How is the Global Herbal Medicine Market transforming?

How is the Global Herbal Medicine Market transforming?


Apr 9, 2024

Blog Pharmaceuticals How is the Global Herbal Medicine Market transforming?

The demand for herbal medicine is expanding fast as they have no side effects and are clinically proven to be effective in treating different health issues, according to industry insiders. Herbal medicine, also known as traditional medicine, botanical medicine, herbalism, or natural medicine, refers to the use of plants or plant extracts for medicinal purposes. For centuries, different cultures around the world have relied on herbal remedies to treat various ailments and promote overall health.

According to the World Health Organization, around 80% of the world’s population consults traditional health practitioners for plant-based medicines.

The herbal medicine market has seen significant growth in recent years, and this trend is expected to continue in the forecast period. According to BCC Research, the global market is projected to increase from $169.1 billion in 2023 to $279.8 billion by the end of 2028, with a compound annual growth rate (CAGR) of 10.6% during the forecast period from 2023 to 2028.


Here, we will explore some key trends and factors driving growth in this market, along with the major players in this industry.

Global Herbal Medicine Market

The global market for herbal medicine is expected to increase from $169.1 billion in 2023 to $279.8 billion by the end of 2028, with a compound annual growth rate (CAGR) of 10.6% during the forecast period of 2023-2028.

Emerging Trends in the Herbal Medicine Industry

Increased demand for herbal ingredients: A key trend in the herbal medicine market is the rising demand for herbal ingredients. People increasingly opt for natural remedies and traditional herbal treatments, considering them safe and effective. This shift shows a preference for holistic health methods and a desire for gentle, sustainable treatments. As a result, companies in the herbal medicine industry are expanding their product lines to meet this demand, offering a wider range of herbal products to consumers.

Integration with Digital Health: The integration of technology like mobile apps, wearables, and online platforms enhances the accessibility, effectiveness, and safety of herbal remedies. Digital health tools allow consumers to access personalized recommendations, track health progress, and consult experts remotely. This trend not only modernizes traditional herbal practices but also empowers individuals to manage their health more conveniently and informatively.

Globalization of Traditional Medicine: A key trend in the herbal medicine market is the globalization of traditional remedies. As people travel more and share information online, they're discovering herbal treatments from different cultures worldwide. This trend is changing the herbal medicine market by introducing new remedies and ideas from diverse cultures to a wider audience.

Factors Driving Growth in the Herbal Medicine Industry

Increased health concerns: During the COVID-19 pandemic, people have become increasingly concerned about their health. Many are opting for herbal dietary supplements to boost their immune systems naturally. They believe these supplements can help them stay strong and fight off illnesses like COVID-19. As a result, there's been an increase in the consumption of herbal supplements, contributing to the growth of the herbal medicine market.

Government Support: Government support plays a vital role in the herbal medicine market by providing policies, funding, and regulations that encourage the growth and accessibility of herbal remedies. Through initiatives like research grants and safety regulations, governments ensure that herbal products are safe and reliable for consumers. This support boosts confidence in herbal medicines, making them more widely accepted and accessible to the public.

Chronic Disease Management: In the herbal medicine market, Chronic Disease Management is key. Herbal remedies offer natural ways to address long-term health issues. Many people prefer herbal options for managing diseases like diabetes or arthritis due to their focus on overall wellness and fewer side effects. As awareness grows, herbal medicine continues to gain popularity as a safe and effective solution for chronic health concerns.

Leading Herbal Medicine Companies Around the Globe

Himalaya Wellness (Established: 1930, India)

Himalaya Wellness is a renowned herbal healthcare company known for its wide range of herbal products, including supplements, skincare, and personal care and animal health products. With a focus on natural ingredients and traditional Ayurvedic practices, Himalaya Wellness has gained a strong presence in the global market, with its products sold in 106 countries worldwide.

Blackmores Limited (Established: 1932, Australia)

It’s a natural health company that develops, sells, and markets vitamins, herbal and nutritional supplements, and health and wellness products for humans and animals, its products are available in 17 markets across the Asia Pacific region. As of 2023, Blackmores is a publicly listed company on the Australian Securities Exchange (ASX) with a market capitalization of approximately $1.8 billion.

Nature's Way (Established: 1969, USA)

A dietary supplement company renowned for its extensive range of products, including vitamins, minerals, herbs, and botanicals. These offerings are available in over 50 countries worldwide. Known for its innovation, Nature’s Way continually introduces new products like gummies for muscle relaxation and fast-acting stress relief. The company has received numerous awards for its dedication to product excellence and commitment to maintaining high quality standards.

Herbalife (Established: 1980, USA)

A global nutrition company provides a diverse range of products to support wellness. Their offerings include protein shakes, meal replacement bars, teas, aloes, nutritional supplements, and outer nutrition products. With a presence in over 90 countries, Herbalife operates through a network of approximately 4.5 million independent distributors and members.

Schwabe Group (Established: 1866, Germany)

One of the world's oldest pharmaceutical companies specializes in developing plant-based medicines and healthcare products. They are also experts in traditional treatments such as homeopathy and Schuessler Salts. The company's products are sold in over 50 countries around the world. It concentrates its efforts and expertise on four main areas: mental health, cough and cold, stomach and digestive health, and general health and well-being.


The herbal medicine market is rapidly expanding due to its proven effectiveness and minimal side effects, attracting attention from industry experts. As plant-based remedies become increasingly popular, with around 80% of the world's population relying on them, the market is forecasted to reach $279.8 billion by 2028. This growth is fueled by increased demand for herbal ingredients, integration with digital health tools, and globalization of traditional remedies. Key industry players like Himalaya Wellness, Blackmores Limited, Nature's Way, Herbalife, and the Schwabe Group are driving innovation in this space, offering safe and effective solutions for holistic wellness.

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    Karishma Arora

    Written By Karishma Arora

    Karishma Arora is an Assistant Team Lead in Marketing Operations at BCC Research, with a master's degree in commerce. She is a passionate marketer with a knack for creativity and data-driven strategies.

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