Medicinal plant business in Bangladesh: Exploring the performance of supply chain actors

Abstract

Since and prior to the initialization of civilizations, humankind hunted and gathered while plants and herbs were the mainstays of treatment. Like many other countries, in many rural and tribal areas of Bangladesh, people relied on nature and natural remedies to heal and prevent diseases due to the immense abundance of medicinal plants. Nonetheless, these medicinal plants are also a great source of income generation, employment creation, entrepreneurship. This study concentrated on the marketing system and value addition process by understanding market actor's performance through the efficiency of the supply chain nodes in the medicinal plants business. The constraints and possible remedies were illustrated with SWOT (Strength, Weakness, Opportunity, and Threat) analysis to depict the medicinal plants' business environment. Seed suppliers were the highest value-adding actor for Tulsi ( Ocimum tenuiflorum ), while processors were the least value creator for Basok ( Justicia adhatoda ). On the other hand, lack of modern production and business techniques, financial backwardness of medicinal plant farmers, minimum or no training and extension support, unstable market price, and demand hinders the full marketing system of medicinal plants. Land suitability, input abundancy, and history of acceptance are major strengths of the medicinal plant business, while minimum support, government non-responsiveness, calamitic hazards, and poor quality inputs pose potential threats to this enterprise. However, with appropriate planning and development of a suitable environment for medicinal plant production, processing, and marketing, this sector may flourish in the long run. • Medicinal plant seed suppliers are the highest value-adding actors. • MP production and marketing are highly profitable in southern Asia. • Medicinal plants could be a potential economic crop for any country.