Herbal Medicine Market Segmentation by Type (Tablets & Capsules, Powders, Extracts, Liquid & Gel); by Application (Herbal Beauty Products, Pharmaceuticals, Dietary Supplements, and Others); and by Distribution Channel (Online, and Offline)-Global Demand Analysis & Opportunity Outlook 2031

Global Herbal Medicine Market Highlights Over 2022 - 2031

The global herbal medicine market is estimated to grow at a ~11% CAGR over the forecast period, i.e., 2022 – 2031. Moreover, the market registered a revenue of approximately USD 430.0 billion in 2021. The growth of the market can be attributed to an increase in the demand for herbal self-care products and a rise in the use of different species of plants for the production of these medicines. For instance, for medicinal purposes, approximately 70,000 species of plants are used globally. Moreover, an increase in awareness among people regarding the side effects of allopathic medicines and a surge in the number of cases of chronic diseases is anticipated to drive the growth of the market.

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The global herbal medicine market is segmented by application into herbal beauty products, pharmaceuticals, dietary supplements, and others. Out of these, the herbal pharmaceuticals segment is anticipated to hold the largest share over the forecast period. This can be attributed to the growing demand among people for herbal products backed by the long-term benefits as compared to non-herbal products. Moreover, there has been a surge in research and development on medicines that is expected to increase the growth of the segment in the market.

Global Herbal Medicine Market Regional Synopsis

Regionally, the global herbal medicine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Backed by the rise in the demand for raw materials for the production of herbal products and an increase in the number of associations formed to promote herbal products such as the British Herbal Medicine Association, the market in the Europe region is anticipated to hold the largest share over the forecast period. Moreover, the market in the Asia Pacific region is estimated to witness modest growth over the forecast period on the back of the largest exporters of raw materials such as turmeric, holy basil, and others. According to the Observatory of Economic Complexity, India exported turmeric of USD 288 million value in 2020.

Market Segmentation

Our in-depth analysis of the global herbal medicine market includes the following segments:

By Type

• Tablets & Capsules

• Powders

• Extracts

• Liquid & Gel

By Application

• Herbal Beauty Products

• Pharmaceuticals

• Dietary Supplements

• Others

By Distribution Channel

• Online

• Offline

Growth Drivers and Challenges Impacting the Growth of the Global Herbal Medicine Market

Growth Drivers

• Increase in the demand for herbal self-care products

• Rise in the use of species of plants for the production of medicines

• Increase in awareness among people regarding the side effects of allopathic medicines

Challenges

• Side effects of herbal medicines

• Lack of instant results from the use of herbal medicines

Key Companies Dominating the Global Herbal Medicine Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global herbal medicine market that are included in our report are Bayer AG, Venus Remedies Limited, Dasherb Corp., Zein Pharma Germany, Arizona Natural Products, Pharma Nord B.V., KPC, Schaper & Brümmer, Blackmores, Himalaya Global Holding Ltd., and others.

Latest Developments in the Global Herbal Medicine Market:

• 5 August 2021: Bayer AG, announced the acquisition of Vividion Therapeutics to strengthens their drug discovery platform.

• 24 April 2018: Blackmores announced the acquisition of an Australian manufacturing facility to support future growth and product innovation.

Key Reasons to Buy Our Report

• The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessments for overall growth.

• We provide customized reports as per the client's requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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