The Indian Ayurveda market is expected to reach USD 4.4 billion by the end of 2018
Published Date | 2018 November 20
The domestic market of USD 4 billion comprises of classical, ethical, personal care, over-the-counter and beauty products. It also consists of services like well-being, medical or medical tourism services. The size of the Ayurveda industry in India which is INR 30,000 crore or USD 4.4 billion per annum matches well with the overall market size of the wellness industry in India that is INR 85,000 crore. What is noteworthy is that the Ayurveda sector is estimated to grow at high double-digit levels in the upcoming years, and it will continue to be the most important player in the global Ayurveda market.
According to the report, there are two challenges in the sector though and that is a shortage of raw materials and skilled manpower. The sector needs more professional and skilled doctors, therapists, paramedical staffs and nurses coupled with the proper availability of quality raw materials. The study was conducted as a result of global Ayurveda summit that will be hosted in Kochi during the month of November from the 21st to 23rd. Thus, according to the study, the Ayurveda market will keep growing positively during the upcoming years.
According to BlueWeave Consulting, people across the world are moving towards healthier lifestyles and India is no exception. Indian brands are positioned uniquely to use our heritage of Ayurveda and combine it with modern science to create truly efficacious, world-class products. Ayurveda, or the ‘science of life’, is a 5,000-year-old system of traditional medicine and healing, having its roots in India. Several start-ups such as Dr. Vaidya’s, KIVA, &Me, and Kapiva have all seized upon the opportunity to manufacture, repackage and sell products modernized for the 21st century to increasingly health-conscious Indians. Ayurveda, as a concept, has always enjoyed huge awareness and trust but suffered from low adoption, particularly among millennials. There is an opportunity to build a brand around Ayurveda, given its legacy and acceptance.
According to an upcoming rept by BlueWeave Consulting on “Global Ayurvedic Market, By Product, By Application, By Sales Channel, By Distribution Channel, By Region- Industry Analysis, Size, Share, Growth, Trends & forecast by 2018-2025”, the global Ayurvedic market is expected to witness a significant growth with a healthy CAGR over the next few years, owing to the growing demand for natural and organic products, expanding medical tourism across the globe, rising consumer awareness and increasing demand for Ayurvedic cosmetics products. Organic skincare products are witnessing rapid growth and the market is anticipated to expand even further, favouring the global ayurvedic market growth. Moreover, practical developments in ayurvedic medicines will offer great investment opportunities for players in the market and will fuel the market demand over the forecast period.