In recent years, as a holistic healing system, ayurveda has witnessed evolution in the form of ayurvedic products and services. Rising awareness about the importance of a healthy lifestyle, increasing preference in favour of chemical-free natural products, as well as favourable government initiatives have led to the expansion of the Ayurveda market in India.
The Ayurveda market in India was valued at INR 300 Bn in 2018, and is expected to reach INR 710.87 Bn by 2024, expanding at a compound annual growth rate (CAGR) of ~16.06%, during the forecast period (2019-2024). In 2018, around 75% of Indian households used ayurvedic products as against only 67% in 2015. Of late, manufacturers have been using herbal ingredients in the production of personal care products like lotions, oils and shampoos. Players in the food processing industry are also making use of herbal ingredients in manufacturing products like packaged juices and nutritional supplements.
Key growth drivers of the market:
- To maintain a healthy lifestyle, consumers are increasingly preferring food products like herbal tea, oats, corn flakes, biscuits, cookies, spices, jam, and almond oil which are made of natural ingredients. With the increase in awareness about the harmful effects of chemicals on health, used in the production of popular conventional skin care, hair care, body care, and other beauty care products, a shift of preference among consumers has been observed in favour of herbal personal care products, which is driving the growth of the market.
- The global acceptance of traditional practices of herbal and Ayurveda treatments has broadened the prospects of Ayurveda tourism' in India. As a result, many Ayurveda rejuvenation and therapeutic centres have been established in states like Kerala, Uttarakhand, Goa and Odisha.
Key deterrents to the growth of the market:
- Owing to adverse weather conditions, yield of high-quality herbal and medicinal plants is low in India. Also, excessive use of insecticides and pesticides degrades the quality of herbs with medicinal properties. Herbal and medicinal plants being the primary ingredients of all Ayurveda products, shortage of high-quality plants lead to deteriorating quality of these products and services.
- The Ayurveda market in India consists of several players who do not adhere to the quality standards for the products and services offered. There are FPS (Finished Product Specifications), GMP (Good Manufacturing Practice) and ISO (International Organization for Standardization) for quality certifications in India. However, in most cases, regular tests are not carried out to check whether manufacturing guidelines are met. Also, there is a lack of proper scientific documentation of traditional Ayurveda practices.
Key Topics Covered:
Chapter 1: Executive summary
- Executive summary
Chapter 2: Socio-economic indicators
- Socio-economic indicators
Chapter 3: Introduction
- Market definition and structure
Chapter 4: Market overview
- India ayurveda market size and growth forecast
- India ayurveda market segmentation
- Porter's five forces analysis
Chapter 5: Market influencers
- Key growth drivers of the market
- Key deterrents to the growth of the market
Chapter 6: Government initiative
- Government Initiative - Ministry of AYUSH
Chapter 7: Market trends
- Current trends in the market
Chapter 8: Competitive landscape
- Dabur India Limited
- Emami Limited
- Sandu Pharmaceuticals Limited
- Charak Pharma Private Limited
- Herbolab India Private Limited
- Himalaya Drug Company Private Limited
- Nagarjuna Herbal Concentrates Limited
- Patanjali Ayurved Limited
- Shahnaz Ayurveda Private Limited
- Shree Baidyanath Ayurved Bhawan Private Limited
- Somatheeram Ayurvedic Hospital and Yoga Centre Private Limited
- Kairali Ayurvedic Centre Private Limited
- Mercure Goa Deevaya Retreat
- Ananda in the Himalayas
- Ayurogashram Private Limited
Chapter 9: Product launches
- New product launches
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