Herbal Medicine Market

Herbal Medicine market is expected to witness a CAGR of approximately 9.9% during the forecast period, 2023-2030.

Herbal Medicine Market Overview

Herbal medicines include herbs, herbal materials, herbal preparations and finished herbal products that contain as active ingredients, parts of plants, other plant materials or combinations thereof. In some countries, herbal medicines may contain, by tradition, natural organic or inorganic active ingredients that are not of plant origin like plants.

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Major Herbal Medicine Market Drivers

Increasing the role of the WHO monographs on chosen medical plants has led to a tremendous increase in herbal medicine over the past few years. WHO has been working with more than 15 national drug regulatory authorities, like CDSCO, NMRA, AHWP etc., which has helped the global herbal medicine market shift up the gears. With the rising use of herbal medicine in conjunction and conventional drugs, the market is experiencing robust growth and can change the herbal medicine industry’s future aspects. Furthermore, increasing consumer preference towards traditional medicines such as unani, ayurveda etc. has contributed significantly to the market expansion. This is due to the no overdose toxicity and less side effects than today’s world medicine. In addition, according to WHO the registration systems for herbal medicines have increased from 2012 to 2018 from 109 to 125, reflecting the huge potential of the herbal medicine market. Furthermore, in 2018 around 88% of the traditional and complementary medicines were used, which shows that it consumes more than a pie, and the market is expected to shift the gears, leading to exponential growth.

Restraint in the Herbal Medicine Market

However, increasing concerns related to the levels of toxicity in herbal medicine is the factor which is likely to disrupt the market growth.

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Category – Segment Analysis

Based on the category, herbal functional foods is expected to grow at a higher CAGR in the market over the forecast period. Consumers are gradually developing habits for their health and have begun giving more attention to their diets and lifestyle, which has surged the demand for herbal functional foods.

Distribution Channel – Segment Analysis

Based on the distribution channel, hospitals and retail pharmacies is witnessed to grow at a higher CAGR in the market over the forecast period. This is due to the increasing number of stores and retail pharmacies having driven the market’s growth. For instance, between 2010 and 2019 the number of independent pharmacies increased by more than 2,600 stores (12.9%), which has driven the market’s growth.

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Regional – Segment Analysis:

Based on the region, North America region is witnessed to grow at a higher CAGR in the market over the forecast period. This is due to the increasing sales of herbal dietary supplements in the U.S., which has surged the growth of the market. For instance, according to (ABC’s) American Botanical Council, United States has spent almost $9.602 billion on herbal dietary supplements in 2019, which shows 8.6% increase in the net US sales from the historical year 2018. In addition, the strong presence of the players present in the market like Bayer AG, Arkopharma, Arizona Natural Products etc. which have strongly driven in the growth of the region.

Top Market Players

Various notable players operating in the market, include, Arkopharma, Bayer AG, DABUR, Hishimo Pharmaceuticals, Schaper & Brümmer, ZeinPharma Germany GmbH, Venus Pharma GmbH, Dasherb Corp., Arizona Natural Products, Blackmores, among others. 

Key Developments:

• • In 2019, Dabur announced the expansion of the ayurvedic medicines portfolio with the launch of 2 new products.

Segments covered in the Report:

The global herbal medicine market has been segmented on the basis of category, form, source, distribution channel and regions. Based on category, the market is segmented into herbal pharmaceuticals, herbal functional foods, herbal dietary supplements and herbal cosmetic products. Based on form, the market is segmented into tablets & capsules, powders, extracts, syrups and others. Based on source, the market is segmented into leaves, roots and barks, fruits, whole plants and others. Based on distribution channel the market is segmented into hospitals & retail pharmacies and e-commerce. 

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Report Coverage	Details
Market Revenues (2022)	USD million
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Category, By Form, By Source, By Distribution Channel, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Arkopharma, Bayer AG, DABUR, Hishimo Pharmaceuticals, Schaper & Brümmer, ZeinPharma Germany GmbH, Venus Pharma GmbH, Dasherb Corp., Arizona Natural Products, Blackmores, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Herbal Medicine Market by Category

• • Herbal Pharmaceuticals
  • Herbal Functional Foods
  • Herbal Dietary Supplements
  • Herbal Cosmetic Products

Global Herbal Medicine Market by Form

• • Tablets & Capsules
  • Powders
  • Extracts
  • Syrups
  • Others

Global Herbal Medicine Market by Source

• • Leaves
  • Roots and barks
  • Fruits
  • Whole plants
  • Others

Global Herbal Medicine Market by Distribution Channel

• • Hospitals & Retail Pharmacies
  • E-commerce

Global Herbal Medicine Market by Region

• • North America Herbal Medicine Market (Option 1: As a part of the free 25% customization)

    • By Category
    • By Form
    • By Source
    • By Distribution Channel
    • US Market All-Up
    • Canada Market All-Up

  • Europe Herbal Medicine Market (Option 2: As a part of the free 25% customization)

    • By Category
    • By Form
    • By Source
    • By Distribution Channel
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Herbal Medicine Market (Option 3: As a part of the free 25% customization)

    • By Category
    • By Form
    • By Source
    • By Distribution Channel
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Herbal Medicine Market (Option 4: As a part of the free 25% customization)

    • By Category
    • By Form
    • By Source
    • By Distribution Channel
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Herbal Medicine (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Arkopharma
  • Bayer AG
  • DABUR
  • Hishimo Pharmaceuticals
  • Schaper & Brümmer
  • ZeinPharma Germany GmbH
  • Venus Pharma GmbH
  • Dasherb Corp.
  • Arizona Natural Products
  • Blackmores