Global Herbal Medicine Market Size was $112.76 billion in 2023

Global Herbal Medicine Market Overview

According to Global Market Monitor, the global herbal medicine market size was $112.76 billion in 2023 with a CAGR of 4.06% from 2023 to 2029.

Herbal medicine refers to using a plant's seeds, berries, roots, leaves, bark, or flowers for medicinal purposes. Herbal medicine products contain ingredients derived from plants or natural resources. They are sold as tablets, capsules, powders, teas, extracts, and fresh or dried plants.

The Herbal Product Market is Restricted by Relevant Regulations.

With the continuous expansion of the herbal product market in Europe, many countries have introduced relevant policies to regulate the herbal market. Herbal products need to be registered as regular medicines, and retailers, including pharmacies, will not be able to purchase herbal products sold on premises without proper licenses. Because herbal products are made from plants, there is less basic research and clinical scientific research on herbal medicines. For small herbal product manufacturers, it may be costly to prove the quality and safety of the product, as well as standardized manufacturing standards.

Compared with chemically synthesized raw materials, plants have different natural characteristics. The planting place, planting conditions, and harvesting time of medicinal plants will affect the composition of plants. Because many factors change plant growth, the quality of herbs may also be affected. Therefore, manufacturers need strict requirements for the cultivation, harvesting, preliminary processing, packaging, transportation, equipment, and personnel of herbal products.

Tongrentang is one of the major players operating in the Herbal Medicine market, holding a share of 2.05% in 2023. It is a state-owned enterprise. At present, the main structure of six secondary groups, three institutes, and five directly affiliated subsidiaries has been formed, covering the modern pharmaceutical industry, retail business, and medical services.

Company Name	Tongrentang
Website	www.tongrentang.com
Plants Distribution	Asia Pacific
Sales Region	Worldwide
Competitors	Yunnan Baiyao
Market Position	Leader in China