Herbal Medicine Market Valuation – 2024-2031
The rise in consumer awareness and increased investments in promoting traditional medicine are propelling the adoption of herbal medicine. Thus, the rising demand for naturally prepared medicines based on Ayurvedic and Unani teachings has surged which is driving the market size surpass USD 191.06 Billion valued in 2024 to reach a valuation of around USD 652.3 Billion by 2031.

In addition to this, the increasing awareness of the potential negative impacts of allopathic medicines and the advantages of herbal medicinal products are spurring up the adoption of Herbal Medicine. The increasing adoption of herbal medicinal preparations has surged in various industries, including pharmaceuticals and supplements is enabling the market grow at a CAGR of 18.30% from 2024 to 2031.

Herbal medicines, derived from plants’ roots, stems, leaves, flowers, or seeds, are used to improve health and treat illnesses. Popular herbs include gingko, ginseng, ginger, turmeric, and chamomile. Local communities have used these plants for centuries to prepare medicines for human and animal diseases.

The uses and applications of herbal medicine are extensive, spanning a wide range of health conditions and wellness goals. Herbal remedies are commonly used to alleviate symptoms associated with acute ailments such as flu, colds, digestive upset, headaches, and muscle pain. They are also employed for chronic conditions like arthritis, allergies, cardiovascular disease, and mental health disorders. Additionally, Herbal Medicine plays a crucial role in preventive healthcare, supporting immune function, stress management, detoxification, and overall vitality. Herbal preparations can be administered orally, topically, or through inhalation, depending on the desired therapeutic outcome and the specific properties of the herbs used. Clinical studies show a spectrum of anticancer activities from various herbal medicines. This section categorizes the clinical use of these medicines based on their suppressive effect on specific cancer types.

Herbal medicines are crucial in developing countries for treating minor ailments, as they are often used in place of trained doctors or pharmacists. These medicines are unprocessed, dried, and used in teas, capsules, pills, salves, and poultices for internal healing and external injuries. Due to minimal regulations in developing economies, the industry is expected to grow rapidly in the coming years, as herbal medicines are used for various ailments in these countries.

The rise in herbal medicinal product sales in e-commerce is largely due to improved online purchase experiences, targeted marketing, and online education. Online distributors like Amazon have developed portfolios for herbal products, offering live chat options and wellness tools for customized lists based on specific conditions and requirements. This trend is attributed to improved online shopping experiences, this is bolstering the growth of the market

During the COVID-19 pandemic, consumer demand for herbal medicines surged due to lockdowns and social distancing measures. This shift towards natural and organic products, including Ayurveda supplements and herbal medicines, and increased awareness of botanicals’ benefits in managing stress and anxiety levels contributed to market growth.

Europe dominates the herbal medicine market due to several key factors. The region benefits from a rising geriatric population and increasing prevalence of chronic diseases, prompting a growing demand for natural and plant-based therapies as alternatives or complements to conventional medicine. This demographic shift has bolstered the adoption of herbal remedies, driving market expansion.
Europe’s integration of traditional herbal medicines into mainstream healthcare practices contributes significantly to market dominance. Many European countries have established regulatory frameworks that support the safe and effective use of herbal products, enhancing consumer confidence and regulatory compliance.

China is a major exporter of herbal medicines and essential oils, followed by India and Indonesia. The Chinese traditional medicines industry is supported by favorable government policies, heavy research investments, and high consumer adoption. The Chinese Journal of Traditional Chinese Medicine reports that around US 3.0 billion worth of traditional Chinese medicines are exported annually, and over 500 million practitioners consult, accounting for around 20% of Chinese outpatient visits.

The Asia Pacific herbal medicine market has grown due to a growing interest in traditional medicine practices like Traditional Chinese Medicine (TCM) and Ayurveda. These ancient healing methods emphasize the use of herbs and natural remedies for preventive care and treatment, leading to an increased demand for herbal supplements as consumers seek natural alternatives to synthetic drugs.