Global Herbal Medicine Market To Around USD 348 billion by 2028

The global herbal medicine market size was worth around USD 166 billion in 2021 and is predicted to grow to around USD 348 billion by 2028 with a compound annual growth rate (CAGR) of roughly 11.2% between 2022 and 2028.

Herbal medicines are medicinal products with active ingredients originating from parts of plants like leaves, roots, or flowers. Although the products may be natural they may not always be safe for consumption and it is recommended that prior to any surgery, operation, or other major health concern, a patient should always inform the doctors about any herbal medicines being used.

Since herbal medicines are readily available, there are a few factors that should be taken into consideration before making a purchase at the pharmacy. For instance, traditional herbal medicine registration (THR) marking should be verified at the beginning where key points to note are these medicines may not be suitable for everyone, they are mostly intended to treat conditions that do not require medical supervision like cough, cold, fever, etc., using the medicines for serious conditions may have unwanted implications.

The products are known for their immunity-boosting capabilities but there have been certain issues reported due to their intake. It includes conditions like bad allergic reactions and other side effects. People who are recommended not to use herbal patients include patients on other medicinal treatment plans, pregnant or breastfeeding women, the elderly population, and patients with serious medical conditions like kidney failure. However, the global market cap is highly influenced by the large number of people preferring herbal medicines over chemical manufactured ones. Looking at the high adoption rate, the international agency the World Health Organization has published a report called the Quality control methods for medicinal plant materials, 1998, which supports WHO member countries with establishing specifications and quality measures for herbal medicines.

In European regions, the regulating authority is called the Committee on Herbal Medicinal Plants. The scientific community has widely regarded herbal medicines as a minefield encompassing unreliable products imposing safety hazards owing to the lack of research data. False advertisement by some manufacturers related to herbal or organic medicines is a common issue that the global market has to continuously deal with.

Covid-19 had a positive impact on the global market cap since many people opted for herbal treatments during the first phase of the virus. This was majorly driven by panic amongst the uncertainty of the virus related to health implications. As there was a lack of a concrete medicinal plan to prevent covid-19 infection, many people opted for herbal medicines to boost immunity levels. This was coupled with the vast information present on the internet about the potential benefits of herbal medicines and since there was insufficient medical personnel to educate the masses, a large section of the society resorted to the internet for information.

The global herbal medicine market is expected to grow owing to the high demand for products across the globe. This is majorly driven by a shift of preference amongst end consumers for organic products over synthetic items. The change is witnessed not only in the medical sector but across other industries like fashion, cosmetics, beauty, etc. With the growth of the internet and the subsequent accessibility of information, more people are aware of the harmful or side effects that chemical products may have on the overall health in the long run, and more people are inclined towards adopting herbal medicines in their regular diet. Since there is no requirement for prior medical consultation and the medicines are accessible easily at any pharmacy without prescription, these reasons combined have augmented the growth of the global market in recent times.

The inaccurate labeling of herbal medicine may restrict the global market growth. The strategic entry of large-scale pharmaceutical companies is expected to provide global market growth opportunities. Relatively less research on herbal medicine effectivity may challenge the global market expansion.

The global herbal medicine market is segmented based on application, form, and region.

Based on application, the global market is segmented into personal care & baby products, food & beverages, pharmaceutical, and nutraceutical. The global market is expected to generate the highest revenue from the pharmaceutical and nutraceutical market during the forecast period because of the rise in demand for herbal raw materials to manufacture herbal supplements that are being increasingly adopted by various users in their daily lives. Nutraceutical products like anti-aging herbal supplements are gaining momentum worldwide because of the benefits associated with using herbal products over chemically manufactured items. As per the American Botanical Council, users spent more than USD 11.26 billion on herbal supplements in 2020.

Based on form, the global market segments are liquid & gel, tablets & capsules, and powder. The global market is led by the tablets & capsules segment with the highest revenue owing to their easy intake, compact form, and more prescribed medicines in tablet form. In general, capsulated medicines are preferred over their counterparts. For instance, Dolo broke all records in January 2022 by selling over 350 crores of tablets during covid-19. Echinacea is one of the most popular herbs used in organic medicines. As per studies, it lowers the risk of cold infection by 10 to 20 %.

Europe is projected to generate the highest revenue in the global herbal medicine market owing to the increased adoption rate of herbal medicines in diets across regions. The European population has always been keen on maintaining health with the help of regular exercise, diet forms complete with minerals and vitamins.

Since herbal medicines are able to provide a complete package of health-beneficial items, their consumption has increased recently in Europe resulting in higher regional growth. North America may also contribute significantly because of the recent interest of pharmaceutical companies in exploring the market for herbal medicines which is also aided by the US Food and Drugs Administration department by regularly monitoring the sale of these medicines. Asia-Pacific is expected to emerge as one of the largest markets for global market growth because of the increasing population with a higher inclination towards herbal medicines.

The global herbal medicine market is driven by players like Bayer AG, Schaper & Brümmer, Venus Pharma GmbH, Himalaya Global Holdings Ltd, Arkopharma, Hishimo Pharmaceuticals, Arizona Natural Products, Blackmores, BEOVITA, Dasherb Corp., ZeinPharma Germany GmbH, and Dr. Willmar Schwabe India Pvt. Ltd.

Recent Developments:

• In June 2022, Charak Pharma announced its plans to launch new products in the Over the Counter (OTC) range of healthcare products. The company recently launched Moha, a range of herbal skin care, hair care, and personal care products.
• In February 2022, Hamdard, a leading manufacturer of traditional medicine in India, announced its intention to diversify into new consumer market segments with the help of products like face wash, oral hygiene items, and shampoos.

Browse the full “Global Herbal Medicine Market By Form (Liquid & Gel, Tablets & Capsules, and Powder), By Application (Personal Care & Baby Products, Food & Beverages, Pharmaceutical, and Nutraceutical) - and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/global-herbal-medicine-market

The global herbal medicine market is segmented as follows:

By Form

• Liquid & Gels
• Tablets & Capsules
• Powder

By Application

• Personal Care & Baby Products
• Food & Beverages
• Pharmaceutical
• Nutraceutical

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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