Global Herbal Medicinal Products Market Overview
The Herbal Medicinal Products Market Size was valued at USD 8.4 billion in 2023 and is projected to grow from USD 9.42 Billion in 2024 to USD 21.01 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.54% during the forecast period (2024 - 2032). Increasing demand for Herbal ingredients in cosmetics industry and high demand for natural medicines from developing countries are the key market drivers enhancing the market growth.
In October 2023, Korea Ginseng Corp. US introduced HSW, a carbonated herbal beverage enriched with Korean Red Ginseng that has been aged for six years. This product launch is aimed at customers who prioritize their health and will be accessible at WaBa Grill, a well-known brand that specializes in nutritious rice bowls.
In June 2023, Traditional Medicinals, a well-known brand that focuses on botanical wellness and herbal medicine, added a new tea blend named Organic Lemon Ginger tea to their collection of more than 60 high-quality teas in Canada.
Herbal Medicinal Products Market Trends
- Increased demand from cosmetic industry to propel market growth
The cosmetics industry provides excellent prospects for developing-country exporters of natural components to expand their operations in developed regions. Natural elements from the cosmetics industry are in high demand. The expanding consumer awareness of natural cosmetics, as well as the increasing focus of cosmetics companies on providing natural herbal alternatives to synthetic components, are driving this need. The growing demand for natural ingredients in cosmetics and toiletry products is likely to continue during the forecast period. Natural substances are being used to replace synthetic chemicals in cosmetic products. This is mostly to meet consumer demand, but it also reflects a shift towards more sustainable raw materials. Consumer desire for chemical-free personal care, beauty, and toiletries is likely to boost the expansion of the market CAGR of herbal medicine.
Furthermore, strong demand for natural components is projected to open doors for potential suppliers in developing countries. The most popular product category is skincare, which includes a wide selection of items made with natural ingredients. Vegetable oils, which have functional capabilities and are helpful to the body and face, are commonly utilised herbal natural substances. For their functional qualities, many plant-based extracts are used. Essential oils, for example, are mostly employed as scents. Considering the widespread usage of herbal components in the cosmetic industry, this aspect is projected to be a major market driver for Herbal Medicinal Products market revenue.
Herbal Medicinal Products Market Segment Insights
Herbal Medicinal Products Type Insights
The Herbal Medicinal Products Market segmentation, based on type, includes Traditional Chinese Medicines, Homeopathic Medicines, Aromatherapy Medicines, and Ayurvedic Medicines. In 2022, the Traditional Chinese Medications segment maintained the greatest Herbal Medicinal Products market revenue. This was due to the increased demand for traditional Chinese medicine in China, as well as the goods' growing appeal in other areas of the world. It is crucial to remember, however, that market share can fluctuate over time owing to a variety of variables such as legal changes, customer preferences, and market competition.
Homeopathy is used to "treat" a wide range of diseases, including physical ones like asthma and psychological ones like depression. Ayurveda is recognized as a kind of medical care in India, alongside conventional Western medicine, traditional Chinese medicine, naturopathic medicine, and homoeopathy. Ayurveda focuses on disease prevention. Homoeopathy, on the other hand, concentrates on disease cure.
In April 2018 - Patanjali's sales volumes grew by 7% in October-March 2018 and by 22% in April-September 2017.Patanjali Ayurved is one of India's major players in the herbal medicines industry. The majority of its products are made from naturally sourced herbal raw materials. It is trying very hard to capture the Indian market and is expected to do so in the coming years. Patanjali has been the biggest disruptor in the FMCG space as the brand is established and consistently growing in terms of both shares and retail shelves. Patanjali's exponential growth is mainly driven by the novelty factor. In the initial years, toothpaste and honey where the only two categories in which Patanjali mainly expanded its market share. Later it started to expand into herbal soaps and edible oil categories. With such expansion plans, Patanjali is looking forward to making its mark in the Indian industry.
