Exploring the Herbal Medicine Market: Growth in Thailand, ASEAN, and Beyond
Herbal medicine is gaining momentum globally, with countries increasingly embracing natural health solutions alongside pharmaceuticals. Thailand and the broader ASEAN region play critical roles in this shift, leveraging traditional medicine practices and innovations. This blog dives into the current state, trends, and future opportunities in the herbal medicine markets in Thailand, ASEAN, and worldwide.
1. Thailand’s Herbal Medicine Market
Thailand actively promotes herbal products through both public and private sectors, integrating traditional Thai medicine into healthcare and wellness tourism. A key element of this strategy is government support for exports, enhancing the global reach of Thailand’s herbal products.
Market Size and Growth:
In 2023, the Thai herbal market reached 57 billion baht (~USD 1.6 billion), with projections indicating it will grow to 90 billion baht (~USD 2.6 billion) by 2030. This growth is driven by the rising demand for wellness products, particularly immunity boosters like Andrographis (ฟ้าทะลายโจร) and anti-inflammatory herbs such as turmeric (The Thaiger).Export-Focused Policies:
The Thai government, through the Department of Thai Traditional and Alternative Medicine, actively promotes the export of herbal medicines as part of its health economy policies. These efforts include expanding the use of traditional herbs in global markets and integrating traditional medicine into wellness tourism, with an emphasis on sustainability and product innovation (6WResearch; Cognitive Market Research).
2. The Herbal Medicine Market Across ASEAN
ASEAN countries, including Thailand, Indonesia, and Malaysia, rely heavily on traditional systems like Jamu, Ayurveda, and Thai traditional medicine. These systems are not only part of healthcare but also drive exports.
- Growing Demand: ASEAN countries see rising demand for herbal products as consumers shift toward natural and preventive healthcare solutions (Cognitive Market Research).
- Integration with Modern Medicine: Herbal products are increasingly used in hospitals and clinics as complementary treatments, supported by government-funded research and exports across the ASEAN region.
3. The Global Herbal Medicine Market
Globally, the herbal medicine market was valued at USD 216 billion in 2023 and is expected to grow at a CAGR of 8.17%, reaching USD 437 billion by 2032 (Fortune Business Insights).
Asia-Pacific Dominance:
The Asia-Pacific region accounts for more than half of the global market due to the prevalence of Traditional Chinese Medicine (TCM) and Ayurveda practices. Japan, China, and Thailand lead the way in regional expansion (Cognitive Market Research).Consumer Trends:
Consumers worldwide are opting for natural, plant-based remedies to avoid synthetic chemicals. Additionally, organic herbal products are gaining popularity among environmentally conscious buyers (Emergen Research).
4. Key Market Drivers and Trends
- Health Consciousness: The pandemic heightened awareness around health and immunity, boosting demand for herbal supplements.
- Sustainability: Organic farming and sustainable sourcing practices attract eco-conscious consumers.
- Product Innovation: Manufacturers are developing herbal cosmeceuticals and supplements tailored for global markets.
- Government Support: ASEAN governments, particularly Thailand, are investing in R&D and export policies, creating opportunities for local herbal products to capture international market share.
5. Conclusion
Herbal medicine continues to flourish, both in Thailand and globally, thanks to growing health consciousness, government support, and consumer trends favoring natural remedies. Thailand’s commitment to health tourism and traditional medicine integration positions it as a leader in the regional herbal market. Meanwhile, the ASEAN region’s focus on preventive care and exports will further enhance its competitiveness in the global marketplace.
Stay tuned for further developments in this evolving industry as herbal products become integral to healthcare systems worldwide.
