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The global essential oils market has been estimated to be US$10.6b in 2021 rising to US$16.0b in 2026 [(Markets, 2021)1] as a result of growth in awareness to preventative healthcare, improvements in the standard of living, along with an increase in the demand for aromatherapy products. With the potential availability of relevant plant materials in Tobago, it is appropriate to develop a strategy for the introduction of Plant Extracts Industry in the island.
Economic development theorists ((Schumpter 1942), (Romer, 1994), (Solow, 1956)) have established the theoretical constructs of scientific and technological developments as foundations to innovative solutions in the form of products, processes and services to long-term socio-economic development and prosperity to high-end economies around the world. It is through the pervasiveness of these innovations within markets which then spurs a sustainable social transformation and long term economic growth within nations.
The burgeoning of small gourmet chocolate boutiques worldwide serves as a key driver for niche and ultra-niche marketing of cocoa (Theobroma cacao L.), branded as (a) geographical indication (b) estate origin or (c) based on unique genetics. Over 90% of the cacao farms globally, are small with an average size between 2 and 5 hectares and can benefit from supplying to the gourmet boutiques.
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