Establishing a multi-stakeholder value index in medicinal plants-an economic study on selected plants in Kerala and Tamilnadu States of India

The contingency table of the scores for different species, analysed using Simple Correspondence Analysis provided positive (for international variables) and negative (for domestic variables) weights for different variables, indicating the contrasting variables that influence the value of a medicinal plant. In order to highlight the predominant utilities of the selected medicinal plants, the value index is decomposed into market and conservation index values. Results indicated that inclusion of perceptions of different stakeholders helps to prioritise investment decisions on medicinal plants, based on whether State desires to promote species in demand in the domestic market, international market or development of novel products based on use of medicinal plant species in indigenous communities. In addition, including benefit-sharing mechanisms into the frame of reference for the selected plants also highlights the utility of benefit sharing in sustaining indigenous traditions (by increasing value perception) through economic options.