Herbal Medicine Market – Global Industry Analysis and Forecast (2022-2029)

Herbal Medicine Market was valued at US$ 186 Bn. in 2021. Global Market size is expected to grow at a CAGR of 12 % through the forecast period.
Herbal Medicine Market Overview:
Herbal medicine is used to study or practice the medicinal and therapeutic use of plants. They are the type of dietary supplements which is extracted from the different parts of the plant such as seeds, roots, berries leaves, and bark. The herbal medicines are available in various dosage forms in the market such as dried plants, tablets, extracts and others.

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Herbal Medicine Market Dynamics:
Market Drivers: Growing preference for the consumption of traditional medicine among the expanding population is a driving factor for the market to boost during the forecast period. Another salient cause of the market is growing awareness about the advantages of herbal medicine which can fuel the market during the forecast period. There is no chemical in the herbal medicine, they are chemical-free owing to this they are preferred more by the population. Herbal medicine is easily available in the market and they are also available at a low cost owing to this the market is expected to grow.

Market Restraints: Compared to other market products the herbal medicine standardization is poor owing to this the market will hamper. There are different regulations and guidelines for natural and herbal products to import and use in every country.

Market Opportunities: Growing R & D to offer major market growth in the market during the forecast period. Funding and investments in the market is growing and is expected to offer a significant market growth during the forecast period. Herbal medicine causes fewer side effects and chemicals are not used owing to this herbal medicine is chiefly preferred by the population and the market is expected to grow.
Herbal Medicine Market Segment Analysis:
Based on Application, the pharmaceutical & nutraceutical segment held the largest market share of 36 % in 2021. This is recognized as the high demand for herbal raw materials from dietary supplement production and the alternative medicines industry. The benefits offered by herbal medicine is more compared to synthetic medicine owing to these the consumers are shifting their focus. In the nutraceutical industry, dietary supplements such as anti-aging products and herbal protein powders are popular.

Herbal product demand is growing in the industry these is expected to stand for the long term and this factor will keep the dominance of the pharmaceutical & nutraceutical segment in the market during the forecast period.

The second highest market share is held by personal care & beauty products. Long terms benefits for the face, skin, and hair are the major reason for the increased demand for herbal raw materials in the cosmetic industry.

Based on the Form, the tablet & capsule segment held the largest market share of 34.2 % in 2021. The medicines are available in the form of a tablet and capsules, besides the number of prescriptions mentioned the consumption of tablets and capsules is increasing. Additionally, in the pharmaceutical industry, there is an increasing number of herbal products. Owing to these tablet & capsule segment is expected to remain dominant in the market.

Second-highest market share is held by the liquid & gel segment. In food & beverages, pharmaceutical, and nutraceutical industries liquid & gel products are present. Various drinks in the market are launched in the liquid category such as herbal drinks, and turmeric drinks these are launched by several market players. Besides several syrups are used to cure normal colds and coughs. Herbal products are present in several categories in the market owing to these the market is expected to grow.
Herbal Medicine Market Regional Insights:
The Europe region dominated the market with 41.5 % share in 2021. The Europe region is expected to witness significant growth at a CAGR of 12 % through the forecast period. The largest cosmetic market is in Europe owing this good opportunity is there for the new players in the market for emerging countries. The demand for the ingredients which are natural is increased, owing to these the personal care and beauty products segment is growing simultaneously and this trend is expected to continue.

From various popular ingredients used in the herbal industry, turmeric is one of the popular ingredients which is used in the European health products market. Turmeric is known for its anti-inflammatory and antioxidant properties, it is also used as a supplement in medical products to boost the digestive and immune systems and overall health. There are various health problems among the European population owing to these will drive the regional growth.

In North America, there is a growing awareness of health among consumers, particularly in the United States, and a shift in people's attitudes toward natural care goods as a result of a tremendous green wave. This is owing to the perception that alternative treatments have harmful consequences on people's health. This factor has aided the product's success in the United States.

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PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Market dynamic, structure by analyzing the market segments and projecting the  Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Market make the report investor’s guide.
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Global Herbal Medicine Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 186 Bn.


Forecast Period 2022 to 2029 CAGR:
12%
Market Size in 2029:
US $ 460.52 Bn.


 Segments Covered:
by Application
• Food & Beverages
• Personal Care & Beauty Applications
• Pharmaceutical & Nutraceutical


by  Form
• Liquid & Gel
• Tablets & Capsules
• Powder



Herbal Medicine Market by Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa
Herbal Medicine Market Key Players
• Nature's Answer
• Potter's Herbals
• Bio-Botanica Inc.
• Blackmores
• Dabur Ltd.
• PT Industri Jamu and Pharmaceutical Sido Muncul, and Tbk
• Haiyao Co., Ltd.
• Genius Nature Herbs Pvt Ltd.
• Guangzhou Pharma Co.
• Sanjiu Medical & Pharmaceutical
• Bayer AG
• Arkopharma
• Venus Pharma GmbH
• Schaper & Brummer
• Beovita
• ZeinPharma Germany GmbH
• Arizona Natural Applications
• Dasherb Corp.
• Hishimo Pharmaceuticals

Frequently Asked Questions:

1] What segments are covered in the Global Herbal Medicine Market report?
Ans. The segments covered in the Herbal Medicine Market report are based on Application and Form.

2] Which region is expected to hold the highest share in the Global Herbal Medicine Market?
Ans. The North America region is expected to hold the highest share in the Herbal Medicine Market.

3] What is the market size of the Global Herbal Medicine Market by 2029?
Ans. The market size of the Herbal Medicine Market by 2029 is expected to reach US$ 460.52 Bn.

4] What is the forecast period for the Global Herbal Medicine Market?
Ans. The forecast period for the Herbal Medicine Market is 2021-2029.

5] What was the market size of the Global Herbal Medicine Market in 2021?
Ans. The market size of the Herbal Medicine Market in 2021 was valued at US$ 186 Bn.