Affiliation:
1. Department of Economics, National University of Life and Environmental Sciences of Ukraine, Kyiv, Ukraine. Email: mirzoeva2018@ukr.net
2. Department of Economics, National University of Life and Environmental Sciences of Ukraine, Kyiv, Ukraine. Email: tomashevska2011@ukr.net
3. Independent Expert, Ukraine. Email: nataliia.herasymchuk@pdaa.edu.ua
Abstract
Medicinal plants have always served people, primarily for the treatment of various diseases. In parallel with the development of human civilization, medicinal herb growth is evolving simultaneously. First of all, it involves the cultivation of medicinal plants, which is socially significant, economically viable, and export-oriented area of production world over. However, in some countries, particularly in Ukraine, this industry is in its infancy and needs consistent action for its development. This article reveals the socio-economic significance of medicinal plants being grown, some advantages and disadvantages of cultivated medicinal plants compared to wild relatives, the main restraining factors of its development, and comparison of key problems and opportunities for effective development of the industry in the future in Ukraine through using SWOT analysis. In particular, the article develops a scale for determining the levels of strengths and weaknesses, and a scale for assessing the importance of external opportunities and threats. It also presents a strengths and weaknesses of medicinal plants in Ukraine, and potential external opportunities and threats.
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