Herbal medicine market size to grow by USD 36,636.05 million between 2022 and 2027; Growth driven by the demand for natural healing - Technavio

NEW YORK, April 10, 2023 /PRNewswire/ -- The herbal medicine market size is forecasted to increase by USD 36,636.05 million from 2022 to 2027, at a CAGR of 5.96%, according to the recent market study by Technavio. The growth of the market will be driven by the immunity-boosting properties of herbal medicines, low side effects, and natural healing by using herbal remedies. Charts & data tables about market and segment sizes for a historic period (2017-2021) and forecast period (2023-2027) have been covered in this report. Download the Sample Report

Vendor Analysis

The herbal medicine market report includes information on the key products and recent developments of leading vendors, including:

• Arkopharma Laboratories: The company offers herbal medicines such as Arkofluides Articulations BIO.
• Beijing Tongrentang Co Ltd.: The company offers herbal medicines such as Angong Niuhuang Wan.
• Bio Botanica Inc.: The company offers herbal medicines such as organic wild cherry bark in glycerin.
• Blackmores Ltd.: The company offers herbal medicines such as milk thistle and tranquil night.
• Charak Pharma Pvt. Ltd.
• Dabur India Ltd.
• Dasherb Corp.
• Dr. Willmar Schwabe GmbH and Co. KG
• Emami Ltd.
• Hamdard Laboratories
• Himalaya Global Holdings Ltd.
• Hishimo Pharmaceuticals Pvt. Ltd.
• Imperial Ginseng Products Ltd.
• Ricola Group AG
• Schaper and Brummer GmbH and Co. KG

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Key Benefits for Industry Players & Stakeholders – 

• The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
• It also provides detailed analyses of the market's competitive landscape and vendors' product offerings.
• The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

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Market Segmentation:

The market is segmented by product (capsules and tablets, powders, extracts, syrups, and others), distribution channel (hospitals, retail pharmacies, and e-commerce), and geography (Asia, North America, Europe, and the Rest of the World (ROW))

By product, the market growth will be significant in the capsules and tablets segment during the forecast period. In this segment, tablets are inexpensive, safe, and effective oral medications. Caplets, which are elongated tablets, may be easier to swallow. Some have a notch in the middle to make it easier to separate the two halves of the tablet. The capsule shell breaks down in the gastrointestinal tract, and the active pharmaceutical ingredients are absorbed into the body, distributed, and processed in a manner similar to tablets taken. The above factors drive the growth of the segment during the forecast period. 

By distribution channel, the market growth will be significant in the hospital segment during the forecast period. The drugs found in hospital pharmacies include therapeutic and critical care drugs. These drugs are used in cardiology, neurology, urology, and pathogenic infections. A hospital pharmacy's primary business is the procurement, storage, and sale of medicines to patients within the hospital. Inpatient medications are administered to individuals during their treatment. Such factors will increase segment growth during the forecast period. 

Asia will account for 42% of the market growth during the forecast period. In Asia, the herbal medicine market has increased significantly in recent years due to various factors such as the increased consumer awareness of the side effects of symptomatic medications and the rise in awareness about the medicinal and therapeutic benefits of herbal products. This has increased the demand for Ayurvedic products such as extracts, dietary supplements, and personal care products in the region. Such factors will increase the market growth in this region during the forecast period.

Market Dynamics:

Key Drivers:

• Natural healing by using herbal remedies
• Immunity-boosting properties of herbal medicines
• Low side effects

Herbal remedies are used in herbal medicine as an alternative medicine that contributes to natural healing. These remedies are used primarily for chronic illnesses, as opposed to life-threatening illnesses. However, when modern medicine proves ineffective in treating diseases such as advanced cancer or when new infections arise, the use of traditional medicines increases. This will drive the global herbal medicine market and also create opportunities for other vendors to enter the market. Such factors will increase the market growth during the forecast period.

Major Trends:

• Inclination toward herbal and natural products
• Growing popularity of e-commerce channels
• Proliferating demand for personalized herbal medicines

A large number of people nearing retirement age, and youth are inclined toward natural products such as herbal medicines and health supplements. This has influenced a shift in healthcare spending, with many older people opting for herbal medicines to stay active. Moreover, during the pandemic, lockdown restrictions prevented most people from attending fitness centers such as gyms and sports clubs. As a result, the demand for herbal medicines has increased. In addition, vendors actively promoted online sales, especially through e-commerce portals, offering discounts on prominent herbal medicines. Such factors are expected to drive the growth of the global herbal medicine market during the forecast period.

