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A market research Published on
Global Demand of Herbal Products
Global market for herbal
products, which include medicines, health supplements, herbal beauty and
toiletry products, is estimated at around US $ 62 billion. Out of this, the
market for herbal medicine alone is
expected to reach US$ 26.2 billion by 2007.
Exports of Ayurveda and Siddha products and services offer huge potential,
considering that over 80% of the world population relies on the traditional
systems of medicines to meet their primary healthcare needs. World demand for
herbal products has been growing at a rate of 10% -15% per annum. There is also
a growing demand for natural products including items of medicinal value in the
international market. The medicinal plants related trade in India alone is
approximately Rs 5.5 billion.
The global herbal product markets, (estimated at US $ 16.7 billion in 1997) are
mainly in Europe and North America, which together account for 63% of the world
market. The European market for herbal remedies accounts for 45% of the global
market, and stood at US $ 7.5 billion in 1997. Germany and France are the most
established markets with a share of 22% and 11% in Europe, respectively. China
is the major exporter of traditional medicine to the world market. India needs
to organize itself well to get any significant share in this growing market
segment.
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