Medicinal and Aromatic plants export opportunity and demand growth in 2023

The demand for Medicinal and Aromatic plants has been increasing globally, and it is expected to continue to grow in the upcoming years. According to a recent report by Market Research Future, the global market for medicinal and aromatic plants is expected to grow at a CAGR of 4.6% from 2019 to 2024.

One of the main drivers of this growth is the increasing demand for natural and organic products. Consumers are becoming more aware of the potentially harmful effects of synthetic chemicals and are therefore turning to natural alternatives, including medicinal and aromatic plants. This trend is particularly evident in the cosmetics and personal care industries, where natural ingredients are becoming increasingly popular.

Another factor contributing to the growth of the medicinal and aromatic plants market is the increasing prevalence of chronic diseases. Many medicinal plants are used to treat a variety of conditions, such as diabetes, cancer, and cardiovascular disease. As the global population continues to age and chronic diseases become more common, the demand for these plants is expected to increase.

The demand for medicinal and aromatic plants is particularly high in the Asia-Pacific region, which is the largest market for these products. The region accounts for over 50% of the global market share and is expected to continue to dominate the market in the upcoming years. This is due to the region’s rich biodiversity and the traditional use of medicinal plants in traditional medicine.

In terms of export opportunities, there is a growing demand for high-quality and sustainably sourced medicinal and aromatic plants. Many countries, including India and China, are major exporters of these products. However, there is also increasing competition from other countries such as Vietnam and Indonesia, which are becoming major players in the market.

To meet the growing demand for medicinal and aromatic plants, there is a need to invest in research and development. This includes the development of new cultivation techniques and the identification of new plant species with medicinal properties. It also involves improving the quality and consistency of existing products and ensuring that they are sustainably sourced.

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