The global herbal medicine market revenue was valued at USD 216.40 billion in 2023 and is projected to grow to USD 233.08 billion in 2024, reaching USD 437 billion by 2032, with a compound annual growth rate (CAGR) of 8.17% during the forecast period (2024-2032).
This information is derived from the report “Herbal Medicine Market, 2024-2032” by Fortune Business Insights.
List of Key Players Mentioned in the Report:
- Cultivator Natural Products Pvt. Ltd. (India)
- 21ST Century HealthCare, Inc. (U.S.)
- Herbalife Nutrition (U.S.)
- ZeinPharma Germany GmbH (Germany)
- Blackmores Limited (Australia)
- Himalaya Global Holdings Ltd. (India)
- Nutraceutical Corporation (U.S.)
- Emami Limited (India)
- Nature’s Answer, LLC. (U.S.)
- Patanjali Ayurved Limited (India)
Information Source: https://www.fortunebusinessinsights.com/herbal-medicine-market-106320
Segments:
Pharmaceutical & Nutraceutical Segment Holds Prime Market Share Owing to Surging Demand for Herbal Products
The pharmaceutical and nutraceutical segment holds the largest share of the herbal medicine market by application. This dominance is driven by strong demand for herbal raw materials from dietary supplement manufacturers and the alternative medicine industry.
Tablets & Capsules Segment to Hold Significant Share Owing to its Extensive Obtainability in Pharmaceutical Industry
The tablets and capsules segment holds a significant share of the market based on form, as many herbal medicines are widely available in these formats.
Geographically, the herbal medicine market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
Drivers and Restraints:
Rising Demand for Herbal Ingredients in Cosmetic Industry to Fuel Market Growth
The cosmetics industry offers significant opportunities for exporters of organic ingredients from emerging markets to expand into developed regions. Increasing consumer awareness of organic products and a growing emphasis among cosmetics companies on offering natural, herbal alternatives to synthetic ingredients are driving demand for natural components. As the use of these ingredients in cosmetics and toiletries continues to rise, this trend is expected to sustain its momentum throughout the forecast period.
Regional Insights:
Europe to Dominate Backed by Demand for Organic Products from Population
Europe dominates the market, holding the largest share, and is home to the world’s largest cosmetics industry. The region is expected to present substantial opportunities for new entrants from emerging markets. The demand for natural ingredients in personal care and beauty products is rapidly growing, a trend that is likely to continue.
In North America, particularly in the U.S., rising consumer awareness about health has sparked a shift toward organic care products, fueled by the influential “green wave.”
Simultaneously, the cosmetics markets in Asia and Latin America are witnessing significant growth. With increasing internet penetration, consumers are becoming more informed about the benefits of herbal products and are showing a growing interest in using natural and herbal medicines.
Competitive Landscape:
Chief Companies Launch Trend-oriented Products to Gain Maximum Market Capital
Key players in the market use a variety of strategies to solidify their positions as industry leaders. A key approach is acquiring other companies to boost brand value and expand market reach. Additionally, regularly launching popular products, supported by comprehensive market analysis and a deep understanding of their target audience, is another effective strategy. These tactics enable companies to maintain a competitive edge and ensure sustained growth in the market.
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Key Industry Development:
March 2021: Lotus, a renowned beauty company in India, introduced its new e-commerce brand, Lotus Botanicals. Through this brand, consumers can access a range of skin and hair care products exclusively on Lotus Botanicals’ own platform as well as through other third-party e-commerce sites. This move aims to expand the brand’s digital presence and provide a more convenient shopping experience for its users.
