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   March 10, 2021

Coleus forskohlii is an important medicinal plant native to India. The well-drained medium fertile soil of Tamil Nadu, Karnataka, Gujarat, Maharashtra, and Rajasthan states are the major cultivation sites of Coleus forskohlii in India. The global demand for forskolin has also been boosted due to its high medicinal value and huge demand from pharmaceutical industries. In recent years, Coleus forskohlii cultivation has witnessed growth in India due to the increase in its commercial importance. Moreover, India is the leading exporter of Coleus forskohlii extracts and its products to several countries, including the U.S., Poland, South Korea, Australia, Japan, Italy, Spain, South Africa, and Canada, for drug formulation.

Moreover, turmeric is a part of every Indian household. Cultivating medicinal plants is one of the most profitable agri-businesses for farmers. This country is the world's largest producer, consumer, and exporter of turmeric, which accounts for about 75-80% of the total production and 60% of its export (Source: Agricultural Market Intelligence Centre, PJTSAU). The turmeric production in India increased from 862.7 thousand tons in 2017 to 938.9 thousand tons in 2020. Moreover, the country is also the largest exporter of turmeric. In 2019, India exported turmeric to more than 140 countries around the globe. The U.S., Iran, Bangladesh, Morocco, UAE, Malaysia, Germany, the U.K., Sri Lanka, Japan, the Netherlands, and Saudi Arabia are some of the major importers of Indian turmeric. The country’s turmeric export increased from 88.92 thousand tons (USD 134.2 million) in 2015 to 131.12 thousand tons (USD 194.3 million) in 2019. Therefore, such huge export potential is encouraging turmeric cultivators to boost their production in the country, which is further expected to drive the growth of the turmeric market in the country.

Moreover, in 2019, the market for medicinal plants in India stood at INR 4.2 billion (USD 56.6 million) and is expected to increase at a CAGR 38.5% to INR 14.0 billion (USD 188.6 million) by 2026 (Source: India Brand Equity Foundation). The total world herbal trade is currently assessed at USD 120 billion. Such a vast market for medicinal plants in the country further indicates its potential for coleus and turmeric manufacturers. Companies are also increasingly concentrating on setting up their production and processing plants in India. Furthermore, favorable regulatory regimes and supportive government policies attract turmeric companies in India.

Turmeric is also used in Indian traditional medicine techniques. In recent years, yoga, meditation, Ayurveda, allopathy, and other traditional treatment methods are major service offerings that attract medical tourists from European nations and the Middle East to India. There is a considerable gap between the supply and demand of medicinal plants to manufacture Ayurvedic medicines in India. According to the All India Trade Survey of Prioritised Medicinal Plants, 2019, demand for high-value medicinal plants increased by 50%, while the availability declined by 26%. This led to increased habitat degradation and levels of over-exploitation by pharmaceutical industries. To counter this, the Government of India has taken several initiatives to promote turmeric cultivation in north-eastern India.

In the country, the Spices Board of India is engaged in providing support to farmers by offering several subsidies to enhance the quality of spices through post-harvest improvement techniques. The government mainly offers farmers financial assistance for irrigation, land development, mechanization, replanting, soil conservation, and cultivation of various spices, including turmeric. Some of the other drivers for this market include growing medical tourism and rising government initiatives to enhance its turmeric production and processing. Also, the rapidly growing country’s pharmaceutical, cosmetic, and health supplement sectors are further expected to support the growth of the coleus and turmeric market.

However, the adverse effects of climate and fluctuations in turmeric production at the domestic level in India directly influence the global turmeric market. In 2019, some of the significant turmeric-producing parts of India were hit by floods. In 2019, it was estimated that around 5,000 tons of the turmeric crop were lost in the country.

Ambe Phytoextracts Pvt Ltd. (India), Star Hi Herbs Pvt Ltd. (India), Arjuna Natural Pvt Ltd. (India), Plant Lipids Private Limited (India), Natural Remedies (India), Inventia Healthcare Limited (India), OmniActive Health Technologies Limited (India), Herbochem (India), Greenhills Spices &Extracts Pvt Ltd (India), Olive Lifesciences Pvt. Ltd. (India), Alchem International Pvt. Ltd. (India), Sanat Products Ltd. (India), Sabinsa Corporation (U.S.), and Pharmavit (Netherlands), among others are some of the key players operating in the Indian coleus and turmeric market.

The presence of key players, increasing demand for nutritional supplements, growing number of health-conscious people, growing Ayurveda sector, rising government support for the cultivation of the coleus & turmeric, growing medical tourism sector, and increasing demand for herbal medicines are some of the major drivers for the growth of the Indian coleus and turmeric market. Meticulous Research®, in its latest publication on the ‘Coleus and Turmeric Market,’ states that the coleus and turmeric market is expected to record a CAGR of 7.4% from 2020 to 2027 to reach $6,893.4 million by 2027.

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