India Contributes 0.5 Pct Share in Global Herbal Medicinal Market: Govt

By siliconindia | Wednesday, 23 November 2016, 05:23 Hrs

BENGALURU: Couple of days ago, Government of India informed Lok Sabha that India's share in the global herbal medicinal market is a very minimal about 0.5 pct at USD 358.60 million.

Minister of State for AYUSH Shripad Yesso Naik responded to a question in the House “Estimated global market is around USD 70 billion. As per available information, India's export of AYUSH and value-added products of medicinal plants during 2015-2016 was USD 358.60 million”.

One more reason that came into light was the lack of recognition of the AYUSH system of medicine internationally. Presently, it is identified only in few countries like Sri Lanka, Nepal, Bhutan, Malaysia and Bangladesh.

The ministry also regretted that there was a lack of awareness of international opportunities to export AYUSH products in different forms like dietary supplements, health supplements, neutraceuticals, among others. Few years back, India signed a MoU with WHO to build a global protocol for advertising traditional and complimentary medicines which will assist Indian systems of medicine gain better acceptability internationally.

India has contributed one billion dollars to global herbal market, which is of size 62.0 billion dollars in total. European Union is at the top with share 45 pct of total herbal market. North America accounts for 11 pct, Japan 16 pct , ASEAN countries 19 pct and rest of European Union 4.1 pct .