The global herbal medicine market was valued at USD 233.08 billion in 2024 and is expected to grow from USD 251.25 billion in 2025 to USD 437 billion by 2032, with a compound annual growth rate (CAGR) of 8.23% during the forecast period. Europe led the market in 2024, accounting for 44.55% of the global share. The U.S. herbal medicine market is also projected to experience significant growth, reaching an estimated USD 37.90 billion by 2032, driven by growing health consciousness and a rising preference for natural care solutions fueled by environmental concerns.

Herbal medicines are derived from various plant parts, including roots, stems, leaves, flowers, and seeds, and are commonly used to promote overall wellness and address different health conditions. Popular herbs such as ginseng, ginkgo, turmeric, ginger, and chamomile have been used for centuries in traditional healing practices, both for humans and animals, and continue to drive the global demand for herbal remedies.

Information Source: https://www.fortunebusinessinsights.com/herbal-medicine-market-106320 

Market Segments

Pharmaceutical & Nutraceutical Segment Leads Due to Rising Demand for Herbal Products

The pharmaceutical and nutraceutical segment holds the largest market share, largely due to the increasing demand for herbal raw ingredients by dietary supplement companies and the alternative medicine industry.

Tablets & Capsules Segment Achieves Significant Share Due to Wide Availability

Tablets and capsules account for a notable portion of the market, with their broad availability in the pharmaceutical sector making them a preferred option for herbal medicines.

The market is further divided into key regions, including North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Report Coverage

This report provides a comprehensive analysis of the herbal medicine market, offering insights into major segments, strategies employed by key players, and recommendations for investors. It also explores regional trends and evaluates the impact of COVID-19 on the herbal medicine sector.

Drivers and Restraints

Rising Interest in Herbal Ingredients for Cosmetics to Boost Market Growth

The growing demand for organic ingredients in cosmetics presents valuable growth prospects for exporters, particularly from developing regions. As consumer preferences shift towards organic beauty products and away from synthetic compounds, the demand for natural ingredients is expected to rise, continuing through 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 an increasing demand for natural ingredients in personal care and beauty products. This trend is expected to create opportunities for new entrants to the market.

In North America, particularly the U.S., rising awareness of personal health is encouraging a greater demand for organic care products.

Asia and Latin America are also experiencing rapid growth in the cosmetics industry, with increasing internet access contributing to greater awareness of herbal products and boosting the popularity of natural, plant-based remedies.

Competitive Landscape

Top Companies Focus on Market-Driven Products to Strengthen Market Position

Leading companies in the herbal medicine market are adopting various strategies, including acquisitions to enhance brand visibility and the regular introduction of new products based on in-depth market research and consumer behavior insights.

Key Players in the Market

• 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)

Tariff Impact Analysis for Herbal Medicine Market: https://www.fortunebusinessinsights.com/enquiry/request-sample-us-tariff/herbal-medicine-market-106320 

Key Industry Developments:

• March 2021: Indian beauty brand Lotus launched the Lotus Botanicals range, providing customers access to skin and hair care products via an online platform, either directly from Lotus Botanicals or through third-party e-commerce platforms.