Hectares and hidden wealth

Understanding the economic value of grassland ecosystem services is crucial for informed policy-making and conservation efforts. This chapter provides a comprehensive overview of the economic valuation of grassland ecosystem services. Through a review of existing literature, we highlight that the global value of grassland ecosystem services ranges from $3,955 to $5,466 per hectare annually. However, significant research gaps remain, particularly in the area of non-market valuation techniques and regional coverage. Our review focuses on three main types of services: provisioning services, recreational and cultural services, and regulating services. The chapter concludes by emphasizing the urgent need for advanced valuation methods, particularly for non-market services, and highlights the critical role of translating these valuations into effective conservation policies and sustainable management strategies that can protect grassland ecosystems while supporting economic development.