By Sri Lanka will allow the import of spices to produce value-added products for export, following requests from Board of Investment-approved companies, a government statement said.
The cabinet of ministers had approved the plan to import selected spices, which will be used to extract oil and oleoresins.
The products made with extracts allow higher revenues to be earned than exports in raw form, the statement said.
Oleoresins are semi-solid extracts composed of resin and essential or fatty oils obtained by evaporation of the solvents used for their production. The oleoresin of conifers is known as crude turpentine or gum turpentine, which consists of oil of turpentine and rosin.
Local Spices:
Sri lanka has decided to import spices while local spices are available for essential oil extraction.
Sri Lanka has significant potential for exporting spices suitable for oil and oleoresin extraction, thanks to its ideal climate, fertile land, and rich history of spice cultivation. Sri Lanka cultivates a wide variety of spices sought after for their oils and oleoresins, including cinnamon, black pepper, clove, nutmeg, cardamom, ginger, and vanilla.
Cinnamon Oil:
Cinnamon essential oil, extracted from the bark of the Ceylon cinnamon tree, is in high demand in the global market. It is used for aromatherapy as it promotes relaxation and stress relief due to its warm, spicy aroma.
Growing global demand for natural essential oils presents a lucrative opportunity.
The United States is the largest consumer of essential oils, including cinnamon oil, driven by demand in the natural health and wellness sector.
Germany, France, and the UK are significant importers for cinnamon, with demand in the food and beverage, cosmetics, and aromatherapy industries.
