Herbal Market to Grow by USD 130.3 Billion from 2024-2028, Driven by Rising Liver and Heart Disease Rates and AI-Redefined Market Landscape - Technavio

NEW YORK, Nov. 5, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The global herbal market  size is estimated to grow by USD 130.3 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  6.8%  during the forecast period. Increase in prevalence of liver and heart diseases is driving market growth, with a trend towards rising awareness about advantages of natural remedies. However, adverse climatic conditions affecting herbal plant production  poses a challenge.Key market players include Archer Daniels Midland Co., Arizona Natural Products, Arkopharma Laboratories, Bellan Pharmaceuticals, Blackmores Ltd., Dabur India Ltd., Dasherb Corp., Dr. Willmar Schwabe India Pvt. Ltd., Gaia Herbs Inc., Glanbia plc, Greenstorm Foods Pty Ltd, Herbalife International of America Inc., Himalaya Holdings Ltd., Hishimo Pharmaceuticals Pvt. Ltd., KPC Products Inc., Patanjali Ayurved Ltd., Schaper and Brummer GmbH and Co. KG, SP Pharmaceuticals, Tsumura and Co., and ZeinPharma Germany GmbH.

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Key Market Trends Fueling Growth

The herbal market is witnessing a notable due to the rising preference for natural therapies and holistic health solutions. Consumers in both developed and developing countries are seeking alternatives to synthetic drugs, favoring herbal remedies for their perceived benefits and fewer side effects. Anti-inflammatory herbs like turmeric and ginger, immune-boosting herbs such as Echinacea and elderberry, and herbal teas for relaxation and digestion, like chamomile and peppermint, are gaining popularity. The healthcare and pharmaceutical sectors, food and beverages, cosmetics industry, and toiletries are integrating natural ingredients into their offerings, driving market expansion. Regulations, pharmaceutical and nutraceutical segment, and tablets & capsules segment are significant areas of focus. Herbal medicine encompasses various plant species, used in Ayurvedic medicine, medicinal plants, traditional medicine, and homeopathy. E-commerce distribution channels, including Amazon, facilitate access to raw materials and herbal products. Probiotics, vegetable oils, and plant parts are essential components. Antimicrobial resistance and herbal pharmaceuticals are key concerns. Herbal functional foods, herbal dietary supplements, and herbal beauty products are growing segments. Acquisitions and mail order pharmacies are shaping the market landscape. 

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Market Challenges

• The herbal market faces substantial challenges due to unfavorable climatic conditions that negatively impact herbal plant production. Extreme weather events like droughts, floods, and prolonged heat waves can hinder the growth and quality of medicinal plants. For instance, temperature rises can diminish the efficacy of herbs such as ginseng and echinacea, which thrive in cooler climates. Excessive rainfall can lead to fungal diseases that devastate crops such as lavender and chamomile. Unpredictable weather patterns can also disrupt harvesting schedules, leading to supply chain disruptions and market instability. These adverse conditions not only decrease herbal yields but also influence the consistency and efficacy of herbal medicines, threatening the sustainability and profitability of the industry. Key product areas include powders, liquids and gels, tablets and capsules, Ayurvedic medicine, medicinal plants, traditional medicine, and various distribution channels like e-commerce, mail order pharmacies, and hospital pharmacies. Other sectors include probiotics, homeopathy, allopathic alternatives, generics, and various plant species. Acquisitions, capsules/tablets, vegetable oils, synthetic drugs, alternative antibiotic medicines, traditional Chinese medicine, herbal remedies, nutritional supplements, organic herbs, and home remedies are also significant components of the herbal market.

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Segment Overview 

This herbal market report extensively covers market segmentation by

1. Delivery 
• 1.1 Over the counter
• 1.2 Prescription
2. Product 
• 2.1 Herbal supplements and remedies
• 2.2 Herbal medicine
• 2.3 Herbal cosmetics
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Over the counter-  The counter mode of delivery segment in the healthcare market, specifically focusing on herbal medicines, has experienced significant growth in the previous five years. In developed countries like the US, synthetic drugs continue to dominate, but the demand for alternative antibiotic medicines and herbal remedies. The FDA reported a 15% increase in over-the-counter herbal supplement sales in 2022. In contrast, developing countries like India predict a 25% increase in their over-the-counter herbal medicine market by 2021. This trend is driven by the perceived safety of natural ingredients, increased health consciousness, and a preference for self-care options. The pharmaceutical sectors in both developed and developing countries have responded by expanding their offerings to include nutritional supplements, organic herbs, and home remedies. Traditional Chinese Medicine and Ayurvedic medicine have gained popularity, with medicinal plants and raw materials in high demand. The regulations governing the pharmaceutical & nutraceutical segment and food & beverages segment have become more stringent, leading to an increase in e-commerce distribution channels, such as Amazon, for these products. Probiotics, homeopathy, allopathic alternatives, generics, and plant species are also key components of this market. Acquisitions and mergers have become common as major players seek to expand their offerings and reach new markets. The cosmetics industry and toiletries have also embraced natural ingredients, leading in demand for herbal ingredients in skincare products. Overall, the herbal medicine market is a dynamic and growing segment of the healthcare industry, driven by consumer demand for natural and effective alternatives to synthetic ingredients.

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Research Analysis

The herbal market encompasses a wide range of products, including antibiotic medicines derived from natural ingredients in both developed and developing countries. This segment extends to the cosmetics industry and toiletries, where synthetic ingredients are increasingly being replaced by plant-based alternatives. Regulations play a crucial role in ensuring the quality and safety of herbal products in the pharmaceutical and nutraceutical segment, as well as in the food and beverages segment. Ayurvedic medicine and traditional medicine continue to be popular, with an emphasis on medicinal plants and their uses. E-commerce distribution channels, such as Amazon, facilitate global access to herbal products. Probiotics, homeopathy, allopathic alternatives, generics, and various plant species are all integral components of the herbal market. Acquisitions and collaborations between companies continue to shape the industry landscape, with mail order pharmacies and hospital pharmacies serving as key distribution channels.

Market Research Overview

The Herbal Market encompasses a diverse range of natural products derived from plants and other organic sources. These medicinal substances offer various health benefits, catering to an increasing global demand for alternative and complementary therapies. Segments of this market include herbal teas, capsules, tablets, and powders. Herbal medicines are used to treat a multitude of conditions, from common ailments like headaches and digestive issues to chronic diseases. Herbal supplements can also improve general well-being and boost immunity. Sectors such as functional foods and beverages, cosmetics, and pharmaceuticals incorporate herbal ingredients. Herbal medicines are developed through traditional methods or modern techniques, ensuring quality and safety. The herbal market is expected to grow significantly due to rising consumer awareness, increasing research and development, and favorable regulatory policies.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Delivery
• Over The Counter
• Prescription
• Product
• Herbal Supplements And Remedies
• Herbal Medicine
• Herbal Cosmetics
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio