APAC Herbal Medicine Market Size was valued at USD 16.2 Billion in 2022. The herbal medicine market industry is projected to grow from USD 17.62 Billion in 2023 to USD 34.607 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.80% during the forecast period (2024 - 2032). The growing population's desire for using traditional medicine is one of the major market driver propelling the market's growth over the forecast period.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Over the past ten years, there has been a rise in the use of complementary and alternative antibiotics, such as herbal remedies. Healthcare providers and patients alike are becoming more and more interested in herbal products. The WHO reports that between 10 and 50 percent of people in affluent nations frequently use herbal products in one way or another. Herbal products are typically used since they have a stronger immune system than synthetic medications. Furthermore, herbal medications might occasionally be the only accessible and reasonably priced form of treatment in developing nations like Bangladesh, China, Japan, India, and Vietnam. Moreover, most common reasons why people choose these medications include cough and cold, anxiety, gastrointestinal disorders, and painful ailments like stiffness, rheumatic diseases, and joint pain. It is anticipated that the market will see significant expansion prospects as a result of the current trend of using herbal medicines.
In many underdeveloped nations, herbal remedies play a critical role in medical care. Nearly all mild diseases are treated with herbal remedies and natural preparations. Usually limited to life-threatening conditions, trips to qualified physicians or prescription pharmacists are uncommon in developing and lower-income nations. Furthermore, unprocessed plants or plant parts that have been dried and utilized whole or chopped are the herbs used medicinally in poor nations. For internal usage, herbs are made as teas (and occasionally as pills or capsules); for external application, they are prepared as salves and poultices. The growing sector in developing countries is anticipated to prove to be one of the key drivers for the business, since most of these countries have very little regulation regarding the use of herbs as medicines. Thus, driving the herbal medicine market revenue.
The APAC Herbal Medicine market segmentation, based on type includes Tablets & Capsules, Powders, Extracts, and Others. The tablets & capsules segment dominated the market mostly. In addition to the quantity of prescriptions stated, the medications are supplied as tablets and capsules, and the use of these forms of delivery is rising. Herbal products are also becoming more and more common in the pharmaceutical sector. The tablet and capsule market category is anticipated to maintain its dominance due to these factors.
Figure 1: APAC Herbal Medicine Market, by Type, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The APAC Herbal Medicine market segmentation, based on application, includes Western Herbalism, Traditional Chinese Medicine, and Others. The traditional chinese medicine category generated the most income. It contains a range of traditional Chinese and other East Asian herbal treatments and treatment techniques that have been used for generations. TCM includes many different types of treatments, including cupping therapy, acupuncture, herbal medicine, and more. TCM is well-liked and extensively utilized in the APAC area due to its all-encompassing approach to health and potency in treating a wide range of conditions.
The APAC Herbal Medicine market is growing rapidly over the forecast period. Customers are more keen to utilize natural and herbal items as they become more aware of the long-term advantages of doing so and as they use the internet more frequently. The market is now being dominated by China. China's market domination has been fueled by the existence of market leaders as well as rising personal health awareness. India is anticipated to expand at the quickest rate because of the country's rising adoption rate and rising consumer awareness of health-related issues. Furthermore, the expansion in these markets has been maintained by rising disposable income in developing nations like China, India, Brazil, and Southeast Asia.
Figure 2: APAC HERBAL MEDICINE MARKET SHARE BY REGION 2023 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Herbal Medicine Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the herbal medicine market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, herbal medicine industry must offer cost-effective items.
Key Companies in the herbal medicine market include
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 16.2 Billion |
| Market Size 2023 | USD 17.62 Billion |
| Market Size 2032 | USD 34.607 Billion |
| Compound Annual Growth Rate (CAGR) | 8.80% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Region Covered | APAC |
| Countries Covered | China, Japan, India, Australia, South Korea |
| Key Companies Profiled | Schwabe, Nature’s Bounty, Bionorica, Arkopharma, Blackmores, Tsumura, Arizona Natural, Nelsons, Bio-Botanica, Sanjiu, Herbal Africa, Yunnan Baiyao, Tasly. Zand, Tongrentang, and SIDO MUNCUL |
| Key Market Opportunities | ·      Large pharmaceutical companies are increasingly strategically entering the market to offer expansion potential |
| Key Market Dynamics | ·      Growing use of herbal dietary supplements is fueling market expansion ·      Inclination for natural and herbal items will drive the demand for herbal medications. |
Frequently Asked Questions (FAQ) :
The APAC Herbal Medicine market size was valued at USD 16.2 Billion in 2022.
The market is projected to grow at a CAGR of 8.80% during the forecast period, 2024-2032.
The key players in the market are Schwabe, Nature’s Bounty, Bionorica, Arkopharma, Blackmores, Tsumura, Arizona Natural, Nelsons, Bio-Botanica, Sanjiu, Herbal Africa, Yunnan Baiyao, Tasly. Zand, Tongrentang, and SIDO MUNCUL.
The Traditional Chinese Medicine category dominated the market in 2022.
The tablets & capsules category had the largest share in the market.
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Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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