Economic valuation of non-timber forest products (NTFPs

The paper reviewed the methods in use for the economic valuation of Non-timber forest products. In the main, three methods are used. They are direct market price, indirect market price and non-market estimates. No method is superior to the other but appropriate method of valuation depends on the objective of the study. Also in use, is the financial valuation method. NTFPs can be classified as tradable or non tradable. The tradable NTFPs are significant in international trade. Non-timber forest products also constitute a critical component of food security; it serves as an important source of income for the poor in many developing countries. Value is not the inherent property of an entity. It is only a measure of a relationship between a subject and the object of valuation within a context (time and place or hypothetical scenario). There is a fundamental distinction to be made between a valuation exercise that sets out to explain how choices are made by individual resource users and one that seeks to maximize community. NTFPs include Edibles such as Mushroom, ferns etc. medicinal and dietary supplements, floral products and specialty wood products