The global herbal medicine market was valued at USD 233.08 billion in 2024 and is projected to grow from USD 251.25 billion in 2025 to USD 437 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.23% during the forecast period. In 2024, Europe dominated the market, accounting for 44.55% of the global share. Additionally, the U.S. herbal medicine market is expected to grow significantly, reaching an estimated value of USD 37.90 billion by 2032, driven by increasing consumer awareness about health and a shift in preferences toward natural care products due to rising environmental consciousness.

Herbal medicines are derived from natural plant sources such as roots, stems, leaves, flowers, or seeds and are used to promote health and treat various ailments. Popular herbs include gingko, ginseng, ginger, turmeric, and chamomile. For centuries, local communities have utilized plant species as part of their cultural traditions to prepare remedies for human and animal health issues. This longstanding practice continues to influence the growing demand for herbal medicines worldwide.

Information Source: https://www.fortunebusinessinsights.com/herbal-medicine-market-106320 

Segments:

Pharmaceutical & Nutraceutical Segment Leads Market Share Due to Rising Demand for Herbal Products
By application, the pharmaceutical and nutraceutical segment dominates the herbal medicine market. This is driven by the high demand for herbal raw materials from dietary supplement manufacturers and the alternative medicine industry.

Tablets & Capsules Segment Gains Significant Share Due to Wide Availability in Pharmaceuticals
Based on form, the tablets and capsules segment holds a substantial market share. Herbal medicines are widely available in these forms, making them a preferred choice in the pharmaceutical industry.

Geographically, the market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Report Coverage:
The report provides a comprehensive analysis of the market, including an in-depth examination of key segments. It highlights the strategies adopted by major players to drive market growth and offers actionable insights for business owners to guide their investments. The report also explores regional dynamics and their impact on market growth, along with the effects of COVID-19 on the demand for herbal medicines.

Drivers and Restraints:

Growing Demand for Herbal Ingredients in Cosmetics to Drive Market Growth
The cosmetics industry presents significant opportunities for exporters of organic ingredients from emerging markets. The demand for natural ingredients is rising due to increasing consumer awareness about organic cosmetics and the shift toward natural alternatives to synthetic components. This trend is expected to continue during the forecast period.

Regional Insights:

Europe Dominates Market Due to High Demand for Organic Products
Europe holds the largest market share, driven by its leading cosmetic industry and the growing demand for natural ingredients in personal care and beauty products. This trend is expected to persist, offering opportunities for new entrants from emerging economies.

In North America, consumer awareness about health and wellness is increasing, particularly in the U.S., where a growing preference for organic care products is evident.

In Asia and Latin America, the cosmetics market is experiencing significant growth. Rising internet penetration is boosting consumer awareness about the benefits of herbal products, leading to increased demand for natural and herbal medicines.

Competitive Landscape:

Leading Companies Focus on Trend-Oriented Products to Capture Market Share
Key players in the market are adopting various strategies to strengthen their positions. These include acquiring companies to enhance brand value and launching innovative products at regular intervals, backed by thorough market research and understanding of target consumers.

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)

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Key Industry Development:

March 2021: Lotus, a prominent Indian beauty company, launched the Lotus Botanicals brand. This e-commerce platform allows consumers to purchase a range of skin and hair care products directly from Lotus Botanicals or through third-party e-commerce platforms.