Key Challenges:

• Inadequate knowledge about the usage of herbal medicines
• Difficulty determining inclusion of all plants or basic materials
• Slow healing process

Over the last three decades, the use of herbal medicines has skyrocketed, with more than 80% of people worldwide relying on herbal medicines as part of their essential health care. Although therapies employing these compounds have demonstrated significant potential, many of them remain untested and their use is either poorly controlled or unchecked. As a result, there is insufficient understanding of their method of action, potential adverse responses, contraindications, and combinations with currently available conventional medications and functional foods. Safety remains a key concern with the use of herbal treatments, relevant regulatory bodies must implement adequate measures to protect public health by ensuring that all herbal medications are safe and of appropriate quality. Such factors will hinder market growth during the forecast period.

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What are the key data covered in this Herbal Medicine Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the herbal medicine market between 2023 and 2027
• Precise estimation of the herbal medicine market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the herbal medicine market across Asia, North America, Europe, and Rest of World (ROW)
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of herbal medicine market vendors

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Table of contents:

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Distribution Channel
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global herbal medicine market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global herbal medicine market 2017 - 2021 ($ million)

• 4.2 Product Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 ($ million)

• 4.3 Distribution Channel Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Distribution Channel Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Product

• 6.1 Market segments
• Exhibit 30: Chart on Product - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Product - Market share 2022-2027 (%)

• 6.2 Comparison by Product 
• Exhibit 32: Chart on Comparison by Product
• Exhibit 33: Data Table on Comparison by Product

• 6.3 Capsules and tablets - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Capsules and tablets - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Capsules and tablets - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Capsules and tablets - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Capsules and tablets - Year-over-year growth 2022-2027 (%)

• 6.4 Powders - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Powders - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Powders - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Powders - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Powders - Year-over-year growth 2022-2027 (%)

• 6.5 Extracts - Market size and forecast 2022-2027 
• Exhibit 42: Chart on Extracts - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Extracts - Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Extracts - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Extracts - Year-over-year growth 2022-2027 (%)

• 6.6 Syrups - Market size and forecast 2022-2027 
• Exhibit 46: Chart on Syrups - Market size and forecast 2022-2027 ($ million)
• Exhibit 47: Data Table on Syrups - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Chart on Syrups - Year-over-year growth 2022-2027 (%)
• Exhibit 49: Data Table on Syrups - Year-over-year growth 2022-2027 (%)

• 6.7 Others - Market size and forecast 2022-2027 
• Exhibit 50: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 51: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 53: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 6.8 Market opportunity by Product 
• Exhibit 54: Market opportunity by Product ($ million)

7 Market Segmentation by Distribution Channel

• 7.1 Market segments
• Exhibit 55: Chart on Distribution Channel - Market share 2022-2027 (%)
• Exhibit 56: Data Table on Distribution Channel - Market share 2022-2027 (%)

• 7.2 Comparison by Distribution Channel 
• Exhibit 57: Chart on Comparison by Distribution Channel
• Exhibit 58: Data Table on Comparison by Distribution Channel

• 7.3 Hospitals and retail pharmacies - Market size and forecast 2022-2027 
• Exhibit 59: Chart on Hospitals and retail pharmacies - Market size and forecast 2022-2027 ($ million)
• Exhibit 60: Data Table on Hospitals and retail pharmacies - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Chart on Hospitals and retail pharmacies - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Hospitals and retail pharmacies - Year-over-year growth 2022-2027 (%)

• 7.4 E-commerce - Market size and forecast 2022-2027 
• Exhibit 63: Chart on E-commerce - Market size and forecast 2022-2027 ($ million)
• Exhibit 64: Data Table on E-commerce - Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Chart on E-commerce - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on E-commerce - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Distribution Channel 
• Exhibit 67: Market opportunity by Distribution Channel ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 68: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 69: Chart on Market share by geography 2022-2027 (%)
• Exhibit 70: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 71: Chart on Geographic comparison
• Exhibit 72: Data Table on Geographic comparison

• 9.3 Asia - Market size and forecast 2022-2027 
• Exhibit 73: Chart on Asia - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on Asia - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on Asia - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on Asia - Year-over-year growth 2022-2027 (%)

• 9.4 North America - Market size and forecast 2022-2027 
• Exhibit 77: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.5 Europe - Market size and forecast 2022-2027 
• Exhibit 81: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.6 Rest of World (ROW) - Market size and forecast 2022-2027 
• Exhibit 85: Chart on Rest of World (ROW) - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on Rest of World (ROW) - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on Rest of World (ROW) - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on Rest of World (ROW) - Year-over-year growth 2022-2027 (%)

