MarkWide Research

444 Alaska Avenue

Suite #BAA205 Torrance, CA 90503 USA

+1 310-961-4489

24/7 Customer Support

All our reports can be tailored to meet our clients’ specific requirements, including segments, key players and major regions,etc.

Herbal Medicine Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2024-2032

Published Date: January, 2024
Base Year: 2023
Delivery Format: PDF+ Excel
Historical Year: 2017-2023
No of Pages: 263
Forecast Year: 2024-2032
SKU c692360baeaf Category

Corporate User License

$3,450.00

The global herbal medicine market is expected to witness significant growth during the forecast period, owing to the increasing awareness among people about the benefits of herbal medicines, the rising demand for natural products, and the growing prevalence of chronic diseases. Herbal medicine is a form of alternative medicine that uses plants, plant extracts, and other natural substances to treat various health conditions. Herbal medicines have been used for centuries in traditional medicine systems, such as Ayurveda, Chinese medicine, and Native American medicine, and are now gaining popularity worldwide.

Herbal medicine is a type of complementary and alternative medicine that uses plant-based materials to treat or prevent diseases. These plant-based materials can include roots, leaves, flowers, fruits, seeds, and bark. Herbal medicines can be taken orally, applied topically, or inhaled as vapors. Herbal medicines are generally considered safe, but they can cause side effects and interact with other medications. Therefore, it is important to consult a healthcare professional before taking any herbal medicine.

Executive Summary:

The report provides a comprehensive analysis of the global herbal medicine market, including market size, growth rate, trends, drivers, restraints, opportunities, challenges, and key players. The report also provides a detailed segmentation of the market based on product type, distribution channel, and region. The market is segmented into herbal extracts, herbal formulations, and others based on product type. The distribution channel segment includes hospitals, clinics, retail pharmacies, and e-commerce.

Herbal Medicine Market

Key Market Insights:

  • The global herbal medicine market is expected to grow at a CAGR of over 6% during the forecast period.
  • The herbal extracts segment is expected to dominate the market, owing to the high demand for plant-based medicines and the growing prevalence of chronic diseases.

Market Dynamics:

The global herbal medicine market is highly dynamic and is influenced by several factors, including technological advancements, changing consumer preferences, government regulations, and competitive landscape. The market is characterized by intense competition, with several players operating in the market. The key players in the market are focusing on product innovation, strategic partnerships, and mergers and acquisitions to expand their market share and increase their revenue.

Regional Analysis:

The global herbal medicine market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific region is expected to dominate the market, owing to the widespread use of herbal medicines in traditional medicine systems, such as Ayurveda and Chinese medicine. The region is also expected to witness significant growth during the forecast period, owing to the rising demand for natural products, the increasing awareness about the benefits of herbal medicines, and the growing prevalence of chronic diseases.

Competitive Landscape:

The global herbal medicine market is highly competitive, with several players operating in the market. The key players in the market are focusing on product innovation, strategic partnerships, and mergers and acquisitions to expand their market share and increase their revenue. Some of the key players in the market are Himalaya Drug Company, Dabur India Ltd., Schwabe Group, Blackmores Limited, and Nature’s Bounty Co.

Report Segmentation:

The global herbal medicine market is segmented into product type, distribution channel, and region. Based on product type, the market is segmented into herbal extracts, herbal formulations, and others. Based on distribution channel, the market is segmented into hospitals, clinics, retail pharmacies, and e-commerce. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Category-wise Insights:

The herbal extracts segment is expected to dominate the market, owing to the high demand for plant-based medicines and the growing prevalence of chronic diseases. The retail pharmacies segment is expected to hold the largest market share, owing to the increasing availability of herbal medicines in these outlets. The Asia Pacific region is expected to dominate the market, owing to the widespread use of herbal medicines in traditional medicine systems, such as Ayurveda and Chinese medicine.

Key Benefits for Industry Participants and Stakeholders:

  • The report provides a detailed analysis of the global herbal medicine market, including market size, growth rate, trends, drivers, restraints, opportunities, challenges, and key players.
  • The report provides a detailed segmentation of the market based on product type, distribution channel, and region.
  • The report provides a detailed analysis of the competitive landscape, including key players, strategies, and recent developments.
  • The report provides key insights into the market, including market size, growth rate, and market share.

SWOT Analysis:

Strengths:

  • Increasing awareness among people about the benefits of herbal medicines
  • Rising demand for natural products
  • Growing prevalence of chronic diseases

Weaknesses:

  • Lack of standardization
  • Limited scientific evidence

Opportunities:

Threats:

Market Key Trends:

  • Increasing adoption of herbal medicines by healthcare professionals
  • Availability of herbal medicines in retail outlets
  • Increasing use of herbal medicines for preventive healthcare

Covid-19 Impact:

The Covid-19 pandemic has had a significant impact on the global herbal medicine market. The pandemic has led to an increased demand for natural products, including herbal medicines, as people are looking for ways to boost their immune system and prevent the spread of the virus. The pandemic has also led to disruptions in the supply chain, as several countries have imposed lockdowns and restrictions on international trade. However, the market is expected to witness significant growth during the forecast period, owing to the increasing demand for natural products and the rising awareness about the benefits of herbal medicines.

