Herbal Medicine Market Shows Promising Growth: Demand Boosted by Rising Health Awareness and Natural Product Adoption
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Increasing adoption of natural medicine, rising demand for natural beauty products and personal care, and increased knowledge of alternative medicine
VANCOUVER, BRITISH COLUMBIA, CANADA, July 8, 2024 /EINPresswire.com/ -- The global herbal medicine market1 size was USD 201.80 billion in 2022 and is expected to register a revenue CAGR of 7.9% during the forecast period . herbal medicine market has seen significant growth driven by increasing adoption of natural remedies and rising health awareness worldwide. Market research indicates that factors such as the popularity of natural beauty products, growing interest in alternative medicine, and a surge in self-medication practices are fueling this growth.
Herbal medicines, derived from various plant components like leaves, roots, and fruits, are gaining traction due to their perceived health benefits and minimal side effects compared to synthetic alternatives. This trend has been further accelerated by the COVID-19 pandemic, which heightened awareness about health and immunity, prompting consumers to explore traditional healing practices like Ayurveda.
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Key drivers contributing to the market expansion include:
Increased R&D Investments: Major market players are investing significantly in research and development, leading to innovative herbal products and expanding market opportunities.
Shifting Consumer Preferences: There is a notable shift towards self-medication and natural healthcare solutions, driven by concerns over the side effects of conventional medications.
Government Initiatives: Supportive government policies and initiatives promoting the use of herbal medicines, especially in preventive healthcare, have bolstered market growth.
However, challenges such as lack of standardized usage guidelines and regulatory complexities across different regions restrain market growth to some extent.
Market Segmentation Insights:
Herbal Medicine Sources: The market is segmented into leaves, roots and barks, whole plants, fruits, and others. Leaves account for the largest share due to their versatility and demand across various industries.
Forms: Tablets and capsules dominate the market due to ease of consumption and widespread use in pharmaceutical applications.
End-Use: Pharmaceuticals lead in revenue, followed by food and beverages, cosmetics, and others. The cosmetics segment is poised for rapid growth, driven by increasing consumer preference for natural and organic skincare products.
Herbal Medicine Top Companies and Competitive Landscape
The global herbal medicine market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products.
Some of the major companies included in the global herbal medicine market report are:
Genius Nature Herbs Private Limited.
Guangzhou Pharmaceutical Co. Ltd.
Haiyao Co., Ltd.
Potter's Herbals
Bio-Botanica
Nature's Answer (Bio Answer Holdings Inc.)
Sanjiu Medical & Pharmaceutical Co., Ltd.,
China Resources Pharmaceutical Group Limited
DABUR INDIA LIMITED
Blackmores
A Nelson & Co., Ltd.
Arizona Natural Product
ZeinPharma Germany GmbH
Himalaya Global Holdings Ltd.
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Herbal Medicine Latest Industry News
On March 23, 2022, with a USD 250 million investment from the Indian government, the World Health Organisation (WHO) opened the Global Centre for Conventional Medicine in India. With this, the organisation hopes to capitalise on conventional medicine's advantages all throughout the world.
On March 07, 2021, Lotus, a well-known beauty brand in India, debuted its line of herbal beauty products in the clean beauty brand Lotus Botanicals, which is the new product line, is a vital component of the rapidly expanding e-commerce beauty industry. The company wants to reconcile consumer demands for cosmetics with the needs of nature.
Herbal Medicine Market Segment Analysis
For the purpose of this report, Emergen Research has segmented the global herbal medicine market on the basis of source, form, category, product type end-use, and region:
Source Outlook (Revenue, USD Billion; 2019-2032)
Leaves
Roots and Barks
Whole Plants
Fruits
Others
Form Outlook (Revenue, USD Billion; 2019-2032)
Tablets and capsules
Powders
Gel and Liquids
Others
Category Outlook (Revenue, USD Billion; 2019-2032)
Herbal pharmaceuticals
Herbal Functional Foods
Herbal Beauty Products
Herbal Dietary Supplements
Product Type Outlook (Revenue, USD Billion; 2019-2032)
Ayurvedic
Homeopathy Medicine
Chinese Medicine
Aromatherapy Products
End-Use Outlook (Revenue, USD Billion; 2019-2032)
Pharmaceutical
Food and Beverages
Cosmetics
Others
Regional Outlook (Revenue, USD Billion; 2019–2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of MEA
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