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How has the herbal medicine market size evolved in recent years?

The size of the herbal medicine market has seen robust growth in the past few years. The market is projected to expand from a value of $214.32 billion in 2024 to reach a figure of $235.5 billion in 2025, with a compound annual growth rate (CAGR) of 9.9%. This growth during the historic period is a result of factors like traditional practices, a shortage of available modern medicine, the influence of cultural heritage, the preference for natural and holistic methods, and historical documentation.

What are the predictions for the herbal medicine market size in the coming years?

The size of the herbal medicine market is predicted to quickly expand in the coming years, reaching a value of $356.25 billion in 2029 with a compounded annual growth rate (CAGR) of 10.9%. This anticipated growth in the forecast period is linked with a thriving wellness industry, eco-friendly practices, an increase in chronic health problems, a surge in consumer preference for organic products, and an uptick in clinical trials and research funding. Key trends to expect during the forecast period comprise of standardization and quality assurance measures, the fusion of digital health, the use of adaptogens for stress management, the popularity of herbal supplements and nutraceuticals, and a partnership with traditional medicine.

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What key factors are fueling the growth of the herbal medicine market?

The herbal medicine market is projected to experience substantial growth due to the escalating utilization of herbal products in the pharmaceutical sector. Herbal products, which encompass medications that contain one or more botanical substances, one or more botanical preparations, and combinations thereof, are becoming increasingly prominent in the pharmaceutical industry and this is bolstering the demand for the herbal medicine market. As an example, a report from Glanbia Nutritionals (NA) Inc., a U.S. company that delivers dairy and non-dairy answers, stated in February 2024 that the U.S. herbal supplement market is valued at $5.9 billion. The predicted compound annual growth rate (CAGR) is set at 4.3% from 2022 to 2027. Hence, the growth of the herbal medicine market is being propelled by the growing implementation of herbal products in the pharmaceutical industry.

How is the global herbal medicine market divided into key segments?

The herbal medicine market covered in this report is segmented –

1) By Product: Capsules And Tablets, Powders, Extracts, Syrups, Other Products

2) By Category: Herbal Pharmaceuticals, Herbal Functional Foods, Herbal Dietary Supplements, Herbal Beauty Products

3) By Distribution Channel: Hospitals, Retail Pharmacies, E-commerce

4) By Application: Pharmaceutical And Nutraceutical, Food And Beverages, Personal Care And Beauty Products

Subsegments:

1) By Capsules And Tablets: Herbal Capsules, Herbal Tablets

2) By Powders: Single Herb Powders, Blend Powders

3) By Extracts: Liquid Extracts, Dry Extracts, Standardized Extracts

4) By Syrups: Herbal Syrups, Cough Syrups

5) By Other Products: Teas, Tinctures, Ointments And Creams

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Who are the key firms paving the way for growth in the herbal medicine market?

Major companies operating in the herbal medicine market include Patanjali Ayurved Ltd., Dabur Ltd., NOW Foods, Boiron Group, Nature’s Sunshine Products, Emami Ltd., Ricola AG, Young Living Essential Oils, Nature’s Way, Swanson Health Products, Gaia Herbs, New Chapter, Bio-Botanica Inc., Schaper & Brümmer GmbH & Co. KG, Traditional Medicinals, Herb Pharm, Nature’s Answer, Nature’s Bounty, Himalaya Global Holdings Ltd., Arizona Natural Products, Dasherb Corp, ZeinPharma Germany GmbH, Solaray, Hishimo Pharmaceuticals Pvt. Ltd., Beovita Deutschland GmbH & Co. KG, Dr. Willmar Schwable India Pvt. Ltd., Source Naturals

Which trends are expected to transform the herbal medicine market?

Emerging as a notable trend in the herbal medicine market is product innovation. Major corporations in the arena are embracing cutting-edge technologies to retain their market standing. For example, in September 2022, Phytocine, a new wave of traditional Chinese medicine (TCM)-inspired activities was debuted by BASF SE, a chemical company based in Germany. Phytocine targets skin-related issues that can be treated via TCM. These novel active components are purely natural and devoid of preservatives, directed towards offering personal care skin benefits such as enhancing skin hydration and barrier function (Phytocine AQUA), diminishing signs of aging and oxidation (Phytocine NOVO), and soothing sensitive skin (Phytocine CALM).

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What regions are contributing significantly to the growth of the herbal medicine market?

Europe was the largest region in the herbal medicine market in 2024. Asia-Pacific is expected to be the fastest-growing region in the herbal medicine market report during the forecast period. The regions covered in the herbal medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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