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Global Herbal Medicine Market

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    Report

  • 173 Pages
  • October 2023
  • Region: Global
  • BCC Research
  • ID: 5898173
Description Jump to:

The scope of the herbal medicine market is extensive and continues to expand as more people seek alternative and natural remedies for various health conditions. The herbal medicine market has experienced significant growth in recent years, and this growth is projected to continue. Factors such as increasing awareness of herbal remedies, rising health consciousness, and a preference for plant-based products contribute to this growth. The report analyzes each market and its applications, the regulatory environments, the technologies involved, and market projections and shares. Technologies covered include the latest trends and developments. The report informs all market players, potential entrants, government agencies, and other interested parties. As the report covers geographic regions in detail, companies interested in expanding their geographic reach will also find this study helpful. This report also covers merger and acquisition strategies and collaborations,as well as emerging technologies.

Report Includes

  • 34 data tables and 40 additional tables
  • An overview of the current and future global markets for herbal medicines
  • Analyses of the global market trends, with historical market revenue data (sales figures) for 2021-2022, estimates for 2023, forecasts for 2024, and projections of compound annual growth rates (CAGRs) through 2028
  • Estimates of the market size. and a revenue forecast for the global market in USD millions, and a corresponding market share analysis based on the product type, dosage form, application area, distribution/sales channel and region
  • In-depth information (facts and figures) concerning the market drivers, opportunities and challenges, prospects, technologies, regulatory scenarios, and impact of macroeconomic variables
  • Evaluation of scientific evidence supporting the efficacy and safety of herbal medicines for various health conditions
  • A discussion of ESG developments, with emphasis on the importance of ESG, consumer attitudes, assessment of risks and opportunities, and ESG practices of the leading companies
  • A look at the major vendors in the global market, and an analysis of the industry structure, including recent M&A activity and venture funding
  • Patent analysis
  • Company profiles of major players within the industry, including Bayer AG., Herbalife Nutrition Ltd., Dabur India Ltd., Patanjali Ayurved Ltd., and Blackmores Group.

