Venture Taranaki Explores The Commercial Potential For Medicinal Plants In Taranaki

Taranaki regional development agency, Venture Taranaki, will host their fifth Branching Out event exploring medicinal plants as a high-potential and commercially viable venture for the region this Tuesday 15 February.

Venture Taranaki collaborated with over thirty local growers, and the Stratford Herb Society, to identify those medicinal herbs with the potential to be grown commercially in the region. The Branching Out event is a culmination of this activity and will take a deeper dive into the venture to present the opportunity and recommended next steps.

Tuesday’s event has already attracted 150 registrations and includes landowners, food entrepreneurs, interested growers, and potential investors who will hear from expert speakers to discover the opportunity for a thriving medicinal plants industry in Taranaki, with topics covering growing, processing, and developing value-added products.

One of New Zealand's most experienced phytotherapists (medical herbalist), pharmacist, and founder of Phytomed Medicinal Herbs, Phil Rasmussen will speak at the event and provide insights into his journey along with thoughts on what is needed to enable a thriving Taranaki medicinal plants industry.

"We’re thrilled to be able to present this opportunity to the region. Medicinal plants are already grown in Taranaki, and we have a supportive community including the Stratford Herb Society, part of the Herb Federation of New Zealand, and other enthusiastic and engaged growers. So, it makes sense for us to work together and investigate the commercial potential and viability for these plants in Taranaki," says Anne Probert, Venture Taranaki, GM Regional Strategy and Sectors.

AbacusBio, an eminent research organisation, was recently engaged by Venture Taranaki to develop an approach for Taranaki growers to assess which plant species have the most commercial potential for our region and is also part of the line-up of speakers.

AbacusBio will share their research findings and provide an overview of supply chain, and market opportunities, and attendees will be taken through the approach, key outcomes and recommended next steps.

Attendees at the event will also be the first to see a demonstration of a new pilot Venture Taranaki is launching to map the region's medicinal plant growing activity. The digital map will enable the collection of meaningful data, further collaboration, and could be extended to other potential crop opportunities. This new pilot map aims to support the growth of a medicinal plant industry and will help to foster collaboration and partnership.

"We encourage the community to participate by submitting any relevant information as this will allow us to understand the scale of what can be grown well in Taranaki and where, while connecting other growers. Those who participate will also have access to the crowd-sourced data to further enable their efforts," says Anne.

Other factors need to be considered to take this growth potential to the next level including understanding not only what grows well in region but the market demand and value proposition.

In the United States, for example, the sales for herbal dietary supplements are estimated to total over $11 billion, and sales growth is increasing year-on-year. Consumers are also increasingly focused on health products and there’s increased demand for natural ingredients with scientifically proven health benefits.

"As there’s high market demand, this is an opportunity we shouldn’t ignore, but rather investigate further as we look to the future and new niche areas that have high value and potential high commercial outcomes. And, by leveraging our existing strengths, such as favourable land and climatic conditions, and existing infrastructure we can start to really tap into our potential," continues Anne.

"We’re keen to see what emerges out of this first phase in terms of interest and genuine commercial potential. Following this, the next stage subject to resourcing, could lead to a pilot phase, more detailed research into determining the bio-active efficacy of plants grown in Taranaki, and further support to facilitate connections between growers, manufactures and buyers, both domestically and abroad," concludes Anne.

Additional information

The in-person event is currently at capacity however interested attendees can register to join the online Zoom option - https://www.eventbrite.co.nz/e/branching-out-with-medicinal-plants-tickets-228031005877.

Branching Out with Medicinal Plants builds on sessions held in 2021 that focused on Hemp Construction, Trees and their value chain, Avocados, and another in October 2020 investigating Kiwifruit’s potential in Taranaki.

Background Branching Out, is a project coordinated by Venture Taranaki, and with input from a wide range of stakeholders, including Massey University, Crown Research Institutes, and Taranaki landowners, farmers, growers, food manufacturers, marketers, advisers, and investors. The project is supported by the region’s three district coucnils - New Plymouth District Council, South Taranaki District Council and Stratford District Council, and the Ministry of Primary Industries’ Sustainable Food and Fibre Futures fund (SFFF).

Taranaki has untapped potential for high value-added products and market to consumer opportunities. Branching Out is actively undertaking several investigations, to strengthen and diversify the Taranaki economy and value chains by identifying innovative, commercially viable opportunities for food and fibre enterprises in the region. Investigations will lead to identifying 10 feasible ventures resulting in a series of investment-ready Venture Blueprints. Branching Out supports the region’s strategy and long-term vision for a resilient, high-value, and low-emissions future. Our vision is articulated by Tapaue Roa and Taranaki 2050 - the guiding strategic documents for the Taranaki region and co-created with the people of Taranaki.

www.venture.org.nz/projects/branching-out

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