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.