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The global herbal medicine market is expected to register a CAGR of 5.88% to reach USD 1,29,689.3 million by 2023.
Herbal medicines are used since ancient times for numerous health conditions. It is the oldest and most extensively used system of medicine in the world today. There are various kinds of herbal medicines and supplements used across the world. According to the National Center for Biotechnology Information, 2015, the World Health Organization (WTO), reported that around 70% to 80% of people globally rely on herbal sources for their treatment. Also, according to the American Botanical Council, September 2017, it was reported that in 2016, the sale of herbal supplements increased by 7.7% in the US. It was also estimated that consumers spending on herbal supplements increased to USD 7.452 billion in 2016. Thus, the increase in the demand for herbal products for healthcare purposes is likely to enhance this market during the forecast period.
The increasing demand for natural medicines, increasing research funding for herbal medicines, and multiple applications of herbal medicines have led to the growth of the global herbal medicine market in recent years. However, side-effects and allergic reactions and poor standardization are likely to restrain market growth over the forecast period.
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