How to Start a Medicinal Herbs Business? Investment Opportunities in Herbs Cultivation.
Herbs have always been admired for both their medicinal and culinary value. The herbs can cure colds, help you sleep, and add flavor and zest to dinner. Growing herbs is easy, these can thrive in any type of soil and do not need much fertilizer, and are least bothered by insect or disease pests? Herbal medicines are always considered safer along with better physiological compatibility and cost-effectiveness. India is known as a gold mine of medicinal plants having a rich repository of traditional medicinal knowledge. The demand for medicinal plants is increasing and the reasons are increasing human needs, numbers, and trade purposes.
Related Projects: - Herbs and Herbal Based Products
Demand for Medicinal Plants Anticipated From the Cosmetic Industry
The demand for medicinal herbs for cosmeceuticals holds for approx. 1/4th of the market demand globally and is anticipated to grow at a CAGR 8.5% in the upcoming years. As the market is growing every day at a notable pace, a lot of cosmetic brands are getting attracted towards medicinal herb products due to the significant profit margin. The increasing usage of personal care products is also attracting the local players such as Patanjali to grow into the market.
Emerging Economies to Witness Higher Demand for Medicinal Herbs
As per NIIR Project Consultancy Services (NPCS), in Asian countries, traditional medicines are considered more reliable in comparison to other medicines. In south Asia, uses of medicinal herbs as medicines accounted for almost 1/3rd of market demand from the region. For instance, during the pandemic, one of the hospitals in China has been using traditional medicines to cure patients. The Calendula market has approx. 50% share of the global medicinal herb demand that is majorly produced in India. This is in increasing demand from developed countries such as the United States and Europe. Additionally, countries such as Bulgaria, Taiwan, Morocco, and South Africa are some famous medicinal herbs in exporting countries.
Related Books: - Herbal Food, Drugs, Medicines, Ayurvedic And Unani Medicines
Medicinal plants Market under Multiple Scenarios
The market players of herbs are coming with numerous solutions to face the increasing demand for medicinal herbs. The countries that are less affected by the lockdown have been focusing on a high-level of production to maintain market demand. In an optimistic market scenario, with lockdown in the initial three quarters, increasing opportunities are expected over the first two quarters of 2021. Whereas, if the lockdown is lifted by the second quarter, the industry earning will peak for the year 2020 too.
The market of herbal supplements, in terms of value, is expected to grow approx. USD 86.74 billion by the year 2022 at a CAGR of 6.8% from the year 2016 to the year 2022. The market of Indian exotic herbs is anticipated to be supported by the increasing exports of medicinal herbs in the upcoming period of the year 2020-2025. India ranks second as the biggest exporter of medicinal herbs, exporting almost 32,000 tons of medicinal herbs per annum. The key drivers of the industry are increasing disposable income, growing population, increasing awareness of the health benefits of herbs, increasing exports, and the growing herbal beauty industry is anticipated to aid the market growth.
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Conclusion
There are a lot of people who want to know to understand the medicinal benefits of herbs and also wants to start cultivation of herbs for those NPCS has written a book named “Herbs Cultivation & Medicinal Uses (2nd Edition)” the book contains topics such as habitat constituents, action and use in Ayurveda, Siddha and Unani medicines and a lot more valuable topics. For people who want to start the business of herbs, this book will guide them in every step. The book has helped new entrepreneurs, manufacturers, project consultants, and libraries, etc. so far.
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