Indian herbal industry set to bloom

Buoyed by the popularity of ‘Made in India' herbal products and upsurge in medicinal treatments across the world, the Indian herbal industry is growing significantly. With the tremendous growth of the sector, SMEs dominating the segment are also witnessing a major jump in their revenue base. Furthermore, small-scale players in the sector are likely to witness brighter times ahead.

Positive horizon

According to a recently released study by the Associated Chambers of Commerce and Industry (ASSOCHAM), the herbal sector in India is likely to register a two-fold growth to touch Rs 15,000 crore in 2015 from the existing Rs 7,500 crore business. The growth projections for the sector has given a reason for SMEs to cheer since the sector's growth will only spell higher and better opportunities for them.

"Increasing realisation of the side effects of allopathic medicines, coupled with the growing awareness about the medicinal benefits as well as therapeutic effect of herbal products is pushing up the demand for herbal extracts, dietary supplements and herbal-based beauty aids worldwide. This is eventually leading to the growth of Indian SMEs in the sector," said Ashok Pal, doctor working at Pal Chambers, a homeopathic clinic in Kolkata.

Although higher growth is projected for the Indian herbal sector, SMEs in the sector need to address several changes such as providing quality drugs, adhering to global standardisation process and setting up high R&D base to make their mark in the global platform.

"From stressing on standardisation of herbal products to meet global requirements in order to establish a good quality control mechanism as well as making room for innovations, SMEs in the herbal sector need to undertake several measures to establish their efficacy at the international level," said Sanjeet Kumar, proprietor of Modern Diagnostics, a small-sized clinic in Ranchi.

Encouraging cultivation of herbal plants and creating a complete network covering technical, institutional and industry link will also help in promoting the development of Indian SME herbal drug manufacturers and suppliers.

For more detail on Sme Directory log on to http://www.bizxchange.in/

David Parks is a well known author and has written articles on B2b Website and Eyeglasses Frames Manufacturers, suppliers, Manufactures and many other subjects.