Table of Contents

Chapter 1 Introduction
  • Introduction
  • Study Goals and Objectives
  • Reasons for Doing This Study
  • Scope of Report
  • Methodology
  • Information Sources
  • Geographic Breakdown
Chapter 2 Summary and Highlights
  • Market Overview
Chapter 3 Market and Technology Background
  • Herbal Medicine
  • History of Herbal Medicine
  • Different Approaches to Herbalism
  • Western Herbalism
  • Traditional Chinese Medicine (TCM)
  • Ayurveda
  • Others
  • Sources
  • Medicinal Plant Parts in Herbal Medicine
  • Active Ingredients in Herbal Medicines
Chapter 4 Market Dynamics
  • Factors Affecting the Market for Herbal Medicine
  • Market Drivers
  • Market Barriers
  • Future Opportunities
  • Impact of COVID-19 on Market for Herbal Medicine
Chapter 5 Market Breakdown by Source
  • Introduction
  • Market by Source
  • Market Overview
  • Market Size and Forecast
  • Medicinal Plant Parts
  • Market Size and Forecast
  • Active Ingredients
  • Market Size and Forecast
Chapter 6 Market Breakdown by Type
  • Introduction
  • Global Market Size and Forecast
  • Western Herbalism
  • Market Size and Forecast
  • Traditional Chinese Medicine
  • Market Size and Forecast
  • Ayurveda
  • Market Size and Forecast
  • Others
  • Market Size and Forecast
Chapter 7 Market Breakdown by Application
  • Introduction
  • Global Market Size and Forecast
  • Pharmaceuticals and Nutraceuticals
  • Market Size and Forecast
  • Personal Care and Beauty Products
  • Market Size and Forecast
  • Food and Beverages
  • Market Size and Forecast
Chapter 8 Market Breakdown by Form
  • Introduction
  • Global Market Size and Forecast
  • Tablets and Capsules
  • Market Size and Forecast
  • Liquids and Gels
  • Market Size and Forecast
  • Others
  • Market Size and Forecast
Chapter 9 Market Breakdown by Distribution Channel
  • Introduction
  • Global Market Size and Forecast
  • Retail Pharmacy
  • Market Size and Forecast
  • Hospital Pharmacy
  • Market Size and Forecast
  • Online Pharmacy
  • Market Size and Forecast
  • Others
  • Market Size and Forecast
Chapter 10 Market Breakdown by Region
  • Introduction
  • North America
  • The U.S.
  • Canada
  • Europe
  • The U.K.
  • Germany
  • France
  • Spain
  • Italy
  • Russia
  • Rest of Europe
  • Asia-Pacific
  • Japan
  • China
  • India
  • Australia
  • Rest of Asia-Pacific
  • Rest of the World
  • Market Size and Forecast
Chapter 11 Regulatory Aspects
  • Introduction
  • WHO Guidelines for Herbal Medicines
  • European Union Guidelines for Herbal Medicines
Chapter 12 Emerging/Upcoming Technologies
  • Introduction
  • Herbal Medicine Research and Analysis Tools
  • Nanotechnology
  • Phytopharmaceuticals and Standardization
  • Personalized Herbal Medicine
  • Blockchain for Herbal Product Traceability
  • Plant Biotechnology
  • Bioinformatics and Data Mining
  • Future Opportunities
Chapter 13 ESG Development
  • Introduction
  • Environmental Factors in the Market for Herbal Medicine
  • Social Factors in the Market for Herbal Medicine
  • Governance Factors in the Market for Herbal Medicine
  • Case Study
  • Research Viewpoint
Chapter 14 Patent Review/New Developments
  • Overview
  • Patent Analysis by Year
Chapter 15 Competitive Landscape
  • Mergers, Acquisitions and Collaborations
  • Herbal Medicine Company Market Shares
Chapter 16 Company Profiles
  • 21ST CENTURY HEALTHCARE INC.
  • AFRIPLEX
  • BAYER AG
  • BEIJING TONG REN TANG
  • BIO-BOTANICA
  • BLACKMORES GROUP
  • BOIRON USA
  • CHRISTARA INC.
  • Dabur
  • GAIA HERBS INC.
  • HERBALIFE NUTRITION LTD.
  • HIMALAYA WELLNESS CO.
  • NATIVE CIRCLE LLP
  • NATURE’S ANSWER LLC
  • NUTRACEUTICAL INTERNATIONAL
  • PATANJALI AYURVED LTD.
  • RICOLA AG
  • SCHWABE GROUP
  • WELEDA AG
  • ZANDU REALTY LTD.
  • ZEINPHARMA GERMANY GMBH
List of Tables
Summary Table A: Global Market for Herbal Medicine, Through 2028
Summary Table B: Global Market for Herbal Medicine, by Type, Through 2028
Table 1: Plant Part Used for Medicinal Purposes
Table 2: Major Active Plant Ingredients
Table 3: Top-selling Herbal Medicines in the U.S., 2020
Table 4: Member States with Herbal Medicines Included in NEML
Table 5: Global Market for Herbal Medicine, by Source, Through 2028
Table 6: Global Market for Medicinal Plant Part-Based Herbal Medicine, by Region, Through 2028
