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Herbal Medicines: Global Strategic Business Report

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    Report

  • 679 Pages
  • January 2023
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 5302363

Global Herbal Medicines Market to Reach $248.6 Billion by 2030

In the changed post COVID-19 business landscape, the global market for Herbal Medicines estimated at US$135.8 Billion in the year 2022, is projected to reach a revised size of US$248.6 Billion by 2030, growing at a CAGR of 7.9% over the analysis period 2022-2030. Herbal Pharmaceuticals, one of the segments analyzed in the report, is projected to record a 8.1% CAGR and reach US$106.6 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Herbal Functional Foods segment is readjusted to a revised 7.8% CAGR for the next 8-year period.

The U.S. Market is Estimated at $24.6 Billion, While China is Forecast to Grow at 10.3% CAGR

The Herbal Medicines market in the U.S. is estimated at US$24.6 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$50.2 Billion by the year 2030 trailing a CAGR of 10.3% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.8% and 6.9% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 6.3% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$40.3 Billion by the year 2030.

Select Competitors (Total 203 Featured) -

  • Arizona Natural Products
  • Bayer AG
  • Blackmores Ltd.
  • Dasherb Corp.
  • Dr. Willmar Schwabe India Pvt. Ltd.
  • Himalaya Wellness Company
  • Hishimo Pharmaceuticals Pvt. Ltd.
  • Schaper & Brümmer GmbH & Co. KG
  • ZeinPharma Germany GmbH
  • Venus Pharma GmbH
  • Bio-Botanica, Inc.
  • Genius Nature Herbs Pvt. Ltd.
  • Potter's Herbals

What`s New for 2023?

  • Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to digital archives and Research Platform
  • Complimentary updates for one year

Looking Ahead to 2023

The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel. The uncertainty around how Russia`s war on Ukraine will play out this year and the war`s role in creating global instability means that the trouble on the inflation front is not over yet. Food and fuel inflation will remain a persistent economic problem. Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth. Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand. With slower growth and high inflation, developed markets seem primed to enter into a recession. Fears of new COVID outbreaks and China’s already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year. Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced. Year 2023 is expected to be tough year for most markets, investors and consumers. Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.
Frequently Asked Questions about the Global Market for Herbal Medicines

What is the estimated value of the Global Market for Herbal Medicines?

The Global Market for Herbal Medicines was estimated to be valued at $135.8 Billion in 2022.

What is the growth rate of the Global Market for Herbal Medicines?

The growth rate of the Global Market for Herbal Medicines is 7.9%, with an estimated value of $248.6 Billion by 2030.

What is the forecasted size of the Global Market for Herbal Medicines?

The Global Market for Herbal Medicines is estimated to be worth $248.6 Billion by 2030.

Who are the key companies in the Global Market for Herbal Medicines?

Key companies in the Global Market for Herbal Medicines include Arizona Natural Products, Bayer AG, Blackmores Ltd., Dasherb Corp., Dr. Willmar Schwabe India Pvt. Ltd., Himalaya Wellness Company, Hishimo Pharmaceuticals Pvt. Ltd., Schaper & Brümmer GmbH & Co. KG and Venus Pharma GmbH.

