Global herbal market to reach US $ 5 trillion by 2050

Sanjeevi Jayasuriya

Sri Lanka should work with India by setting up a joint working committee to overcome the barriers faced by the Ayurveda sector. There is a huge potential in this sector and it could play a key role in generating foreign exchange, National Chamber of Commerce of Sri Lanka President Asoka Hettigoda said.

It is important to take measures to make Ayurveda a competitive, productive and sustainable sector, he said at the opening ceremony of 'Ayurveda Expo 2011' international indigenous healthcare exhibition and symposium on Friday.

The government needs to re-scrutinize at the regulatory framework and guidelines regarding the Ayurveda sector where it will help to overcome the challenges posed by certain global trade blocks. There is a growing demand for Ayurveda products and Sri Lanka should capture global markets as the country has the necessary resources, he said.

The global natural product market is US $ 120 billion and 50 percent consists of Ayurveda products. The projection for 2050 is that the herbal product market will reach US $ five trillion.

Considering the projection for the herbal market the country should be geared to capture at least one percent of the global share. This will not only have far reaching benefits, but will transform the modern life styles towards a healthy approach."

The exhibition was organized by Export Development Board, Indigenous Medicine, Economic Development, Industry and Commerce and External Affairs Ministries, Sri Lanka Tourism, the Gem and Jewellery Authority, the Sri Lanka Convention Bureau, SriLankan Airlines and the NCCSL. The three day Ayurveda Expo 2011 which had a wide display of Ayurvedic and other alternative products, beauty culture products and agents, nature friendly health food and beverages, health resorts and spas, ayurvedic hospitals and astrology ended yesterday.