Herbal Medicine Market Revenue, Size, Share, and Growth Projections, 2032
The global herbal medicine market revenue 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, registering a compound annual growth rate (CAGR) of 8.23% over the forecast period. Europe dominated the market in 2024, accounting for 44.55% of the global share. The U.S. herbal medicine market is anticipated to witness substantial growth as well, with projections reaching USD 37.90 billion by 2032, fueled by increasing health consciousness and a rising inclination toward natural care solutions driven by environmental concerns.
Herbal medicines are derived from various natural plant parts including roots, stems, leaves, flowers, and seeds, and are used to support overall wellness and treat different health conditions. Popular herbs include ginseng, gingko, turmeric, ginger, and chamomile. For centuries, people have turned to plants for traditional healing practices for both humans and animals, a tradition that continues to drive global demand for herbal remedies.
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Segments:
Pharmaceutical & Nutraceutical Segment Leads Due to Rising Herbal Product Demand
Based on application, the pharmaceutical and nutraceutical segment holds the largest share of the herbal medicine market, largely due to the growing demand for herbal raw ingredients by dietary supplement companies and the alternative medicine industry.
Tablets & Capsules Segment Achieves Notable Share Due to Broad Availability
Regarding form, tablets and capsules represent a significant market share. Their widespread presence in the pharmaceutical sector makes them a favored option for herbal medicines.
Regionally, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
This report provides an in-depth examination of the market, offering detailed insights into major segments. It presents strategies adopted by key players to accelerate growth and includes actionable recommendations for investors. The report also explores regional patterns and assesses the effects of COVID-19 on the herbal medicine sector.
Drivers and Restraints:
Growing Interest in Herbal Ingredients in Cosmetics to Propel Market Expansion
The cosmetics industry presents valuable growth prospects for exporters of organic ingredients from developing regions. With increasing consumer preference for organic beauty products and a gradual shift away from synthetic compounds, the demand for natural ingredients continues to rise—a trend expected to persist during the forecast period.
Regional Insights:
Europe Leads Due to Strong Demand for Organic Products
Europe continues to dominate the market, supported by a well-established cosmetics sector and a growing demand for natural ingredients in personal care and beauty products. This development is expected to open opportunities for new players in the market.
In North America, particularly the U.S., a growing awareness of personal health is encouraging demand for organic care products.
Asia and Latin America are also witnessing fast-paced growth in the cosmetics domain. The rising availability of internet access has contributed to greater awareness of herbal products, thereby increasing the appeal of natural and plant-based remedies.
Competitive Landscape:
Top Companies Focus on Market-Driven Products to Strengthen Market Position
Leading companies are employing various strategies to strengthen their market footprint, such as acquiring other firms to enhance brand visibility and regularly launching new products backed by detailed market research and consumer behavior analysis.
List of Key Players Covered 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: Indian beauty brand Lotus launched the Lotus Botanicals range. This online platform enables customers to purchase a selection of skin and hair care products either through Lotus Botanicals directly or via third-party e-commerce platforms.