The herbal medicine market industry is projected to grow from USD Significant by 2032, exhibiting a compound annual growth rate (CAGR) of 11.80% during the forecast period (2024 - 2032). The US market for herbal medicines is anticipated to be driven by several market drivers, including consumers' increased preference for traditional medicines, recent technological developments in the healthcare sector, and rising demand for natural remedies.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The US herbal medicine business is expanding as a result of rising awareness of the effectiveness of herbal remedies in treating a range of illnesses and infections. In the United States, about 35 percent of people practice herbal treatment. Many ailments, including as rheumatoid arthritis, eczema, allergies, and asthma, can be treated using this treatment method. Herbal medicine, which comes from plants, has benefits comparable to those of pharmaceuticals and is frequently used in addition to traditional therapy. Popular herbal supplements in the United States include ginkgo, garlic, echinacea, valerian, and others; these are frequently mixed in a synergistic manner to maximize effectiveness. Furthermore, the availability of funds needed for research and development, the strong presence of industry leaders, the development of manufacturing techniques, and the expanding acceptance of innovative herbal medicines all contribute to the expansion of the US herbal medicine market.
The aging population and the growing pharmaceutical industry support in the United States are driving factors behind the expansion of the herbal medicine market in the country. Notably, ginkgo and garlic are popular herbal remedies for older adults that help with issues like bleeding and bruises. About 20% of older people with arthritis choose herbal therapy due to its less negative side effects than traditional treatments. Herbal medicine can help with sexual problems that a significant percentage of adults face. The U.S. herbal medicine market is growing as a result of these factors, which are encouraging pharmaceutical companies to focus their efforts on producing herbal medicines. Thus, driving the herbal medicine market revenue.
The US Herbal Medicine market segmentation, based on application includes Pharmaceutical & Nutraceutical, Food & Beverages, and Personal Care & Beauty Products. The pharmaceutical & nutraceutical segment dominated the market mostly due to the high demand for herbal raw materials among manufacturers of nutritional supplements and the alternative medicine industry. Consumer attention is shifting from synthetic treatments to herbal medications as a result of learning about the long-term advantages of these goods. Anti-aging treatments and dietary supplements like powdered herbal protein are prominent in the nutraceutical industry.
The US Herbal Medicine market segmentation, based on form, includes Powder, Liquid & Gel, and Tablets & Capsules. The liquid & gel category generated the most income. Liquid and gel products are used in the food & beverage, nutraceutical, and pharmaceutical sectors. Many beverage firms are entering the liquid industry with herbal drinks like turmeric drinks. Herbal ingredients are also used to create a range of syrups that are used to treat colds and coughs.
Figure 1: US Herbal Medicine Market, by Form, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The US herbal medicine market area will grow at a significant rate due to a rise in consumer health consciousness, especially in the US, and a change in public perception of natural care products brought about by the massive green wave. This is because people believe that receiving alternative treatments will negatively impact their health. The product's success in the US market has been facilitated by this factor. Furthermore, according to the National Center for Biotechnology Information from 2017, the majority of U.S. patients receiving traditional medications were suffering from illnesses like cancer (43.1%), arthritis (43%), and stroke (48.7%). The United States has also made large investments in the development of novel traditional medications. By 2026, the business volume will have increased even more due to research being conducted to find promising therapeutic plants and innovative chemical compounds.
Herbal Medicine Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the herbal medicine market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, herbal medicine industry must offer cost-effective items.
Key Companies in the herbal medicine market include
| Report Attribute/Metric | Details |
| Market Size 2022 | Significant |
| Market Size 2023 | Significant |
| Market Size 2032 | Significant |
| Compound Annual Growth Rate (CAGR) | 11.80% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, Form, and Region |
| Countries Covered | US |
| Key Companies Profiled | Cultivator Natural Products Pvt. Ltd. (India), 21ST Century HealthCare, Inc. (U.S.), Herbalife Nutrition (U.S.), ZeinPharma Germany GmbH (Germany), Blackmores Limited (Australia), Himalaya Global Holdings Ltd. (India), Nutraceutical Corporation (U.S.), Emami Limited (India), Nature's Answer, LLC. (U.S.), and Patanjali Ayurved Limited (India) |
| Key Market Opportunities | ·      Increasing frequency of heart and liver conditions as well as current technical developments in the healthcare industry |
| Key Market Dynamics | ·      Rising customer preference for conventional treatments and rising demand for unconventional remedies |
Frequently Asked Questions (FAQ) :
The US Herbal Medicine market size was valued at USD Significant in 2022.
The market is projected to grow at a CAGR of 11.80% during the forecast period, 2024-2032.
The key players in the market are Cultivator Natural Products Pvt. Ltd. (India), 21ST Century HealthCare, Inc. (U.S.), Herbalife Nutrition (U.S.), ZeinPharma Germany GmbH (Germany), Blackmores Limited (Australia), Himalaya Global Holdings Ltd. (India), Nutraceutical Corporation (U.S.), Emami Limited (India), Nature's Answer, LLC. (U.S.), and Patanjali Ayurved Limited (India).
The Pharmaceutical & Nutraceutical category dominated the market in 2022.
The Liquid & Gel category had the largest share in the market.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