Herbal Medicinal Products Function Insights
The Herbal Medicinal Products Market segmentation, based on Function, includes General Wellness, Cardiovascular Health, Gut & Digestive Health, and Cognitive Health. In 2022, the Gut & Digestive Health sector held the greatest market share. This was ascribed to an increase in the prevalence of digestive problems such as irritable bowel syndrome and inflammatory bowel disease, which has resulted in an increase in demand for herbal remedies that can help manage these conditions. Furthermore, consumers are becoming more aware of the digestive health benefits of herbal medicines and are adopting these items into their daily routines to preserve overall wellness. Hence, the Gut & Digestive Health for Herbal Medicinal Products positively impacts the market growth.
Herbal Medicinal Products Form Insights
The Herbal Medicinal Products Market data has been bifurcated by Form into Powder, Syrups, Ointments, Oils, and Capsules &Tablets. The global market is headed by the tablets & capsules category, which generates the most revenue due to its ease of administration, compact design, and more prescription medications in tablet form. In general, capsulated medications are preferred over their non-capsulated counterparts.
January 2022: Dolo set a new record in January 2022 by selling over 350 crores of tablets during covid-19. Echinacea is one of the most commonly utilised plants in organic medicine. According to research, it reduces the risk of catching a cold by 10 to 20%. This has further broadened the growth opportunity for the Herbal Medicinal Products industry.
FIGURE 2: HERBAL MEDICINAL PRODUCTS MARKET, BY PRODUCT FORM, 2022 & 2030 (USD BILLION)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Herbal Medicinal Products Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Due to the rising acceptance of herbal medicines in diets across regions, Europe is expected to earn the most revenue in the global herbal medicine market. The European populace has traditionally been concerned with maintaining their health through regular exercise and diets rich in minerals and vitamins, which is driving Europe Herbal Medicinal Products market.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: HERBAL MEDICINAL PRODUCTS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
North America Herbal Medicinal Products market accounts for the second-largest market share due to pharmaceutical corporations' recent interest in researching the market for herbal treatments, which is assisted by the US Food and Drug Administration department, which periodically monitors the sale of these medications. Further, the US Herbal Medicinal Products market held the largest market share, and the Canada Herbal Medicinal Products market was the fastest growing market in the North America region
The Asia-Pacific Herbal Medicinal Products Market is expected to grow at the fastest CAGR from 2024 to 2032. Because of its growing population and preference for herbal medicines, Asia-Pacific is likely to emerge as one of the main regions for global market growth. Moreover, China Herbal Medicinal Products market held the largest market share, and the India Herbal Medicinal Products market was the fastest growing market in the Asia-Pacific region.
Herbal Medicinal Products Key Market Players & Competitive Insights
Major market players are investing heavily in R&D in order to expand their product lines, which will help the Herbal Medicinal Products market grow even further. Market participants are also pursuing a variety of market developments to expand their global footprint, including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other companies. To expand and thrive in an increasingly competitive and rising market climate, competitors in the Herbal Medical Products industry must offer cost-effective items.
One of the primary business strategies adopted by manufacturers in the global Herbal Medicinal Products industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, Herbal Medicinal Products industry has provided medicine with some of the most significant benefits. The Herbal Medicinal Products market major player such as Nature's Answer Inc. (U.S.), ARKOPHARMA Laboratories Company Ltd. (France), TSUMURA & CO. (Japan), Bio-Botanica Inc. (U.S.), Sanofi-Aventis Healthcare Pty Ltd. (Australia), Young Living Essential Oils LC (U.S.), Ricola AG (Switzerland), and Others
Nature's Answer Inc. specializes in the production and distribution of dietary supplements, herbal treatments, and other health-related goods. The company was established in 1972 and is headquartered in Hauppauge, New York. Nature's Answer Inc. is dedicated to offering high-quality, natural goods that enhance overall health and well-being. The company uses a holistic approach to product development, combining traditional herbal wisdom with modern scientific research to create unique and effective formulations. Liquid herbal extracts, herbal capsules and tablets, and essential oils are among the company's most popular goods. Nature's Answer Inc. also sells a variety of additional health-related items, such as vitamins and minerals, probiotics, and topical lotions and ointments.
