PUBLISHER: Grand View Research | PRODUCT CODE: 1511797
PUBLISHER: Grand View Research | PRODUCT CODE: 1511797
The global herbal medicine market size is anticipated to reach USD 328.72 billion by 2030 and is projected to grow at a CAGR of 20.91% from 2024 to 2030, according to a new report by Grand View Research, Inc. There is a key shift towards healthier lifestyles, with individuals increasingly prioritizing their well-being and seeking natural alternatives to conventional healthcare. This inclination towards holistic wellness is accompanied by a growing preference for herbal remedies, perceived as gentler and safer options compared to synthetic drugs.
Consumers are increasingly seeking plant-based solutions due to concerns over the adverse effects of synthetic drugs, aligning with a broader shift towards holistic wellness and preventive healthcare. According to the World Health Organization (WHO), approximately 4 billion people i.e., 80% of the world's population use botanicals for some aspect of primary health care.
The advancements in extraction and formulation technologies have enhanced the efficacy and quality of botanical, making them more appealing to a broader audience. As scientific research continues to validate the benefits of remedies, consumer trust in these products is on the rise. Cultural and traditional practices also play a significant role, with the rich history of botanicals contributing to its growing popularity. With an expanding product range and distribution channels, including online platforms, these alternative therapy is becoming increasingly accessible and mainstream, driving further market growth.
There is an increasing demand for evidence-based medicine across all healthcare sectors, including botanicals. Clinical trials play a crucial role in advancing our understanding of traditional medicines and validating their efficacy, safety, and potential therapeutic benefits. In March 2024, 4 plant-based supplements, Yerba Buena, Ulasimang Bato, Tsaang Gubat, and Ampalaya, have passed clinical trials by the Institute of Herbal Medicine-National Institute of Health of University of the Philippines. These supplements have been proven to be effective in treating elevated relieving body pains, uric acid levels, lowering sugar levels in diabetics, and providing anti-colic relief for loose bowel movements and gallstones.