The Expanding Market for Herbal, Medicinal and Aromatic Plants In Nigeria and the International Scene

Abstract

Herbal, medicinal and aromatic plants (HMAP) are popular sources of materials used in alternative medicine, new drugs and other products used for health care. The trade in HMAP, especially medicinal plants (MP), is expanding into new market segments whether as herbal components of health foods or preventative medicines. They are processed into varying products which address similar diseases to which over-the-counter (OTC) medications are applied. This paper attempts a review of the global market for HMAP products focusing on product identification and classification, size and scope of the market, standards and regulations and key players in the global trade. Despite the problem encountered in classifying some traditional products of MP, fortified foods and dietary supplements as “food supplements” or “phyto-medicines,” one popular basis for classification of HMAP products is the purpose of use. Another classification used when considering export of HMAP products is the Harmonized Commodity Description and Coding (HCDC) system which uses an internationally standardized tariff nomenclature for traded commodities. The market for HMAP products is a relatively young, emerging and small one in Nigeria and there is difficulty in establishing for the market, a reasonable monetary value. The Nigerian HMAP product market is dichotomized into two distinct categories of suppliers; local producers and those distributing imported products. While local producers offer products claimed to have the potency to treat some disease conditions addressed by OTC drugs, distributors of imported HMAP products usually market dietary supplements. At the global level also, there is a small but growing niche market for HMAP products which was valued at about USD13 billion in 2010. In both Nigeria and the global scene, there is the tendency for the market for HMAP products to continue to grow due to increasing consumer preference for natural, healthy, sustainably produced and fairly traded products over synthetic ones. Even though standards and regulations for HMAP products market are still not fully developed, they have been established and are operational in countries such as Canada, China, Nigeria and USA. A significant and commendable stride is being made by the European Union in establishing standards and regulations governing the market for HMAP products. These standards and regulations encompass good manufacturing practice relating to medicinal products which are meant especially for human and veterinary use. Keywords: