2024-2033 Market Report for Medical herbs and green medicine
A recently released market report by the Business Research Company (thebusinessresearchcompany.com) indicates that the market size of herbal medicine has grown rapidly in recent years.
The market is estimated to have grown from $196.83 billion in 2023 to $216.77 billion in 2024, representing a compound annual growth rate (CAGR) of 10.1%. This growth can be attributed to a number of factors, including traditional practices, lack of access to modern medicine, cultural heritage, a natural and holistic approach, and historical documentation.
The herbal medicine market is expected to experience rapid growth in the near future. It is projected to reach $319.63 billion by 2028, with a compound annual growth rate (CAGR) of 10.2%. This growth can be attributed to several factors, including the expansion of the wellness industry, environmental sustainability, the rising prevalence of chronic health conditions, consumer demand for natural products, and the increased funding for clinical trials and research.
The following major trends are expected to emerge in the forecast period: standardisation and quality assurance, digital health integration, adaptogens and stress management, herbal supplements and nutraceuticals, and collaboration with conventional medicine.
The growing utilisation of herbal products in the pharmaceutical industry is fuelling the herbal medicine market. The increasing use of herbal products in the pharmaceutical industry is expected to propel the growth of the herbal medicine market in the future.
Herbal products are defined as any medication with only one or more herbal substances, one or more herbal preparations, or a combination of the two as active components. The application of herbal products in the pharmaceutical sector will support the demand for the herbal medicine market.
For example, in December 2022, a report published by The Journal of the American Botanical Council, a US-based organisation responsible for information on medicinal plants and herbs, indicated that in the United States, yearly retail sales of herbal dietary supplements reached $12.350 billion in 2021, representing a 9.7% increase in total sales compared to the previous year.
Consequently, the increasing utilisation of herbal products within the pharmaceutical industry is driving the expansion of the herbal medicine market. (Source: www.thebusinessresearchcompany.com)