ARKOPHARMA Labs is a French firm that specialises in natural and herbal-based dietary supplements and therapeutic goods. ARKOPHARMA Labs is based in Carros, France, and has subsidiaries and distribution networks in more than 60 countries. Products from the company are available in pharmacies, health food stores, and online. ARKOPHARMA Labs has a diverse product line that includes single-ingredient and combination herbal supplements, vitamins and minerals, probiotics, and homoeopathic medicines. To assure the integrity and efficacy of its products, the company is committed to employing high-quality natural ingredients and adheres to strict manufacturing standards.
Key Companies in the Herbal Medicinal Products market includes
- Nature's Answer Inc. (U.S.)
- ARKOPHARMA Laboratories Company Ltd. (France)
- TSUMURA & CO. (Japan)
- Bio-Botanica Inc. (U.S.)
- Sanofi-Aventis Healthcare Pty Ltd. (Australia)
- Young Living Essential Oils LC (U.S.)
- Ricola AG (Switzerland)
- Others
Herbal Medicinal Products Industry Developments
June 2022:Charak Pharma has announced ambitions to introduce new Over the Counter (OTC) healthcare products. Moha, a line of herbal skin care, hair care, and personal care products, was recently introduced by the company.
February 2022:Hamdard, a renowned manufacturer of traditional medicine in India, has announced plans to expand into new consumer market segments with products such as face wash, oral hygiene items, and shampoos.
Herbal Medicinal Products Market Segmentation
Herbal Medicinal Products Type Outlook
- Traditional Chinese Medicines
- Homeopathic Medicines
- Aromatherapy Medicines
- Ayurvedic Medicines
Herbal Medicinal Products Function Outlook
- General Wellness
- Cardiovascular Health
- Gut & Digestive Health
- Cognitive Health
Herbal Medicinal Products Form Outlook
- Powder
- Syrups
- Ointments
- Oils
- Capsules & Tablets
Herbal Medicinal Products Regional Outlook
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
| Report Attribute/Metric |
Details |
| Market Size 2023 |
USD 8.4 billion |
| Market Size 2024 |
USD 9.42 billion |
| Market Size 2032 |
USD 21.01 billion |
| Compound Annual Growth Rate (CAGR) |
10.54% (2024-2032) |
| Base Year |
2023 |
| Market Forecast Period |
2024-2032 |
| Historical Data |
2018 - 2021 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Type, Function, Form and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered |
The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
Nature's Answer Inc. (U.S.), ARKOPHARMA Laboratories Company Ltd. (France), TSUMURA & CO. (Japan), Bio-Botanica Inc. (U.S.), Sanofi-Aventis Healthcare Pty Ltd. (Australia), Young Living Essential Oils LC (U.S.), Ricola AG (Switzerland), and Others |
| Key Market Opportunities |
Increasing use of herbal medicinal products in developing countries Favorable government initiatives and regulations |
| Key Market Dynamics |
Increasing consumer preference for natural and organic products Growing demand for alternative and complementary medicine |
Herbal Medicinal Products Market Highlights:
Frequently Asked Questions (FAQ) :
The Herbal Medicinal Products Market size was valued at USD 8.4 Billion in 2023.
The global market is projected to grow at a CAGR of 10.54% during the forecast period, 2024-2032.
Europe had the largest share in the global market.
The key players in the market are Nature's Answer Inc. (U.S.), ARKOPHARMA Laboratories Company Ltd. (France), TSUMURA & CO. (Japan), Bio-Botanica Inc. (U.S.), Sanofi-Aventis Healthcare Pty Ltd. (Australia), Young Living Essential Oils LC (U.S.), and Ricola AG (Switzerland).
The Traditional Chinese Medicines category dominated the market in 2022.
The Gut & Digestive Health had the largest share in the global market.
