Ayurveda Market Research Report Insight and Industry Analysis by application (medicinal, personal care), by disease pattern (respiratory system, nervous systems, gastrointestinal track, cardiovascular system, infectious diseases, skeletal system, skin and hair), by source (vegetable, animal and mineral), by form (herbal, herbomineral, mineral), by end-users (academia and research, hospitals and clinics), by distribution (organized, over the counter) – Global Forecast to 2023
Ayurveda Industry Analysis
Reliance on ancient scientific practices to augment ayurveda market growth
As the world veers towards the utilization of more natural therapeutics, ayurveda market size is expected to witness rapid growth scope over the coming years. Chronic diseases like diabetes, heart disease, kidney disease etc. are on the rise and instead of depending on a plethora of modern medicines, patients are turning back to the ancient science that has helped people for thousands of years. Though ayurveda originated in India and is most widely used in the country, the efficient use of the science can produce results where modern medicine might fail. Therefore, not only is the ayurveda market size growing rapidly in the country, it is witnessing massive demand in the western world as well. Technology is acting as a potent enabler of ayurveda for the market to meet the growing consumer demand.
Ayurveda is also gaining increasing popularity as its uses a natural, safe and holistic approach that is often devoid of any side effects. Not only for abdominal, skin, and sexual problems but for cancer, depression and cardiovascular diseases as well, people are relying on Ayurveda.
In recent years the global west has expressed greater interest in ancient practices originating in the east which include yoga, unani, naturopathy, homeopathy as well as ayurveda. Such practices seem to have produced better results than many modern medical practices and with the renewed ardor expressed by the Indian government in promoting such ancient practices, it is predicted that the ayurveda market will witness massive expansion by 2023.
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Ayurveda Market Competitive Landscape:
Some of the prominent names in the ayurveda market includes
- Emami Group
- Zandu Pharmaceutical Works Ltd
- Vicco Labs
- Baidyanath Group
- Patanjali Ayurved Ltd.
- Charak Pharma
- Hamdard laboratories
Ayurvedic Industry News:
That the ayurveda market is poised to expand exponentially in the coming years is apparent from the news that Just Herbs, the luxury Ayurvedic beauty brand, raised $1.5 million from a Pre-series-A funding round which was led by Roots Ventures. High Net Worth Individuals and corporate executives also took part in the funding round.
Ayurveda market is segmented on the basis of form, source, disease pattern, application, end-users and distribution.
By form ayurveda market is classified as herbal, herbomineral, mineral and others.
Source wise ayurveda market segmentation includes vegetables and animal. Vegetable sourced ayurveda ingredients include roots, bark, fruits, leaves etc. while animal sourced ayurveda includes oil, bones etc.
Ayurveda market classification on the basis of disease pattern includes nervous systems, respiratory system, gastrointestinal tract, infectious diseases, cardiovascular system, skin and hair, skeletal system and others.
Application based classification of ayurveda market comprises of medicinal, personal care and others.
End user based ayurveda market classification comprises hospitals and clinics, academia and research and others.
Distribution wise segmentation of ayurveda market includes organized, over the counter and others.
The practice of ayurveda is roots in India and has a wider market in the country as well as in Asia Pacific. Popular use of herbal medicine in countries like Pakistan, Sri Lanka, Myanmar, Indonesia etc. would add considerable boost to the ayurveda market in the region. A 2018 study conducted by the Confederation of Indian Industry estimated that the ayurveda industry size in India would surpass $4.4 billion by the end of 2018.By 2025, the Indian ayurveda industry is projected to record a 16% CAGR.
The use of ayurveda has been is quite popular in countries outside the Asia Pacific especially in Russia which holds that second largest share in the market followed by USA, Kazakhstan, UAE, Nepal, Ukraine, Japan, Philippines, Kenya and Mauritania. France hold the leading position in the ayurveda market in Europe with Germany and UK holding a considerable portion of the market share in the region as demand for natural therapies witness growth.
Demand for ayurveda treatment has been on the rise in the gulf economies especially UAE and Saudi Arabia, a factor that will be driving Middle East and Africa ayurveda market. Ayurveda market in Africa has also witnessed growth due to the availability herbal medicines and the cost advantage this offers.
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