Global Herbal Medicines Market to Reach US$248.6 Billion by 2030

The global market for Herbal Medicines estimated at US$157.7 Billion in the year 2024, is expected to reach US$248.6 Billion by 2030, growing at a CAGR of 7.9% over the analysis period 2024-2030. Herbal Pharmaceuticals, one of the segments analyzed in the report, is expected to record a 8.0% CAGR and reach US$106.6 Billion by the end of the analysis period. Growth in the Herbal Functional Foods segment is estimated at 7.9% CAGR over the analysis period.

The U.S. Market is Estimated at US$28.0 Billion While China is Forecast to Grow at 10.2% CAGR

The Herbal Medicines market in the U.S. is estimated at US$28.0 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$50.2 Billion by the year 2030 trailing a CAGR of 10.2% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 6.9% and 6.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.3% CAGR.

Global Herbal Medicines Market - Key Trends & Drivers Summarized

Herbal medicines, derived from plants and their extracts, have been used for centuries to treat various ailments and promote overall health. These medicines are gaining renewed interest due to their natural origins, perceived safety, and minimal side effects compared to synthetic drugs. Herbal medicines are utilized in various forms, including teas, capsules, tablets, extracts, and topical applications. They are commonly used to treat conditions such as digestive disorders, respiratory ailments, skin conditions, and mental health issues. The growing trend towards natural and holistic healthcare solutions is driving the demand for herbal medicines worldwide.

The production and consumption of herbal medicines are influenced by cultural practices, traditional knowledge, and scientific research. Many regions, particularly in Asia, have a rich history of herbal medicine use, with practices such as Traditional Chinese Medicine (TCM) and Ayurveda playing significant roles. In recent years, scientific studies have validated the efficacy of certain herbal medicines, leading to their increased acceptance in mainstream healthcare. Regulatory frameworks and quality standards are also evolving to ensure the safety, efficacy, and consistency of herbal products. Additionally, the rising interest in preventive healthcare and wellness is encouraging consumers to incorporate herbal medicines into their daily routines.

The growth in the herbal medicines market is driven by several factors. Firstly, the increasing consumer preference for natural and organic products is a major driver. Secondly, the growing body of scientific evidence supporting the efficacy of herbal medicines is enhancing their credibility and acceptance. Thirdly, the rising prevalence of chronic diseases and the focus on preventive healthcare are boosting the demand for herbal treatments. Additionally, the expansion of e-commerce platforms and the availability of herbal products online are making them more accessible to consumers. Furthermore, the integration of traditional herbal knowledge with modern scientific research is leading to the development of new and innovative herbal formulations. Lastly, supportive regulatory frameworks and government initiatives promoting the use of herbal medicines are further driving market growth.