The government’s resolute focus on the potential of Thai herbs is poised to transform the market landscape. Deputy Spokesperson for the Office of the Prime Minister has unveiled a strategic initiative to enhance the value of Thai herbs on the global stage. This ambitious plan aims to catalyze growth and innovation, predicting a significant market expansion to 100 billion baht by the year 2027.
In a recent announcement, the Deputy Spokesperson emphasized the government’s firm belief in the untapped potential of Thai herbs. This conviction has prompted the government to intensify efforts to elevate the stature of Thai herbs in the global marketplace. An indicative testament to this surge is the remarkable growth in the consumption of herbal products within Thailand. In 2022 alone, the value of herbal product consumption reached an impressive 52 billion baht, demonstrating a significant uptick from the 4.8 billion baht recorded in 2021. The government’s vision extends further, projecting the market size of raw materials and herbal products in Thailand to exceed 100 billion baht by the year 2027.
Underpinning this visionary endeavor, the Kasikorn Research Center has forecasted a promising trajectory for the Health and Wellness sector. Businesses leveraging herbs as core ingredients in products such as cosmetics, medicines, and dietary supplements were valued at a total of 91 billion US dollars in 2020. This value is expected to ascend to 16.6 billion US dollars by 2030, with a steady annual growth rate of 6.5 percent. Such a robust projection is fortified by Thailand’s distinct advantage – a repository of over 1,800 types of herbs poised for diverse industrial applications.
Collaborative initiatives, orchestrated by the Eastern Economic Corridor of Innovation (EECi), are taking center stage in this transformative journey. In tandem with esteemed institutions like the National Center for Genetic Engineering and Biotechnology (BIOTEC) and the National Science and Technology Development Agency (NSTDA), pivotal research and development efforts have been directed towards five key medicinal plants: Centella asiatica, turmeric, galingale, Fa Talai Jone, and basil. This strategic focus aims not only to bolster economic growth but also to ensure production stability and elevate production quality, culminating in enhanced food security. Through a marriage of technology and digital agriculture, the amalgamation of precise agriculture and technology-enhanced cultivation techniques has laid the foundation for increased productivity.
The government’s strategy encompasses a holistic approach. It not only fosters innovation but also forges robust connections within the herbal ecosystem. By facilitating engagement between herbal entrepreneurs and modern agricultural researchers, the government promotes the exchange of knowledge and the sharing of experiences. This symbiotic partnership augments sustainability and bolsters the competitive edge of the Thai herbal market. Furthermore, this collaboration sets the stage for a seamless interaction between various sectors within the private sphere, fostering efficient cooperation and holistic growth.
The government’s dedication to invigorating the Thai herbal sector has culminated in the unveiling of the 2nd National Herb Action Plan (2023 – 2024). Under the vigilant oversight of the National Herb Policy Committee, this strategic blueprint underscores the government’s commitment to nurturing an ecosystem that adheres to quality standards and drives value addition for herbal products. The comprehensive plan works in concert to inspire confidence in the utilization of herbs, cultivating a heightened sense of competitiveness in both domestic and international markets. With a focus on sustained, systematic progress, the government’s dedication to the Thai herbal sector is set to have a far-reaching impact on the nation’s economic landscape.