Economics of Producing Medicinal and Aromatic Plants

Document Type : Original Article

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Doctoral Researcher in Agricultural Sciences - Al-Qasim Green University, Iraq

Abstract

       Medicinal and aromatic plants (MAPs) are a significant focus in various industries due to their products. They are utilized in pharmaceuticals, health care items, cosmetics, and organic food. MAPs are gaining global recognition, with many pharmaceutical companies filing patents on these plants and their derivatives. Approximately 40% of newly approved drugs in the last two decades are derived from natural sources. The economic value of medicinal plants is influenced by numerous socio-economic factors, both locally and internationally. China leads in MAP exports with a 1.48% share, while India is the second- largest exporter with an 8.75% share in the Asian market. Despite the significant economic potential of MAP cultivation, it faces challenges such as lower prices, lack of transit markets, underdeveloped cultivation technology, and limited availability of resources and genetic materials. Therefore, governments should support the cultivation of MAPs.

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