Malaysia's Herbal-Based Food & Beverages Exports To Reach US$99.4 Mln A Year

KUALA LUMPUR, May 12 (Bernama) -- The export value of Malaysia's herbal-based food and beverages is expected to reach between US$74.61 million (RM300 million) and US$99.45 million (RM400 million) a year, driven by the increasing popularity of herbal and natural products among consumers. "Currently, our herbal industry growth rate is estimated at 15 per cent yearly and projected to worth RM29 billion by 2020," Malaysia External Trade Development Corporation (Matrade) Chief Executive Officer Dzulkifli Mahmud said. Speaking to reporters following the soft launch of the 10th Herbal Asia Trade Fair 2016 here Thursday, he said industry players should intensify their research and development and tap into the export market. "The herbal industry is a promising industry. Malaysia is well positioned to become a key global player as it is blessed with rich biodiversity and cultural background," he said. Earlier in his speech, Dzulkifli said the herbal industry had contributed towards the production of diverse products ranging from healthcare, food, cosmetic and personal care. On the global herbal market, he said the nutraceuticals market was valued at US$70 billion (US$1=RM4.02), while phytomedicine (US$20 billion), with an average growth rate of between 15 and 20 per cent annually. Meanwhile, Herbal Asia Trade Fair 2016 Project Director Safinah Yaakob said the fair would focus on facilitating business linkages as Malaysian herbal industry players were poised for the export market. She said 350 exhibitors from 10 countries, including Malaysia, Sri Lanka, Taiwan and Italy were expected to occupy the 6,599 square-meter exhibition floor to showcase their products, machineries and technologies. "The trade show is expected to generate RM6 million in sales compared with RM5 million last year. "The figure gap is small because we need to compete with other countries which are also promoting their herbs," she said, adding that eight countries had already registered for the event which is expected to attract 10,000 visitors. The Herbal Asia Trade Fair 2016 themed 'Towards Sustainable Market Place for Herbal, Green and Natural Supply' will be held at the Matrade Exhibition and Convention Centre here from Oct 5-8. Among events arrayed at the fair are business-matching sessions, a trade buyer programme, a herbal conference and a herbal Asia programme. Safinah said the Herbal Asia Trade Fair would be promoted during the Thailand Lab International Exhibition in Bangkok from Sept 21-23 and the Herbal Asia Italy on Nov 10. About 50 Malaysian companies are expected to take part in the Thai exhibition with over RM1 million transactions expected, while 30 Malaysian companies showcasing their products at the Herbal Asia Italy are expected to generate RM10 million in sales, she added. "Italy is one of the biggest buyers of herbal products in Europe and its halal sector is also booming. It is a huge market for Malaysian halal herbal products and services," she said. -- BERNAMA