Thailand’s herbal development plan focuses on tumeric
18-Dec-24 07:08:09
Bangkok (VNA) – Thailand’s National Herbal Policy Committee has approved a plan to elevate the local herbal industry to the international level and develop the health economy and medical services.
As reported by the Thai English-language news site The Nation, Thai Deputy Prime Minister Prasert Chantraruangthong, chairman of the committee, said six key ministries of Public Health, Commerce, Industry, Agriculture and Cooperatives, Interior and Higher Education, Science, Research, and Innovation will implement the integrated programme. The main goal is to develop the herbal industry throughout the entire value chain, including cultivation and management, research and innovation, processing, value-adding, marketing promotion, and establishing Thai herbal branding in the global market.
The “Herb of the Year” initiative for 2025–2027 focuses on promoting turmeric as a flagship herb. Relevant agencies will collaborate to enhance the value of turmeric products, such as medicines, cosmetics, dietary supplements, and exports, to generate significant economic impact.
In the first year of the plan, priority will be given to registering turmeric-based products, developing marketing channels domestically and internationally, adding value to local herbs, and supporting comprehensive industrial development.
Dr Somruek Chungsaman, Director-General of the Department of Thai Traditional and Alternative Medicine, explained that turmeric was chosen as the highlight herb due to its high global market potential. According to Transparency Market Research, the global turmeric market value is projected to increase from 7.83 billion THB in 2024 to 28.85 billion THB in 2034, with an annual growth rate (CAGR) of 13.9%.
In Thailand, the turmeric market is valued at 262.24 million THB in 2024, accounting for 3.3% of the global market. It is expected to grow to 770.14 million THB by 2034, particularly in the pharmaceutical and cosmetics industries, which are witnessing continuous growth./.
Source & Credit :- Vietnam Plus