The Ministry of Commerce is promoting Thai herbs as part of the country’s soft power, boosted by growing global demand and traditional Thai wisdom in a variety of herbal extracts.
Poonpong Naiyanapaporn, Director of the ministry’s Trade Policy and Strategy Office (TPSO), stated this week that global retail market for in herbal products was valued at over US$60bn in 2024, a 4.6% year-on-year increase.
Citing data from London-based Euromonitor International, a world leading market research firm, Poonpong anticipates that the global retail market for herbal products could exceed US$78bn by 2029.
He revealed that world’s top five retail markets are China, the United States, Japan, South Korea and Germany respectively, while Thailand is currently in 10th place.
He noted, however, that China has become the world’s top exporter of herbal plants and herbal extracts, grabbing the largest market shares, at 21.5% and 26.2%, worth over US$4.5bn for herbs and over US$8.3bn for extracts respectively.
India takes second place, with market shares of 11.9% for herbs and 12.5% for herbal extracts.
Meanwhile, India has become the world’s largest exporter of essential oils, enjoying 14.3% of the total export value, worth US$6.3bn.
Poonpong suggests that, although Thai exports of herbal plants, herbal extracts and essential oils have been relatively small, Thailand’s strength in the herbal sector has been retained, boosted by quality and diverse herbal strains, along with traditional Thai wisdom in a variety of herbal extracts.
Based on the national strength and supported by the adoption of modern technologies and innovative designs and production processes, Thai herbal plants and herbal extracts could become nationally significant economic products and collectively emerge as a new form of soft power, through growing exports, alongside diminishing imports, according to the TPSO director.
The Commerce Ministry has also launched a PR campaign, called ‘Key Message Think Wellness, Think Thai Herb’ [sic], in order to build awareness and promote the strength of the Thai herbal sector, both domestically and globally.
