Bangkok (VNA) - The Thai Ministry of Commerce is promoting herbs as part of the country’s soft power, boosted by increasing global demand and traditional Thai wisdom in a variety of herbal extracts, according to an official.
Director of the ministry’s Trade Policy and Strategy Office (TPSO) Poonpong Naiyanapaporn stated recently that global retail market for herbal products was valued at over 60 billion USD in 2024, up 4.6% from the previous year.
Citing data from London-based Euromonitor International, a world leading market research firm, Poonpong anticipates that the global retail market for these products could exceed 78 billion by 2029.
The world’s top five retail markets are China, the US, Japan, the Republic of Korea and Germany, while Thailand is currently in 10th place.
Although Thai exports of herbal plants, herbal extracts and essential oils have been relatively small, the country’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 Ministry of Commerce has also launched a PR campaign called ‘Key Message Think Wellness, Think Thai Herb’ in order to raise awareness and promote the strength of the herbal sector, both domestically and globally./.
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