Table 7: Primary Active Ingredients of Medicinal Plants
Table 8: Global Market for Active Ingredient-Based Herbal Medicine, by Region, Through 2028
Table 9: Global Market for Herbal Medicine, by Type, Through 2028
Table 10: Global Market for Western Herbalism, by Region, Through 2028
Table 11: Major Approved Preparations Used in Traditional Chinese Medicine (TCM)
Table 12: Global Market for Chinese Herbal Medicine, by Region, Through 2028
Table 13: Global Market for Ayurvedic Medicne, by Region, Through 2028
Table 14: Global Market for Other Types of Herbal Medicine, by Region, Through 2028
Table 15: Global Market for Herbal Medicine, by Application, Through 2028
Table 16: Major Herbs Used to Treat Cancer Symptoms
Table 17: Global Market for Herbal Medicine in Pharmaceutical and Nutraceutical Applications, by Region, Through 2028
Table 18: Global Market for Herbal Medicine in Personal Care and Beauty Product Applications, by Region, Through 2028
Table 19: Global Market for Herbal Medicine in Food and Beverage Applications, by Region, Through 2028
Table 20: Global Market for Herbal Medicine, by Form, Through 2028
Table 21: Global Market for Herbal Medicine in Tablet and Capsule Forms, by Region, Through 2028
Table 22: Global Market for Herbal Medicine in Liquid and Gel Forms, by Region, Through 2028
Table 23: Global Market for Herbal Medicine in Other Forms, Through 2028
Table 24: Global Market for Herbal Medicine, by Distribution Channel, Through 2028
Table 25: Total U.S. Retail Sales of Herbal Supplements, 2015-2021
Table 26: Global Market for Herbal Medicine Distributed by Retail Pharmacies, by Region, Through 2028
Table 27: Global Market for Herbal Medicine Distributed by Hospital Pharmacies, by Region, Through 2028
Table 28: Global Market for Herbal Medicine Distributed by Online Pharmacies, by Region, Through 2028
Table 29: Global Market for Herbal Medicine Distributed through Other Distribution Channels, by Region, Through 2028
Table 30: Global Market for Herbal Medicine, by Region, Through 2028
Table 31: North American Market for Herbal Medicine, by Country, Through 2028
Table 32: European Market for Herbal Medicine, by Country, Through 2028
Table 33: Indications for the Use of Herbal Medicine in Germany, 2019
Table 34: Asia-Pacific Market for Herbal Medicine, by Country, Through 2028
Table 35: WHO Guidelines for Herbal Medicine
Table 36: Legal Authority of Herbal Drug Regulations in Various Countries
Table 37: Nanostructured Herbal Formulations
Table 38: Analytical Techniques to Study the Chemical Composition and Properties of Herbal Extracts
Table 39: SDGs for the Market for Herbal Medicine
Table 40: ESG Rankings for Major Companies in the Market for Herbal Medicine, 2023
Table 41: ESG Trends of Major Players, 2022
Table 42: Patent Analysis, by Year, 2020-August 2023
Table 43: Major Companies' Patents, 2022-March 2023
Table 44: Mergers and Acquisitions: Herbal Medicine Companies, 2019-2023
Table 45: 21st Century HealthCare Inc.: Product Portfolio
Table 46: Afriplex: Product Portfolio
Table 47: Bayer AG: Annual Financials/Revenue, 2021 and 2022
Table 48: Bayer AG: Product Portfolio
Table 49: Blackmores Group: Annual Financials/Revenue, 2021 and 2022
Table 50: Blackmores Group: News, 2019-2023
Table 51: Blackmores Group: Product Portfolio
Table 52: Boiron USA: Product Portfolio
Table 53: Dabur: Annual Financials/Revenue, 2021 and 2022
Table 54: Dabur: News, 2019-2023
Table 55: Dabur: Product Portfolio
Table 56: Gaia Herbs Inc.: News, 2020 and 2021
Table 57: Gaia Herbs Inc.: Product Portfolio
Table 58: Herbalife Nutrition Ltd.: Annual Financials/Revenue, 2021 and 2022
Table 59: Herbalife Nutrition Ltd.: Product Portfolio
Table 60: Himalaya Wellness Co.: Product Portfolio
Table 61: Native Circle LLP: Product Portfolio
Table 62: Nature's Answer LLC: News, 2023
Table 63: Nature's Answer LLC: Product Portfolio
Table 64: Nutraceutical International Corp.: Product Portfolio
Table 65: Patanjali Ayurved Ltd.: Product Portfolio
Table 66: Patanjali Ayurved Ltd.: Annual Financials/Revenue, 2021 and 2022
Table 67: Schwabe Group: News, 2022 and 2023
Table 68: Schwabe Group: Product Portfolio
Table 69: Weleda Group: Annual Financials/Revenue, 2021 and 2022
Table 70: Weleda Group: Product Portfolio
Table 71: Zandu: Product Portfolio
Table 72: ZeinPharma Germany GmbH: Product Portfolio

