Global Herbal Supplements and Remedies Market to Reach US$160.6 Billion by 2030

The global market for Herbal Supplements and Remedies estimated at US$90.7 Billion in the year 2023, is expected to reach US$160.6 Billion by 2030, growing at a CAGR of 8.5% over the analysis period 2023-2030. Multi-Herbs, one of the segments analyzed in the report, is expected to record a 9.2% CAGR and reach US$94.2 Billion by the end of the analysis period. Growth in the Specialty Herbs segment is estimated at 8.0% CAGR over the analysis period.

The U.S. Market is Estimated at US$16.4 Billion While China is Forecast to Grow at 9.7% CAGR

The Herbal Supplements and Remedies market in the U.S. is estimated at US$16.4 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$26.7 Billion by the year 2030 trailing a CAGR of 9.7% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 7.1% and 7.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.3% CAGR.

Global Herbal Supplements and Remedies Market - Key Trends and Drivers Summarized

Herbal supplements and remedies are products derived from botanicals, or plants, that are used to treat or prevent diseases, enhance health, or support the well-being of consumers. These products can include a variety of forms such as tablets, capsules, powders, teas, extracts, and fresh or dried plants. They are often marketed as natural alternatives to conventional pharmaceuticals and are based on traditional knowledge from various cultures. The use of herbal supplements is rooted in ancient medicinal practices from around the world, with documented uses stretching back thousands of years. Modern herbal supplements are increasingly backed by scientific research aiming to validate their efficacy and safety, addressing consumer demand for health products with historical use and contemporary evidence of benefits.

The global market for herbal supplements and remedies has expanded considerably as health-conscious consumers seek natural options for healthcare. This trend is supported by growing scientific evidence that contributes to the understanding and legitimacy of herbal medicines in preventing and managing conditions such as stress, fatigue, hormonal imbalance, and immune system health. Consumer preferences are shifting towards holistic and preventive health approaches, fueling interest in and adoption of herbal remedies. Moreover, the integration of herbal supplements into the wellness routines of health-savvy consumers is facilitated by digital platforms that provide easy access to a wide range of products, alongside information regarding their benefits, uses, and customer reviews. This accessibility helps to educate consumers and allows them to make informed decisions about their health and wellness strategies.

The growth in the herbal supplements and remedies market is driven by several factors including an increasing preference for natural products, rising health awareness, and aging populations. As people become more health-conscious, there is a significant shift towards preventive healthcare, which prominently features the use of herbal products to boost immunity and overall health. Aging populations worldwide contribute to this trend, as older adults seek natural remedies to maintain health and manage age-related conditions. Technologically, advancements in extraction and production techniques have improved the potency, safety, and shelf life of herbal products, making them more appealing to consumers. Regulatory support has also grown, with more governments recognizing and integrating traditional herbal medicine into national health systems, further legitimizing these products. Economic factors, such as rising healthcare costs, also drive consumers toward cost-effective herbal alternatives as supplements and primary remedies.