Herbal Medicine Market Size, Share, Growth, Trends, and Industry Analysis: By Product Type (Tablet &Capsule, Powder, Extract, Syrup, and Others), By Category Type (Herbal Pharmaceuticals, Herbal Functional Foods, Herbal Beauty Products, and Herbal Dietary Supplements), By Source (Leaves, Roots, Bark, Fruits, and Others), By Distribution Channel (Hospitals Retail & Pharmacies, and E-Commerce), and Region Forecast 2019-2030.

Herbal Medicine Market size was valued at USD 168.3 billion in 2023 and growing at a CAGR of 7.0% from 2024-2030. The market is fuelled by several key factors such as increased consumer awareness and preference, rising incidence of chronic diseases, traditional and cultural practices, growing research and evidence, increasing availability and accessibility, the shift towards preventive healthcare, consumer preference for personalized medicine, regulatory support, and quality standards innovations in herbal product development. Exporters of natural components from underdeveloped nations hoping to grow into developed ones have bright futures in cosmetics.

The cosmetics industry is witnessing a surge in demand for natural components due to consumers increasing consciousness about natural cosmetic goods and cosmetic businesses' endeavours to substitute synthetic ingredients with natural herbal alternatives. It is predicted that the growth demand for natural components in cosmetics and toiletries will continue for some time. As raw material procurement becomes more sustainable and customer preferences shift toward natural components, cosmetic firms are actively replacing synthetic chemicals with natural ones.

The market for herbal medicines is predicted to rise due to the high demand for personal care, cosmetics, and toiletries free of dangerous chemicals. The use of herbal medications as alternatives to antibiotics has grown within the past ten years. Both individuals and medical professionals are growing more and more accustomed to using herbal products. In wealthy nations, between 10 and 50 percent of individuals frequently utilize herbal products in one way or another, according to the World Health Organization.

The primary justification for using herbal remedies instead of synthetic ones is their higher level of immunity. In underdeveloped countries, the most typical causes for using these medications include cold and cough, mental and gastrointestinal disorders, and painful conditions like stiffness, rheumatic diseases, and joint discomfort. The growing popularity of using herbal supplements

Herbal Medicine Market Key Developments:

• In March 2021:  In March 2021, Lotus Botanicals is a brand developed by Lotus, one of India's most well-known beauty firms. Consumers will be able to order Lotus Botanicals' selection of skin and hair care products exclusively through Lotus Botanicals and various third-party eCom channels through this e-commerce brand.
• In November 2020: The antiviral immunity-booster pills 'Viromune' were introduced by Indian herbal product manufacturer Kunnath Pharmaceuticals in India. The corporation hopes to generate a revenue of USD 266 million over the following three years through launch.