List of Figures
Summary Figure A: Global Market for Herbal Medicine, 2020-2028
Summary Figure B: Global Market for Herbal Medicine, by Type, 2020-2028
Figure 1: Growth in the Number of Member States with a National Policy on T&CM, 1999-2018
Figure 2: Growth in the Number of Member States with a National Research Institute for T&CM, 1999-2018
Figure 3: Growth in the Number of Member States with Regulation of Herbal Medicine, 1999-2018
Figure 4: Global Market for Herbal Medicine, by Source, 2020-2028
Figure 5: Global Market Shares of Herbal Medicine, by Source, 2022
Figure 6: Global Market for Medicinal Plant Part-Based Herbal Medicine, by Region, 2020-2028
Figure 7: Global Market for Active Ingredient-Based Herbal Medicine, by Region, 2020-2028
Figure 8: Global Market for Herbal Medicine, by Type, 2020-2028
Figure 9: Global Market Shares of Herbal Medicine, by Type, 2022
Figure 10: Major Herbs Used in Western Herbalism
Figure 11: Global Market for Western Herbalism, by Region, 2020-2028
Figure 12: Major Herbs Used in Traditional Chinese Medicine
Figure 13: Global Market for Chinese Herbal Medicine, by Region, 2020-2028
Figure 14: Major Herbs Used in Ayurveda
Figure 15: Global Market for Ayurvedic Medicne, by Region, 2020-2028
Figure 16: Global Market for Other Types of Herbal Medicine, by Region, 2020-2028
Figure 17: Global Market for Herbal Medicine, by Application, 2020-2028
Figure 18: Global Market Shares of Herbal Medicine, by Application, 2022
Figure 19: Global Market for Herbal Medicine in Pharmaceutical and Nutraceutical Applications, by Region, 2020-2028
Figure 20: Global Market for Herbal Medicine in Personal Care and Beauty Product Applications, by Region, 2020-2028
Figure 21: Global Market for Herbal Medicine in Food and Beverage Applications, by Region, 2020-2028
Figure 22: Global Market for Herbal Medicine, by Form, 2020-2028
Figure 23: Global Market Shares of Herbal Medicine, by Form, 2022
Figure 24: Global Market for Herbal Medicine in Tablet and Capsule Forms, by Region, 2020-2028
Figure 25: Global Market for Herbal Medicine in Liquid and Gel Forms, by Region, 2020-2028
Figure 26: Global Market for Herbal Medicine in Other Forms, by Region, 2020-2028
Figure 27: Global Market for Herbal Medicine, by Distribution Channel, 2020-2028
Figure 28: Global Market Shares of Herbal Medicine, by Distribution Channel, 2022
Figure 29: Global Market for Herbal Medicine Distributed by Retail Pharmacies, by Region, 2020-2028
Figure 30: Global Market for Herbal Medicine Distributed by Hospital Pharmacies, by Region, 2020-2028
Figure 31: Global Market for Herbal Medicine Distributed by Online Pharmacies, by Region, 2020-2028
Figure 32: Global Market for Herbal Medicine Distributed through Other Distribution Channels, by Region, 2020-2028
Figure 33: Global Market for Herbal Medicine, by Region, 2020-2028
Figure 34: Global Market Shares of Herbal Medicine, by Region, 2022
Figure 35: North American Market for Herbal Medicine, by Country, 2020-2028
Figure 36: The U.S. Market for Herbal Medicine, 2020-2028
Figure 37: Canadian Market for Herbal Medicine, 2020-2028
Figure 38: European Market for Herbal Medicine, by Country, 2020-2028
Figure 39: The U.K. Market for Herbal Medicine, 2020-2028
Figure 40: German Market for Herbal Medicine, 2020-2028
Figure 41: French Market for Herbal Medicine, 2020-2028
Figure 42: Spanish Market for Herbal Medicine, 2020-2028
Figure 43: Italian Market for Herbal Medicine, 2020-2028
Figure 44: Russian Market for Herbal Medicine, 2020-2028
Figure 45: Rest of European Market for Herbal Medicine, 2020-2028
Figure 46: Asia-Pacific Market for Herbal Medicine, by Country, 2020-2028
Figure 47: Japanese Market for Herbal Medicine, 2020-2028
Figure 48: Chinese Market for Herbal Medicine, 2020-2028
Figure 49: Indian Market for Herbal Medicine, 2020-2028
Figure 50: Australian Market for Herbal Medicine, 2020-2028
Figure 51: Rest of Asia-Pacific Market for Herbal Medicine, 2020-2028
Figure 52: Rest of the World Market for Herbal Medicine, 2020-2028
Figure 53: Various Methods of Preparation Using Nanotechnology for Herbal Drugs and Nutraceuticals
Figure 54: Environmental, Social and Governance Factors in the Herbal Medicine Industry
Figure 55: How a Strong ESG Propositions Benefit Herbal Medicine Businesses
Figure 56: Shares of Patents on Herbal Medicine, by Country/Region, 2020-August 2023
Figure 57: Global Market Shares of Herbal Medicine, by Key Manufacturers and Suppliers, 2022
Figure 58: Bayer AG: Annual Financials/Revenue, 2021 and 2022
Figure 59: Bayer AG: Revenue Share, by Business Unit, 2022
Figure 60: Bayer AG: Revenue Share, by Region, 2022
Figure 61: Blackmores Group: Annual Financials/Revenue, 2021 and 2022
Figure 62: Blackmores Group: Revenue Share, by Region/Country, 2022
Figure 63: Dabur: Annual Financials/Revenue, 2021 and 2022
Figure 64: Dabur: Revenue Share, by Business Unit, 2022
Figure 65: Dabur: Revenue Share, by Region, 2022
Figure 66: Herbalife Nutrition Ltd.: Annual Financials/Revenue, 2021 and 2022
Figure 67: Herbalife Nutrition Ltd.: Revenue Share, by Business Unit, 2022
Figure 68: Herbalife Nutrition Ltd.: Revenue Share, by Region, 2022
Figure 69: Patanjali Ayurved Ltd.: Annual Financials/Revenue, 2021 and 2022
Figure 70: Patanjali Ayurved Ltd.: Revenue Share, by Business Unit, 2022
Figure 71: Weleda Group: Annual Revenue, 2021 and 2022
Figure 72: Weleda AG: Revenue Share, by Business Unit, 2022
Figure 73: Weleda Group: Revenue Share, by Region, 2022

