Herbal Medicine Market Growth Outlook Through 2024-2033

Overview and Scope
Herbal medicine refers to using plants to treat illness and improve overall health and well-being. Herbal medicines improve health, prevent disease, and treat diseases using plant roots, stems, leaves, blossoms, or seeds.

Sizing and Forecast
The herbal medicine market size has grown rapidly in recent years. It will grow from $196.83 billion in 2023 to $216.77 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to traditional practices, lack of access to modern medicine, cultural heritage, natural and holistic approach, historical documentation.

The herbal medicine market size is expected to see rapid growth in the next few years. It will grow to $319.63 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to growing wellness industry, environmental sustainability, rising chronic health conditions, consumer demand for natural products, clinical trials and research funding. Major trends in the forecast period include standardization and quality assurance, digital health integration, adaptogen and stress management, herbal supplements and nutraceuticals, collaboration with conventional medicine.

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Segmentation & Regional Insights
The herbal medicine market covered in this report is segmented –

1) By Product: Capsules And Tablets, Powders, Extracts, Syrups, Other Products
2) By Category: Herbal Pharmaceuticals, Herbal Functional Foods, Herbal Dietary Supplements, Herbal Beauty Products
3) By Distribution Channel: Hospitals, Retail Pharmacies, E-commerce
4) By Application: Pharmaceutical And Nutraceutical, Food And Beverages, Personal Care And Beauty Products

Europe was the largest region in the herbal medicine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the herbal medicine market report during the forecast period. The regions covered in the herbal medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The increasing use of herbal products in the pharmaceutical Industry is expected to propel the growth of the herbal medicine market going forward. Herbal products refer to any medication with only one or more herbal substances, one or more herbal preparations, or a combination of the two as active components. Applying herbal products in the pharmaceutical sector will support the demand for the herbal medicine market. For instance, in December 2022, according to a report published by The Journal of the American Botanical Council, a US-based organization responsible for information on medicinal plants and herbs, in the United States, yearly retail sales of herbal dietary supplements reached $12.350 billion in 2021, up 9.7 % in total sales compared to the previous year. Therefore, the increasing use of herbal products in the pharmaceutical Industry is driving the growth of the herbal medicine market.

Key Industry Players

Major companies operating in the herbal medicine market report are Bayer AG, Patanjali Ayurved Ltd., Dabur Ltd., NOW Foods, Boiron Group, Nature’s Sunshine Products, Emami Ltd., Ricola AG, Young Living Essential Oils, Nature’s Way, Swanson Health Products, Gaia Herbs, New Chapter, Bio-Botanica Inc., Schaper & Brümmer GmbH & Co. KG, Traditional Medicinals, Herb Pharm, Nature’s Answer, Nature’s Bounty, Himalaya Global Holdings Ltd., Arizona Natural Products, Dasherb Corp, ZeinPharma Germany GmbH, Solaray, Hishimo Pharmaceuticals Pvt. Ltd., Beovita Deutschland GmbH & Co. KG, Dr. Willmar Schwable India Pvt. Ltd., Source Naturals.

The herbal medicine market report table of contents includes:

1. Executive Summary
2. Herbal Medicine Market Characteristics
3. Herbal Medicine Market Trends And Strategies
4. Herbal Medicine Market – Macro Economic Scenario
5. Global Herbal Medicine Market Size and Growth
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31. Herbal Medicine Market Other Major And Innovative Companies
32. Global Herbal Medicine Market Competitive Benchmarking
33. Global Herbal Medicine Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Herbal Medicine Market
35. Herbal Medicine Market Future Outlook and Potential Analysis
36.Appendix

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