Global Herbal Medicine Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview

of Global Herbal Medicine market:
The latest research study on the global Herbal Medicine market finds that the global Herbal Medicine market reached a value of USD 108448.64 million in 2022. It’s expected that the market will achieve USD 137459.79 million by 2028, exhibiting a CAGR of 4.03% during the forecast period.

Herbal medicine refers to using a plant's seeds, berries, roots, leaves, bark, or flowers for medicinal purposes. Herbal medicine products contain ingredients derived from plants or natural resources. They are sold as tablets, capsules, powders, teas, extracts, and fresh or dried plants.

Raising health awareness
Growing focus on self-care, rising awareness, and influx of substantial investments in R&D activities are stimulating the growth of the global market. Global demand for herbal supplements and medicines has increased due to the rise in lifestyle-related disease events such as obesity and diabetes, which has prompted consideration of herbal supplements to reduce health risks. Meanwhile, the Covid-19 outbreak has also presented an opportunity for Herbal Medicines manufacturers to increasingly launch immune-boosting herbal products, driving growth by offering products for stress relief and better immune health.

Covid-19 boosts industry
In the new crown epidemic in China, traditional Chinese medicine has been deeply involved in the prevention and control of the epidemic throughout the whole process, and has formed TCM diagnosis and treatment standards and technical solutions covering the whole process of the medical observation period, light, ordinary, severe, critical, and recovery period. To achieve full promotion and use. The State Administration of Traditional Chinese Medicine of China has screened out a batch of prescriptions with obvious curative effects, led by "three medicines and three prescriptions", and their clinical effectiveness has been confirmed in controlled experiments. The "three medicines and three prescriptions" Chinese medicines represented by Jinhua Qinggan Granules and Lianhua Qingwen Capsules have been registered and marketed in Thailand, Russia, Pakistan, Singapore, Laos, Kyrgyzstan, the Philippines and other countries, and have played a role in the world's anti-epidemic battlefield.

The herbal product market is restricted by relevant regulations
With the continuous expansion of the herbal product market in Europe, many countries have introduced relevant policies to regulate the herbal market. Herbal products need to be registered as regular medicines, and retailers, including pharmacies, will not be able to purchase herbal products sold on premises without proper licenses. Because herbal products are made from plants, there is less basic research and clinical scientific research on herbal medicines. For small herbal product manufacturers, it may be costly to prove the quality and safety of the product, as well as standardized manufacturing standards.

Product quality instability
Medicinal plants are raw materials of herbal products. Compared with chemically synthesized raw materials, plants have different natural characteristics. The planting place, planting conditions, and harvesting time of medicinal plants will affect the composition of plants. Because there are many factors that change plant growth, the quality of herbs may also be affected. Therefore, manufacturers need strict requirements for the cultivation, harvesting, preliminary processing, packaging, transportation, equipment and personnel of herbal products.

Region Overview:
In 2022, the share of the Herbal Medicine market in Asia-Pacific stood at 51.87%.

Company Overview:
Tongrentang is one of the major players operating in the Herbal Medicine market, holding a share of 2.05% in 2023.

Tongrentang
China Beijing Tongrentang (Group) Co., Ltd. is a state-owned enterprise. At present, the main structure of six secondary groups, three institutes and five directly affiliated subsidiaries has been formed. Covers the modern pharmaceutical industry, retail business and medical services.

Tasly
Tasly Holding Group is a leader in the big health industry, guided by comprehensive internationalization, taking the big bio-pharmaceutical industry as the core, taking the health care industry and medical rehabilitation, health and health care, and health management services as the two wings to form a two-wheeled industry and capital. Driven by high-tech enterprise groups.

Segmentation Overview:
As for product types, the Extracts segment held the largest market share in 2022.

Application Overview:
The market's largest segment by application is the segment Western Herbalism, with a market share of 45.39% in 2022.

The report covers a research time span from 2018 to 2029; combines extensive quantitative analysis and exhaustive qualitative analysis; presents not only an overview of the global Herbal Medicine market in metrics of sales, revenue, growth rate, but also a deeper dive into the segmented market by region, product type and downstream industry, showing the readers a clear and distinct picture of how the market is distributed from different perspectives.