Key Industry Developments:

  • In August 2020, Himalaya Drug Company launched a range of herbal immunity boosters to help people strengthen their immune system during the Covid-19 pandemic.
  • In February 2021, Dabur India Ltd. launched a range of herbal medicines for respiratory ailments, such as cough and cold, to cater to the increasing demand during the Covid-19 pandemic.
  • In May 2021, Schwabe Group acquired a majority stake in Nutriplus Healthcare Pvt. Ltd., a leading manufacturer and distributor of nutraceuticals and herbal medicines, to expand its market presence in India.

Analyst Suggestions:

The global herbal medicine market is expected to witness significant growth during the forecast period, owing to the increasing demand for natural products, the rising awareness about the benefits of herbal medicines, and the growing prevalence of chronic diseases. The key players in the market are focusing on product innovation, strategic partnerships, and mergers and acquisitions to expand their market share and increase their revenue. The market is also expected to witness significant growth in the Asia Pacific region, owing to the widespread use of herbal medicines in traditional medicine systems, such as Ayurveda and Chinese medicine.

Future Outlook:

The global herbal medicine market is expected to witness significant growth during the forecast period, owing to the increasing demand for natural products, the rising awareness about the benefits of herbal medicines, and the growing prevalence of chronic diseases. The key players in the market are expected to focus on product innovation, strategic partnerships, and mergers and acquisitions to expand their market share and increase their revenue. The market is also expected to witness significant growth in the Asia Pacific region, owing to the widespread use of herbal medicines in traditional medicine systems, such as Ayurveda and Chinese medicine.

Conclusion:

The global herbal medicine market is expected to witness significant growth during the forecast period, owing to the increasing demand for natural products, the rising awareness about the benefits of herbal medicines, and the growing prevalence of chronic diseases. The key players in the market are focusing on product innovation, strategic partnerships, and mergers and acquisitions to expand their market share and increase their revenue.

The market is also expected to witness significant growth in the Asia Pacific region, owing to the widespread use of herbal medicines in traditional medicine systems, such as Ayurveda and Chinese medicine. However, the market is also characterized by challenges, such as the lack of standardization and limited scientific evidence. Therefore, it is important for industry participants and stakeholders to focus on addressing these challenges to unlock the full potential of the market.

Herbal Medicine Market

Segmentation Details
Product Tablets & Capsules, Powders, Syrups, Extracts, Others
Application Pharmaceutical, Personal Care, Food & Beverages, Others
Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Leading companies in the Herbal Medicine Market:

  1. Himalaya Drug Company
  2. Bio-Botanica, Inc.
  3. Nature’s Way Products, LLC (Schwabe North America, Inc.)
  4. Ricola AG
  5. Nutraceutical Corporation
  6. Blackmores Limited
  7. Dabur India Limited
  8. Hamdard Laboratories (Waqf) Pakistan
  9. Young Living Essential Oils
  10. Schwabe Group

North America
o US
o Canada
o Mexico

Europe
o Germany
o Italy
o France
o UK
o Spain
o Denmark
o Sweden
o Austria
o Belgium
o Finland
o Turkey
o Poland
o Russia
o Greece
o Switzerland
o Netherlands
o Norway
o Portugal
o Rest of Europe

Asia Pacific
o China
o Japan
o India
o South Korea
o Indonesia
o Malaysia
o Kazakhstan
o Taiwan
o Vietnam
o Thailand
o Philippines
o Singapore
o Australia
o New Zealand
o Rest of Asia Pacific

South America
o Brazil
o Argentina
o Colombia
o Chile
o Peru
o Rest of South America

The Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Israel
o Kuwait
o Oman
o North Africa
o West Africa
o Rest of MEA

Important Questions Covered in this Study

Why Choose MWR ?

Quality Research

Our goal is to provide high-quality data that stimulates growth and creates a win-win situations.

Unlimited User Access

We offer Corporate User license access on all our reports in which you can share the report with your entire team without any restrictions.

Free Company Inclusion

We give you an option to include 3-4 additional company players of your choice in our report without any extra charges.

Post Sale Assistance

Unlimited post sales service with an account manager dedicated to making sure that all your needs are met.

Covid-19 Impact Analysis

All our research report includes latest Covid-19 Impact and its analysis.

Client Associated with us

GET A FREE SAMPLE REPORT

This free sample study provides a complete overview of the report, including executive summary, market segments, competitive analysis, country level analysis and more.

Client Testimonials

GET A FREE SAMPLE REPORT

This free sample study provides a complete overview of the report, including executive summary, market segments, competitive analysis, country level analysis and more.

error: Content is protected !!
Scroll to Top

444 Alaska Avenue

Suite #BAA205 Torrance, CA 90503 USA

+1 424 360 2221

24/7 Customer Support

Download Free Sample PDF
This website is safe and your personal information will be secured. Privacy Policy
Request for Discount
This website is safe and your personal information will be secured. Privacy Policy
Speak to Analyst
This website is safe and your personal information will be secured. Privacy Policy

Download Free Sample PDF