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News
Tap into multi-billion dollar nutraceutical industry - PM
Jamaica Observer
Saturday, February 25, 2012
PRIME Minister Portia Simpson Miller, is calling on Jamaicans to tap into the lucrative nutraceutical industry estimated to be worth US$86 billion.
Simpson Miller in a message delivered by Health Minister Fenton Ferguson, at the official launch of some seven local nutraceutical products on Thursday at the Terra Nova Hotel in Kingston, said that Jamaica has been sitting on a virtual gold mine of locally grown medicinal plants while the world has been developing a lucrative international market in nutraceuticals.
She said studies show that of the 160 established medicinal plants in the world, Jamaica is home to more than 80, and these, if properly harnessed could boost earnings and job creation.
“I am told that the nutraceutical industry in the United States of America is worth about $86 billion and the figure is slightly higher in Europe, in Japan, nutraceuticals represent approximately a quarter of total annual food sales, 47 per cent of the Japanese population consume nutraceuticals,” she said.
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