Executive Summary

The global market for herbal medicine has consistently expanded over the years, with rising demand particularly evident in developing nations. This phenomenon can be attributed to several factors, including population growth, the recognized health advantages of herbal products, and the perception of these products as safer and more economically viable alternatives to pharmaceutical drugs. The increasing significance of herbal medicinal products globally is driven primarily by their positive impact on health and well-being.

Large segments of the population in developing countries heavily rely on traditional practitioners and herbal medicines as their primary healthcare option. In Africa and India, up to 90% and 70% of the population, respectively, turn to traditional medicine for their health needs. Notably, traditional medicine contributes to approximately 40% of healthcare in China, with most general hospitals having dedicated traditional medicine units. In the U.S., about 38% of adults and 12% of children have embraced some form of traditional medicine.

The World Health Organization (WHO) plays a pivotal role in shaping the herbal medicine landscape, and this active involvement is expected to influence market demand significantly. Several key facts underscore the importance of the WHO’s contribution to the herbal medicine sector. Almost 90% of WHO member states globally have developed policies, laws, regulations, programs, and offices for traditional and complementary medicine (T&CM) that are aligned with the WHO’s Global Traditional and Complementary Medicine Strategy 2014-2023. The WHO has made efforts to raise public awareness about the benefits and potential risks of herbal medicine among consumers and healthcare providers. This informed approach promotes responsible usage and further fuels market demand.

In 2022, the American Herbal Products Association became the most important trade group for herbs and medicinal plants in the U.S. This achievement is expected to boost the American market related to these products.

The shift in public perception also drives the demand for herbal medicines, which offer distinct advantages over synthetic pharmaceutical drugs. The characteristic of lower toxicity and enhancements in national traditional and complementary medicine governance and infrastructure will further drive the market growth.

The global market for herbal medicines was valued at $153.5 billion in 2022 and is forecast to grow at a CAGR of 10.6% to reach a value of $279.8 billion by the end of 2028. The major players in the market are Bayer AG, Herbalife Nutrition Ltd., Dabur India Ltd., Patanjali Ayurved Ltd., and Blackmores Group.

Companies Mentioned

  • 21ST CENTURY HEALTHCARE INC.
  • AFRIPLEX
  • BAYER AG
  • BEIJING TONG REN TANG
  • BIO-BOTANICA
  • BLACKMORES GROUP
  • BOIRON USA
  • CHRISTARA INC.
  • Dabur
  • GAIA HERBS INC.
  • HERBALIFE NUTRITION LTD.
  • HIMALAYA WELLNESS CO.
  • NATIVE CIRCLE LLP
  • NATURE’S ANSWER LLC
  • NUTRACEUTICAL INTERNATIONAL
  • PATANJALI AYURVED LTD.
  • RICOLA AG
  • SCHWABE GROUP
  • WELEDA AG
  • ZANDU REALTY LTD.
  • ZEINPHARMA GERMANY GMBH

Table Information

Report AttributeDetails
No. of Pages173
PublishedOctober 2023
Forecast Period2023 - 2028
Estimated Market Value ( USD ) in 2023 $ 169.1 Billion
Forecasted Market Value ( USD ) by 2028 $ 279.8 Billion
Compound Annual Growth Rate10.6%
Regions CoveredGlobal
No. of Companies Mentioned21

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About the Herbal Medicine Market

The Herbal Medicine market is a subset of the Vitamins and Dietary Supplements industry. Herbal medicines are derived from plants and are used to treat a variety of ailments. They are often used as an alternative to traditional pharmaceuticals, as they are believed to be more natural and less likely to cause side effects. Herbal medicines are available in many forms, including teas, tinctures, capsules, and tablets. Herbal medicines are widely used in many countries around the world, and the market is growing rapidly. Consumers are increasingly turning to herbal medicines as a way to improve their health and wellbeing. Many herbal medicines are believed to have medicinal properties, such as anti-inflammatory, anti-bacterial, and anti-viral effects. Some of the companies in the Herbal Medicine market include Gaia Herbs, Herb Pharm, Nature's Way, and Traditional Medicinals. These companies offer a wide range of herbal medicines, including teas, tinctures, capsules, and tablets. They also provide educational resources to help consumers make informed decisions about their health. Show Less Read more

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