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Impact of COVID-19 and a Looming Global Recession
  • Living with COVID-19: The New Normal
  • As the Race between the Virus & Vaccines Intensifies, Where is the World Economy in 2021
  • World Economic Growth Projections (Real GDP, Annual % Change) for the Years 2020, 2021, 2022 and 2023
  • Role of Herbal Medicine in the Fight against COVID-19
  • Pandemic-Driven Consumer Focus on Health & Wellness Drives Consumption of Herbal Supplements and Foods
  • Heal Thyself Motto amid COVID-19 Propels Uptake of Herbal Medicines
  • Herbal Medicines Find Use as Agents in Management of COVID-19 Patients
  • Herbal Medicines and Natural Products Exhibit Potential in Fighting COVID-19
  • Herbal Medicines on the March as Mutant Versions of COVID-19 Virus Emerge
  • Regional Overview of How Herbal Medicine has Gained Attention Amid the Pandemic
  • Herbal Companies Focus on Adapting and Tapping Opportunities Emerging from COVID-19 Pandemic
  • A Prelude to Herbs
  • An Introduction to Herbal Medicine
  • Global Market Outlook
  • Analysis by Geographic Region
  • An Overview of Select Markets
  • Why Have Few Herbal Medicines Secured Approval as Prescription Medicines?
  • Competition
  • Herbal Medicines - Global Key Competitors Percentage Market Share in 2022 (E)
  • Ayurvedic Medicines Market - Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • World Brands
  • Recent Market Activity
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
  • Market to Gain from Mounting Concerns Over Side Effect Profile of Synthetic Drugs
  • Growing Inclination towards Traditional Medicines to Widen the Addressable Market
  • Rising Uptake of Medicinal Herbs Enriched Functional Foods
  • Herbal Supplements Gain Traction
  • Key Trends and Products Shaping the Herbal Supplements Market
  • Leaves, Roots Extracts Thrive Well
  • Rising Popularity of Curcumin & Turmeric Products
  • Consumer Focus on Self-Care Organic Products
  • Nutritional Deficiency & Sedentary Lifestyle Open New Avenues
  • Ashwagandha: A Star Performer
  • Fall of CBD Products
  • Adaptogens: Growing Role as a Stress Buster
  • Natural Garlic Herbal Supplements Gain Interest for Keeping a Healthy Heart
  • Ginkgo Biloba Gains Popularity for Treatment of Blood Disorders and Memory Disorders
  • Echinacea Gets Popular for Immune Stimulating Properties
  • St. John's Wort for Depression and Mood Disorders
  • Ginseng Supplements for Energy Boost
  • Ayurvedic Supplements Go Mainstream
  • Research Evidence Supports Positive Role of Herbal Remedies in Boosting Immunity and Stress Management
  • Changing Demographics and Growing Emphasis on Preventive Healthcare Boost Prospects
  • Demand for Traditional Chinese Medicine Surges amid the Pandemic
  • New Technologies Transform Chinese Herbal Medicine
  • Indian Ayurveda to Witness Rapid Worldwide Growth led by the Pandemic
  • Demand for Ashwagandha Containing Supplements to Soar
  • Ayurvedic Medicine Finds Acceptance Amidst the Pandemic
  • Growing Opportunities for Herbal Medicines in Beauty & Cosmetics Sector
  • Global Herbal Beauty Products Market Breakdown by Product Type (%): 2022E
  • Global Herbal Beauty Products Market Breakdown by Distribution Channel (%): 2022E
  • Threat of Antimicrobial Resistance Drives Opportunities
  • Deaths from Antimicrobial Resistance to Increase by 2050
  • With Depression Increasingly Becoming a Common, Herbal Alternatives Gain Attention
  • Anti-Depressant Market: Percentage Share Breakdown by Depressive Disorder Type
  • Herbal Supplement Usage in Dentistry Surges amid Concerns
  • Rising Global Aging Population Drives Demand
  • Aging Population Steps-Up The Burden on Healthcare: Global Aging Population Statistics for the 65+ Age Group in Million by Geographic Region for the Years 2019, 2025, 2035 and 2050
  • Global Cost of Chronic Diseases (In US$ Billion) for the Years 2018 and 2030
  • Unique Healthcare Needs of Women Propel Demand for Various Herbal Supplements
  • Increasing Focus on Weight Management Spurs Demand for Herbs that Aid Weight Loss
  • Epidemic Proportions of Obesity Lead to Increased Focus on Weight Management
  • Obesity Prevalence Rate (%) in Select Countries for the Years 2019 and 2030P
  • Increasing Prevalence of Chronic & Lifestyle Diseases Enhances Consumer Demand
  • Global Cancer Incidence: Number of New Cancer Cases in Million for the Years 2018, 2020, 2025, 2030, 2035 and 2040
  • World Diabetes and Population Statistics (2019, 2030 & 2045)
  • Global Annual Medical Cost of CVD in US$ Billion: 2010, 2015, 2020, 2025 and 2030
  • Urbanization Trend Drives Uptake of Herbal Supplements
  • World Urban Population in Thousands: 1950-2050P
  • Regulatory Regime for Herbal Medicine
  • The EU Regulatory System for Herbal Medicinal Products
  • Emerging Demand for CSR and Sustainable Sourcing
  • Key Challenges Hampering Growth Prospects for Herbal Medicines and Supplements
  • Risk Drug Interactions between Herbs and Conventional Drugs Challenge Market Prospects
  • Safety Assessment and Registration Requirements Restrict Herbal Medicinal Market
4. GLOBAL MARKET PERSPECTIVE
  • Table 1: World Herbal Medicines Market Analysis of Annual Sales in US$ Million for Years 2014 through 2030
  • Table 2: World Recent Past, Current & Future Analysis for Herbal Medicines by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2030 and % CAGR