• 9.7 US - Market size and forecast 2022-2027 
• Exhibit 89: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027 
• Exhibit 93: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 Japan - Market size and forecast 2022-2027 
• Exhibit 97: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.10 India - Market size and forecast 2022-2027 
• Exhibit 101: Chart on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Data Table on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 103: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.11 Germany - Market size and forecast 2022-2027 
• Exhibit 105: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 106: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 107: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.12 UK - Market size and forecast 2022-2027 
• Exhibit 109: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 110: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 111: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 112: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 113: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 114: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 115: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 116: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 117: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 118: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 119: Matrix on vendor position and classification

• 12.3 Arkopharma Laboratories 
• Exhibit 120: Arkopharma Laboratories - Overview
• Exhibit 121: Arkopharma Laboratories - Product / Service
• Exhibit 122: Arkopharma Laboratories - Key offerings

• 12.4 Beijing Tongrentang Co Ltd. 
• Exhibit 123: Beijing Tongrentang Co Ltd. - Overview
• Exhibit 124: Beijing Tongrentang Co Ltd. - Product / Service
• Exhibit 125: Beijing Tongrentang Co Ltd. - Key offerings

• 12.5 Bio Botanica Inc.
• Exhibit 126: Bio Botanica Inc. - Overview
• Exhibit 127: Bio Botanica Inc. - Product / Service
• Exhibit 128: Bio Botanica Inc. - Key offerings

• 12.6 Blackmores Ltd.
• Exhibit 129: Blackmores Ltd. - Overview
• Exhibit 130: Blackmores Ltd. - Business segments
• Exhibit 131: Blackmores Ltd. - Key offerings
• Exhibit 132: Blackmores Ltd. - Segment focus

• 12.7 Dabur India Ltd.
• Exhibit 133: Dabur India Ltd. - Overview
• Exhibit 134: Dabur India Ltd. - Business segments
• Exhibit 135: Dabur India Ltd. - Key offerings
• Exhibit 136: Dabur India Ltd. - Segment focus

• 12.8 Dasherb Corp.
• Exhibit 137: Dasherb Corp. - Overview
• Exhibit 138: Dasherb Corp. - Product / Service
• Exhibit 139: Dasherb Corp. - Key offerings

• 12.9 Dr. Willmar Schwabe GmbH and Co. KG 
• Exhibit 140: Dr. Willmar Schwabe GmbH and Co. KG - Overview
• Exhibit 141: Dr. Willmar Schwabe GmbH and Co. KG - Product / Service
• Exhibit 142: Dr. Willmar Schwabe GmbH and Co. KG - Key offerings

• 12.10 Emami Ltd.
• Exhibit 143: Emami Ltd. - Overview
• Exhibit 144: Emami Ltd. - Product / Service
• Exhibit 145: Emami Ltd. - Key offerings

• 12.11 Hamdard Laboratories
• Exhibit 146: Hamdard Laboratories - Overview
• Exhibit 147: Hamdard Laboratories - Product / Service
• Exhibit 148: Hamdard Laboratories - Key offerings

• 12.12 Himalaya Global Holdings Ltd. 
• Exhibit 149: Himalaya Global Holdings Ltd. - Overview
• Exhibit 150: Himalaya Global Holdings Ltd. - Product / Service
• Exhibit 151: Himalaya Global Holdings Ltd. - Key offerings

• 12.13 Hishimo Pharmaceuticals Pvt. Ltd. 
• Exhibit 152: Hishimo Pharmaceuticals Pvt. Ltd. - Overview
• Exhibit 153: Hishimo Pharmaceuticals Pvt. Ltd. - Product / Service
• Exhibit 154: Hishimo Pharmaceuticals Pvt. Ltd. - Key offerings

• 12.14 Ricola Group AG
• Exhibit 155: Ricola Group AG - Overview
• Exhibit 156: Ricola Group AG - Product / Service
• Exhibit 157: Ricola Group AG - Key offerings

• 12.15 Schaper and Brummer GmbH and Co. KG 
• Exhibit 158: Schaper and Brummer GmbH and Co. KG - Overview
• Exhibit 159: Schaper and Brummer GmbH and Co. KG - Product / Service
• Exhibit 160: Schaper and Brummer GmbH and Co. KG - Key offerings

• 12.16 Sido Muncul
• Exhibit 161: Sido Muncul - Overview
• Exhibit 162: Sido Muncul - Business segments
• Exhibit 163: Sido Muncul - Key offerings
• Exhibit 164: Sido Muncul - Segment focus

• 12.17 Weleda Group
• Exhibit 165: Weleda Group - Overview
• Exhibit 166: Weleda Group - Business segments
• Exhibit 167: Weleda Group - Key offerings
• Exhibit 168: Weleda Group - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 169: Inclusions checklist
• Exhibit 170: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 171: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 172: Research methodology
• Exhibit 173: Validation techniques employed for market sizing
• Exhibit 174: Information sources

• 13.5 List of abbreviations 
• Exhibit 175: List of abbreviations

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