Farmington, Feb. 07, 2023 (GLOBE NEWSWIRE) -- The Global Herbal Medicine Market Size Was Valued At USD 151.91 Billion In 2021. The Market Is Projected To Grow From USD 165.66 Billion In 2022 To USD 347.50 Billion By 2030, Exhibiting a CAGR Of 11.16% During The Forecast Period. The COVID-19 pandemic has been shocking and has never happened before. When compared to the time before the pandemic, the demand for herbal medicine is higher than expected in all areas. Our research shows that the global market was 8.46% bigger in 2020 than in 2019.
Herbal medicines come from plants and are used to help with health and skin. Most herbal medicines used in Asia come from Ayurveda and old Chinese medicine.
Because the COVID-19 virus helped the market do well, there are more worries about health.
Request Sample Copy of Report “Herbal Medicine Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030”, published by Contrive Datum Insights.
Recent Developments:
- November 2020 – Kunnath Pharmaceuticals, a manufacturer of herbal products from India, launched antiviral immunity booster capsules across India under the brand name 'Viromune'. With this launch, the company plans to achieve sales of USD 266 million over the next three years.
- March 2021 – Lotus, one of India's popular beauty companies, launches the Lotus Botanicals brand. This e-commerce brand allows consumers to order skin and hair care products from Lotus Botanicals only through Lotus Botanicals and other third-party e-commerce channels.
Segment Overview
Application Insights
By use, the largest market share for herbal medicines is in the pharmaceutical and nutraceutical segment. This is because companies that make dietary supplements and alternative medicines need a lot of herbal raw materials. People are moving away from synthetic medicines and towards herbal ones after learning about the long-term benefits of herbal products. Herbal protein powders and products that make you look younger are two popular types of products in the nutraceuticals industry. In the long run, these industries are likely to need more and more herbal products. During the time frame of the forecast, this will help the pharmaceutical and nutraceutical market segment be the most important. The second largest part of the market is made up of products for personal care and beauty. Herbal raw materials are becoming more popular in the cosmetics industry because they are good for the hair, face, and skin in the long run. As more people learn about how good the product is for them in the long run, more and more people are buying herbal cosmetics. Food and drink is a fairly new industry, and people are still getting used to the products. Key food companies are making drinks, juices, and milk products with herbal flavours and selling them as alternatives to regular drinks. Because new, innovative products will be coming out in the next few years, this segment is expected to grow at the fastest rate over the next few years.
Form Insights
Tablets and capsules have the most market share because of how they look. There are a lot of capsules and tablets on the market that contain these kinds of medicines. Also, more and more prescriptions are calling for herbal capsules and tablets. Since the pharmaceutical industry is making more herbal products, this market segment is expected to remain the most important during the forecast period.
The liquid and gel segment has the second-largest share of the market when it comes to form. Liquid and gel products are used in the pharmaceutical, nutraceutical, and food and drink industries. Several companies are making herbal and turmeric drinks and entering the market for liquids.
Regional Outlook:
Europe has the biggest market for cosmetics in the world, which is a good place for new companies from developing countries to start. At the same time, beauty and personal care products made with natural ingredients are becoming more popular, and this trend is likely to continue. Based on this demand from European countries, it is likely that Europe will help the market grow a lot in the future. Turmeric is becoming more and more popular in Europe's market for health products. It is known to have antioxidant and anti-inflammatory properties, so it is used as a supplement and in medical products to improve the immune and digestive systems and overall health. The EU gets most of its turmeric from India, but it also gets some from Thailand, Madagascar, Peru, and Sri Lanka. A big reason why people want turmeric is that people in Europe are living longer. As people in Europe become more health-conscious, the area will grow. Turmeric is a popular spice in the area because it is used in a lot of dishes from different cultures.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 11.16% from 2023 to 2030. |
| Revenue Forecast by 2022 | USD 165.66 Billion |
| By Application | Pharmaceutical & Nutraceutical, Food & Beverages, Personal Care & Beauty Products, Others |
| By Form | Powder, Liquid & Gel, Tablets & Capsules, Others |
| By Companies | 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) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Trends:
More and more people are taking herbal supplements.
In the last ten years, herbal medicines and other alternatives to antibiotics have become more and more popular. Both patients and doctors are becoming more and more interested in herbal products. WHO says that 10–50% of people in developed countries use herbal products regularly in some way. The main reason to use herbal products is that they help your body fight off illness better than synthetic drugs. In developing countries like China, Japan, India, Vietnam, South Africa, and Bangladesh, herbal medicines are sometimes the only affordable treatment option. People usually take these medicines for coughs, colds, nervousness, stomach problems, and painful conditions like joint pain, rheumatism, and stiffness. Because herbal supplements are becoming more popular, the market probably has a good chance of growing.
Driving Factors:
Herbal ingredients are becoming more and more important in the cosmetics industry, which is a big driver of market growth.
The cosmetics industry is a good place for exporters of natural ingredients from developing countries who want to grow their businesses in developed regions. More and more beauty companies want to use ingredients that come from nature. This demand is mostly because people are becoming more aware of natural cosmetics and because cosmetics companies are working harder to make herbal ingredients that can replace synthetic ones. As the need for cosmetics and toiletries made with natural ingredients grows, this trend is likely to keep going during the forecast period. In cosmetics, natural ingredients are replacing chemicals made in a lab. This is mostly to meet the needs of consumers and also to move towards raw materials that are better for the environment. People want personal care, beauty, and toiletry products that don't have chemicals, so the herbal medicine market is likely to grow.
Restraining Factors:
Tight rules about how herbal medicines can be used as ingredients in cosmetics will slow the growth of the market.
Every country has its own rules about how to bring in herbal and natural products and how to use them. WHO says that many countries lack political will, a legal framework, the ability to monitor the safety of the products and how they are used, referral mechanisms between herbal and conventional medical practitioners, information systems, analysis of herbal ingredients, and integration of herbal products into health systems. Because of the things above, it is hard for companies that sell or make herbal products to get into new product markets. There are also different laws and standards that manufacturers and suppliers must follow and accept.
Key Segments Covered:
Top Market Players:
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), and others.
By Application
- Pharmaceutical & Nutraceutical
- Food & Beverages
- Personal Care & Beauty Products
- Others
By Form
- Powder
- Liquid & Gel
- Tablets & Capsules
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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