PRIORITIES OF NICHE DIVERSIFICATION AS AN EFFECTIVE COMPETITIVE STRATEGY FOR THE DEVELOPMENT OF MEDICINAL PLANT PRODUCTION

Abstract

The article focuses on the role of diversification in today's conditions. The main directions of diversification that can be used in the strategy of development of medicinal plant production are presented. In particular, these areas of diversification are considered as prerequisites for the production of medicinal plants. It is believed that when building a methodological platform for the development of medicinal plants, it is advisable to use niche diversification. The close connection between the main types of diversification strategy and niche diversification is revealed. The essence of the concept of niche diversification as a modern tool in the fight against climate change is revealed. The main reasons for the interest of agricultural producers in niche diversification in today's conditions are listed. It is noted that niche diversification in the field of agricultural production is realized through the cultivation of niche crops. An author's attempt is made to define a relatively new concept of niche crops. The key reasons for the need to expand the production of niche crops are listed. The specific features inherent in the process of production of niche crops are presented. Arguments are presented that medicinal plants, including essential oil crops and spices crops, can also be considered niche crops. The reasons for profitable cultivation of profitable niche crops, including medicinal ones, are generalized. Emphasis is placed on indicators of economic efficiency of niche crops production, in particular, profitability is singled out. It is noted that the production of most niche crops, including medicinal, is accompanied by a high level of profitability. The advantages and disadvantages inherent in the production of niche crops are also presented. It is noted that both advantages and disadvantages are also inherent in the production of medicinal plants. As a result of the study, it was suggested that niche diversification on the basis of sustainable development can justifiably be used as a competitive strategy for the development of medicinal plant production including essential oil crops and spices crops.