical Segment Holds Prime Market Share Owing to Surging Demand for Herbal Products
The pharmaceutical and nutraceutical segment holds the largest share of the herbal medicine market by application. This dominance is driven by strong demand for herbal raw materials from dietary supplement manufacturers and the alternative medicine industry.
Tablets & Capsules Segment to Hold Significant Share Owing to its Extensive Obtainability in Pharmaceutical Industry
The tablets and capsules segment holds a significant share of the market based on form, as many herbal medicines are widely available in these formats.
Geographically, the herbal medicine market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report presents a comprehensive analysis of the herbal medicine market, thoroughly examining its major segments. It offers an in-depth review of key players and their strategic approaches to drive market growth and profitability. Additionally, the report provides valuable insights to guide business owners in making informed investment decisions. The regional dynamics and their influence on market expansion are also highlighted. Furthermore, the report includes an assessment of the impacts of COVID-19, offering additional context on how the pandemic is expected to influence the demand for herbal medicines in the near future.
Drivers and Restraints:
Rising Demand for Herbal Ingredients in Cosmetic Industry to Fuel Market Growth
The cosmetics industry presents promising opportunities for exporters of organic ingredients from emerging markets to expand their businesses in developed regions. Demand for natural ingredients in the cosmetic sector is on the rise, driven by growing consumer awareness of organic products and the increasing focus among cosmetics companies on providing natural, herbal alternatives to synthetic ingredients. With the rising use of natural components in cosmetics and toiletries, this trend is expected to continue throughout the forecast period.
Regional Insights:
Europe to Dominate Backed by Demand for Organic Products from Population
Europe holds the largest market share, being home to the world’s largest cosmetics industry, and is expected to offer significant opportunities for new entrants from emerging economies. The demand for natural ingredients in personal care and beauty products is rapidly increasing, a trend that is anticipated to persist.
In North America, particularly in the U.S., growing consumer awareness about health has led to a shift toward organic care products, driven by the influential "green wave."
Meanwhile, the cosmetics markets in Asia and Latin America are experiencing substantial growth. With increasing internet penetration, consumers are becoming more aware of the benefits of herbal products and are showing greater interest in using natural and herbal medicines.
Competitive Landscape:
Chief Companies Launch Trend-oriented Products to Gain Maximum Market Capital
Key players in the market employ various strategies to strengthen their position as leading companies. One prominent approach is acquiring other companies to enhance brand value and expand their market presence. Another effective strategy involves the regular launch of popular products, backed by thorough market analysis and a deep understanding of their target audience. These tactics help maintain their competitive edge and drive continued growth in the market.
Key Industry Development:
March 2021: Lotus, a renowned beauty company in India, introduced its new e-commerce brand, Lotus Botanicals. Through this brand, consumers can access a range of skin and hair care products exclusively on Lotus Botanicals' own platform as well as through other third-party e-commerce sites. This move aims to expand the brand's digital presence and provide a more convenient shopping experience for its users.
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)