For competitive landscape, prominent players with considerable market shares are comprehensively analyzed in this report. With information regarding the concentration ratio and detailed data reflecting the market performance of each player shared, the readers can acquire a holistic view of the competitive situation and a better understanding of their competitors.

As the COVID-19 takes over the world, we are continuously tracking the changes in the markets. We analyzed the impact of the pandemic in detail, along with other key factors, such as macro-economy, regional conflicts, industry related news and policies. Meanwhile, market investment scenario, technology status and developments, supply chain challenges, among other essential research elements are all covered.

Research Scope
This report provides an overview of the global Herbal Medicine market and analyzes the segmented market by product type, downstream industry, and region, presenting data points such as sales, revenue, growth rate, explaining the current status and future trends of the Herbal Medicine and its sub-markets in an intuitive way.

Key Companies in the global Herbal Medicine market covered in Chapter 3:
SIDO MUNCUL
Sanjiu
Herbal Africa
Tasly
Bionorica
Nelsons
Tongrentang
Schwabe
Yunnan Baiyao
Nature’s Bounty
Arkopharma
Zand
Bio-Botanica
Tsumura
Blackmores
Arizona Natural

In Chapter 4 and Chapter 14.2, on the basis of types, the Herbal Medicine market from 2018 to 2029 is primarily split into:
Tablets & Capsules
Powders
Extracts
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Herbal Medicine market from 2018 to 2029 covers:
Western Herbalism
Traditional Chinese Medicine
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:
North America (United States, Canada)

Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)

Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)

Latin America (Brazil, Mexico, Argentina)

Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)

Key Factors Considered

COVID-19
Amid the COVID-19 crisis, the Herbal Medicine market has definitely taken a hit. The report describes the market scenario during and post the pandemic in the vision of upstream raw materials, major market participants, downstream major customers, etc. Other aspects, such as changes in consumer behavior, demand, transport capacity, trade flow under COVID-19, have also been taken into consideration during the process of the research.

Regional Conflict / Russia-Ukraine War
The report also presents the impact of regional conflict on this market in an effort to aid the readers to understand how the market has been adversely influenced and how it’s going to evolve in the years to come.

Challenges & Opportunities
Factors that may help create opportunities and boost profits for market players, as well as challenges that may restrain or even pose a threat to the development of the players, are revealed in the report, which can shed a light on strategic decisions and implementation.

Chapter Outline

Chapter 1 starts the report with a brief overview of the research scope, as well as the definitions of the target market and the subdivisions.

Chapter 2 integrates and sketches the research findings and conclusions in a clear and explicit way.

Chapter 3 presents the competitive landscape by displaying the sales, revenue, and market shares of the top players. It also profiles the major market participants with their business introductions, sales, price, revenue, gross, growth rates, etc.

Chapter 4 breaks down the market by different product types and shares data correspondingly with the aim of helping the readers know how the market is distributed by type.

Chapter 5 segments the market by downstream industry, with data covers sales, revenue, and growth rate tracing back to 2018.

Chapter 6 is the analysis of the whole market industrial chain, ranging from upstream raw materials to downstream customers, with regional conflicts taken into consideration.

Chapter 7 elaborates on market dynamics. Factors that drive, challenge, or restrain the market are all listed, together with industry news, opportunities, impacts of COVID-19, and SWOT analysis.

Chapter 8 shows the breakdown data at the regional level, which enables the readers to picture the regional competitive pattern of the market and learn about the revenue, sales, and market share of all the major regions.

Chapter 9-13 focus on each and every of the major region, specifically, North America, Europe, Asia Pacific, Latin America, Middle East & Africa. Sales, price, revenue, gross, gross margin, among others, will be all be presented.

Chapter 14 forecasts the future trend of the market not only as a whole but also from the perspective of all segments.

Years considered for this report:

Historical Years:

2018-2022

Base Year:

2022

Estimated Year:

2023

Forecast Period:

2023-2029

Frequently Asked Questions