Malaysia’s herbal industry market worth RM29b by 2020

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Asean Affairs 26 September 2014

Malaysia’s herbal industry market worth RM29b by 2020

THE local herbal industry is expected to grow at 15 per cent per annum and to be worth RM29 billion by 2020 as its products gain popularity, buoyed by consumers propensity towards a healthier lifestyle, the Malaysia External Trade Development Corporation (Matrade) said.

Matrade deputy chief executive officer, Datuk Dzulkifli Mahmud, said the herbal industry is a promising industry and Malaysia is well positioned to become a key global player as it is blessed with rich biodiversity, cultural background and trade links.

He said the herbal industry had contributed towards production of diverse products ranging from healthcare, food, cosmetic and personal care products.

The global herbal market is valued at US$70 billion for nutraceuticals and US$20 billion for phytomedicine with an average growth rate of between 15 to 20 per cent annually, he told reporters at a sneak preview of the eighth Herbal Asia Trade Fair 2014.

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