Herbal Medicine Market Revenue Size, Share, Report Analysis by 2032
The global herbal medicine market revenue was valued at USD 233.08 billion in 2024 and is expected to expand from USD 251.25 billion in 2025 to USD 437 billion by 2032, reflecting a CAGR of 8.23% throughout the forecast period. Europe led the global market with a 44.55% share in 2024, while the U.S. herbal medicine market is anticipated to reach USD 37.90 billion by 2032, driven by increasing consumer inclination toward natural health solutions and environmentally friendly lifestyles.
Herbal medicines are plant-derived formulations sourced from various parts such as roots, leaves, stems, flowers, and seeds, used for therapeutic and preventive purposes. Commonly utilized herbs include gingko, ginseng, turmeric, chamomile, and ginger. Historically, many cultures have relied on these botanicals to address human and animal health concerns, forming a vital part of traditional healthcare systems.
The rising incidence of lifestyle-related disorders—linked to increased consumption of processed foods and sedentary habits—has shifted consumer preferences toward herbal alternatives. Conditions such as obesity, cardiovascular diseases, and stress-related ailments have amplified interest in natural remedies. According to the World Health Organization (WHO), nearly 80% of the global population depends on traditional healers for herbal-based medicines, as many perceive natural products as safer and free from adverse side effects.
Information Source: https://www.fortunebusinessinsights.com/herbal-medicine-market-106320
Impact of COVID-19 The COVID-19 pandemic, declared by the WHO in March 2020, had a profound influence on the healthcare and pharmaceutical sectors worldwide. Medicine shortages and fluctuating supply chains affected both hospital and retail distribution channels. Data published in the DARU Journal of Pharmaceutical Sciences indicated that between January and mid-2020, hospital demand for medicines such as sedatives, respiratory drugs, and pain relievers surged by 100–700%, underscoring the growing importance of accessible and safe therapeutic alternatives like herbal medicines.
Market Segmentation The pharmaceutical and nutraceutical industries remain key drivers of the herbal medicine market, owing to the escalating use of botanical ingredients in supplements and alternative treatments. Tablets and capsules dominate the product segment due to their convenience, accurate dosage, and wide retail availability. Geographically, the market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Highlights The report covers: Comprehensive segmentation analysis and investment prospects Regional performance evaluations and emerging market trends Strategic developments including mergers, acquisitions, partnerships, and product launches Assessment of COVID-19’s impact on the herbal medicine supply chain and consumer demand Market Drivers and Challenges Growing Use of Natural Ingredients in Cosmetics The cosmetics and personal care industry is increasingly integrating botanical and herbal extracts into product formulations. As consumers move away from chemical-based additives, the demand for natural skincare and haircare products is accelerating. This trend offers lucrative growth opportunities for herbal ingredient manufacturers and suppliers globally.
Regional Insights Europe holds the largest share of the market, supported by a strong cosmetics industry and the growing use of herbal ingredients in personal care and wellness formulations. North America, particularly the U.S., is experiencing notable growth driven by increasing consumer awareness of product safety, a rising preference for organic health solutions, and lifestyle trends emphasizing preventive care. Meanwhile, Asia Pacific and Latin America are witnessing rapid expansion, propelled by increasing disposable incomes, flourishing cosmetics sectors, and heightened digital awareness that enhances consumer education about the benefits of herbal products.
Competitive Landscape The global herbal medicine industry is moderately fragmented, with leading players emphasizing product innovation, diversification, and collaborations to strengthen market presence. Companies are actively engaging in new product launches and mergers & acquisitions to expand their geographic reach and meet changing consumer demands.
Key Market Players 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)
Recent Industry Development March 2021 – Lotus Herbals, a leading Indian beauty and personal care company, introduced Lotus Botanicals, a new collection of skincare and haircare products formulated with natural herbal ingredients. The product range is available through the company’s dedicated online store and major e-commerce platforms.