  • Table 3: World Historic Review for Herbal Medicines by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2021 and % CAGR
  • Table 4: World 16-Year Perspective for Herbal Medicines by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets for Years 2014, 2023 & 2030
  • Table 5: World Recent Past, Current & Future Analysis for Herbal Pharmaceuticals by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2030 and % CAGR
  • Table 6: World Historic Review for Herbal Pharmaceuticals by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2021 and % CAGR
  • Table 7: World 16-Year Perspective for Herbal Pharmaceuticals by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 8: World Recent Past, Current & Future Analysis for Herbal Functional Foods by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2030 and % CAGR
  • Table 9: World Historic Review for Herbal Functional Foods by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2021 and % CAGR
  • Table 10: World 16-Year Perspective for Herbal Functional Foods by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 11: World Recent Past, Current & Future Analysis for Herbal Beauty Products by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2030 and % CAGR
  • Table 12: World Historic Review for Herbal Beauty Products by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2021 and % CAGR
  • Table 13: World 16-Year Perspective for Herbal Beauty Products by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 14: World Recent Past, Current & Future Analysis for Herbal Dietary Supplements by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2030 and % CAGR
  • Table 15: World Historic Review for Herbal Dietary Supplements by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2021 and % CAGR
  • Table 16: World 16-Year Perspective for Herbal Dietary Supplements by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 17: World Recent Past, Current & Future Analysis for Capsules & Tablets by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2030 and % CAGR
  • Table 18: World Historic Review for Capsules & Tablets by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2021 and % CAGR
  • Table 19: World 16-Year Perspective for Capsules & Tablets by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 20: World Recent Past, Current & Future Analysis for Powders by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2030 and % CAGR
  • Table 21: World Historic Review for Powders by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2021 and % CAGR
  • Table 22: World 16-Year Perspective for Powders by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 23: World Recent Past, Current & Future Analysis for Extracts by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2030 and % CAGR
  • Table 24: World Historic Review for Extracts by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2021 and % CAGR
  • Table 25: World 16-Year Perspective for Extracts by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 26: World Recent Past, Current & Future Analysis for Other Forms by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2022 through 2030 and % CAGR
  • Table 27: World Historic Review for Other Forms by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2021 and % CAGR
  • Table 28: World 16-Year Perspective for Other Forms by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
III. MARKET ANALYSIS
UNITED STATES
  • Herbal Medicines Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2023 (E)
CANADA
  • Herbal Medicines Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Canada for 2022 (E)
JAPAN
  • Herbal Medicines Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2023 (E)
CHINA
  • Herbal Medicines Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2023 (E)
EUROPE
  • Herbal Medicines Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2023 (E)
FRANCE
  • Herbal Medicines Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2023 (E)
GERMANY
  • Herbal Medicines Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2023 (E)
ITALY
UNITED KINGDOM
  • Herbal Medicines Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2023 (E)
SPAINRUSSIAREST OF EUROPE
ASIA-PACIFIC
  • Herbal Medicines Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2023 (E)
AUSTRALIA
  • Herbal Medicines Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2023 (E)
INDIA
  • Herbal Medicines Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2023 (E)
SOUTH KOREAREST OF ASIA-PACIFIC
LATIN AMERICA
  • Herbal Medicines Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2023 (E)
ARGENTINABRAZILMEXICOREST OF LATIN AMERICA
MIDDLE EAST
  • Herbal Medicines Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2023 (E)
IRANISRAELSAUDI ARABIAUNITED ARAB EMIRATESREST OF MIDDLE EAST
AFRICA
  • Herbal Medicines Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2023 (E)
IV. COMPETITION

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Arizona Natural Products
  • Bayer AG
  • Blackmores Ltd.
  • Dasherb Corp.
  • Dr. Willmar Schwabe India Pvt. Ltd.
  • Himalaya Wellness Company
  • Hishimo Pharmaceuticals Pvt. Ltd.
  • Schaper & Brümmer GmbH & Co. KG
  • ZeinPharma Germany GmbH
  • Venus Pharma GmbH
  • Bio-Botanica, Inc.
  • Genius Nature Herbs Pvt. Ltd.
  • Potter’s Herbals