List of Highly Profitable Business Ideas in Herbal Products Manufacturing Industry. Herbal Cosmetics, Herbal Extract, Herbal Medicine, Ayurvedic Medicines, Ayurvedic Formulations, Medicinal Plants Cultivation and Processing.
Botanically herbs are non-woody flowering plant. Although we consider any plant that is valued for flavor, scent, medicinal, or other qualities to be an herb. Even fungi, pitch, minerals, and animals can be considered herbs to some practices of herbal medicine. Herbs are used in smaller amounts then food as they are more potent and have stronger action in the body.
India is one of the richest countries in the world in terms of biodiversity, has 15 agro-climatic zones. Out of the 17000-18000 species of flowering plants, more than 7000 are estimated to have medicinal usage in folk and documented systems of medicine like Ayurveda, Unani, Siddha & Homoeopathy (AYUSH System of Medicine).
Indian herbal market is registering an extremely significant growth. The world herbal trade has grown to $120 billion and is expected to reach $7 trillion by 2050. India is stated to have 45,000 plant species (nearly 20% of the global species) occurs in the Indian sub-continent. Out of these, about 4,500 species of both higher and lower plant groups are of medicinal value. The states which are major producer of herbal plants having the highest medicinal value include Gujarat, Rajasthan, Haryana, Tamil Nadu, Andhra and the Himalayan Range.
The Indian Medicinal Plant Extract Market is witnessing an astonishing growth, as there has been a shift in universal trend from synthetic to herbal medicine. India is a virtual treasure trove of plant species, and has one of the world’s richest medicinal plant heritages. Medicinal Plants are highly esteemed all over the world as a rich source of therapeutic agents for the prevention of diseases and ailments. Owing to its wide range of medicinal uses, the Indian Medicinal Plant Extract market is expected to grow at a CAGR of around 22% during 2017-2022. As a result, of increased investments as well as significant demand of medicinal extract in internationals markets, there lies immense opportunity for new and existing players to tap the fast growing market which would garner huge revenue.
Indian Medicinal Plant Extract market is rapidly growing over the years owing to factors like shift in consumers demand towards herbal and natural product, various schemes launched by government, key investment & expansions being made in the Indian medicinal plant extract industry, among others.