5 New Innovative Agricultural Business Ideas

4. Herbal Products

The demand for herbal products has been skyrocketing in recent years. Products such as juices of bottle guard or bitter guard, and cosmetics like Aloe Vera are easily manufacturable at farms and can be sold for mouth-watering prices in the open market. More farmers are now shifting their attention towards these business opportunities. The demand for pure herbal products has been increasing as processed food and beauty products have health-related side effects that consumers want to avoid. According to Fortune Business Insights, the global herbal product market size was valued at more than $150 billion in 2021 and expected to reach nearly $350 billion by 2029, growing at a compound annual growth rate of 11.6% during the time. Even big brands have developed herbal product ranges to take advantage of this exploding business opportunity in the agriculture sector.