Herbal Medicine Market , by Form (Tablets and Capsules, Powder, Others) , by Category (Pharmaceutical and Nutraceutical, Personal Care and Beauty Products, Others), by Distribution Channel (Online Channel, Offline Channel) : Global Opportunity Analysis and Industry Forecast, 2024-2033

Key Market Dynamics

The herbal medicine market growth has been due to several factors such as consumers are becoming more aware of the health benefits of natural and organic products, leading to a growing preference for herbal medicines over synthetic drugs. The increase in chronic conditions such as diabetes, heart disease, and arthritis is driving demand for herbal treatments that offer long-term management with fewer side effects compared to conventional medicines.

Long-standing traditions and cultural beliefs in the efficacy of herbal medicine, especially in regions like Asia, Africa, and Latin America, continue to support the herbal medicine market forecast. In addition, growing awareness of the adverse side effects associated with many pharmaceutical drugs is pushing consumers toward safer, natural alternatives found in herbal medicines.

Many governments are promoting the use of traditional medicine and integrating it into their national healthcare systems. This support includes funding for research and development in herbal medicine. A global trend towards increased spending on health and wellness products is benefiting the herbal medicine market growth. Consumers are willing to invest more in preventive healthcare and natural treatments.

Advances in extraction, formulation, and preservation techniques have improved the efficacy, safety, and shelf-life of herbal products, making them more appealing to consumers. Moreover, the growth of e-commerce and the establishment of specialized herbal product stores have made herbal medicines more accessible to a broader audience. Increased scientific research is validating the efficacy of many herbal treatments, leading to greater acceptance and integration into mainstream healthcare. Thus, these factors collectively contribute to the robust growth of the herbal medicine market size.

Parent Market Overview

The global complementary and alternative medicine market size?was valued at $102 billion in 2021, and is projected to reach $437.9 billion by 2031, growing at a CAGR of 15.6% from 2022 to 2031. Complementary medicine is used in addition to standard treatments, whereas alternative medicine is used instead of standard treatments. Some of the examples of complementary medicine include massage, meditation, biofeedback, tai chi, reiki, music therapy, guided imagery, and dietary supplements. Some of the most commonly used complementary therapies are manipulation therapies and body-based therapies. The body-based therapies involve massage, chiropractic or osteopathic manipulation, reflexology, and cupping whereas another type of therapy that is used is a mind-body therapy. Other complementary approaches include dietary supplements, herbal medicines, and aromatherapy.

Complementary and Alternative Medicine Market, 2021 & 2031

Market Segmentation

The herbal medicine market analysis is segmented into form, category, distribution channel, and region. On the basis of form, the market is categorized into tablets & capsules, powder, and others. As per category, the market is divided into pharmaceutical & nutraceutical, personal care & beauty products, and others. On the basis of distribution channel, the market is bifurcated into online channel, and offline channel. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Regional/Country Market Outlook

North America accounted for a major herbal medicine market share owing to the presence of major players, well-established healthcare system, higher levels of awareness, and better access to research and innovation. In addition, ongoing research and development activities in North America foster innovation in herbal medicine.

Asia-Pacific herbal medicine market share is estimated to grow with the highest CAGR during the forecast period, owing to the lucrative opportunities for the herbal medicine market key players, owing to a rise in target population. Another factor driving the growth of the market is the focus of major players on accessibilities of herbal medicine in untapped economies along with cost effectiveness.

Industry Trends

• With customers increasingly more concerned about their health and cautious of synthetic chemicals, there is a rising shift towards natural and organic health goods. The demand for herbal remedies, which are thought to be safer and more sustainable options, is increasing as a result of this trend.
• Research and development (R&D) expenditures have increased significantly with the goal of finding new uses and providing scientific evidence for the advantages of herbal medicines.

Competitive Landscape

The major players operating in the herbal medicine market are Herbalife Nutrition Ltd., Nutraceutical Corporation, Patanjali Ayurved Limited, Arkopharma, BEOVITA, Hishimo Pharmaceuticals, Schaper & Brummer, Venus Pharma GmbH, Arizona Natural Products, and Himalaya Holdings Ltd.

Sources Referred

• National Center for Biotechnology Information
• World Health Organization (WHO)
• National Library of Medicine
• The United States Food and Drug Administration
• U.S. Department of Health & Human Services
• Centers for Disease Control and Prevention
• Indian Council of Medical Research
• Ministry of Ayush
• National Medicinal Plants Board

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the herbal medicine market analysis from 2024 to 2033 to identify the prevailing herbal medicine market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the herbal medicine market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global herbal medicine market trends, key players, market segments, application areas, and market growth strategies.