There are informal and formal markets for medicinal plants’
products in Nigeria. The formal market is subject to the national
regulatory framework for Food and Drug Administration and Control. It
is relatively new and underdeveloped. This study was designed to
appraise this market with special emphasis on the market participants,
market structure, marketing functions performed, conduct of sellers in
the market and; standards and regulations to which the market is
subject. Information used for this study was collected through personal
interviews and interactions with key participants in the market;
especially the officials of regulatory agency. The market structure was
analysed in terms of the share of market controlled by participants and
product types. Concentration Ratios (CR2 and CR4) were used to assess
the market share. Marketing functions being performed were described in
terms of the exchange, physical and facilitating functions while the
conduct was described in terms of pricing and promotional strategies.
The regulatory framework under which the market operates was appraised.
The market was highly concentrated with a CR2 and CR4 of 58.5% and 80.8
%; respectively. Imported products accounted for only 12.3% of the
market. The predominant modes of presentation of the product were
capsule (41.6%) and liquid (36.2%). About 20.77% of the products were
classified as multivitamins, 13.85% were antibiotics while 10.77%
addressed sexual dysfunctional problems. These products were regulated
under the Food and Drug Administration and Control (NAFDAC) decrees,
1993-1999. Only 2.3% of the products have received full registration
status while the others were only listed