Ayurveda Market Outlook
According to the research report by Market Research Future (MRFR), the global Ayurveda market is projected to acquire a substantially larger size over the forecasted timeframe. Ayurveda is one of the medical systems derived from ayurvedic herbs and plants. It is an Indian replacement medicine system with conventional roots. The products are comprised of natural bio-active compounds used in preventing diseases. The main goal of these medicines is to benefit humans to perdue their lives strong and healthy devoid of depending on any medications or complicated surgeries.
The global Ayurveda market has recorded praiseworthy growth in the past few years. The growth of the Ayurveda market is primarily being driven by the rising preference for herbal products like oats, almond oil, corn flakes, biscuits, jam, cookies, spices, and herbal tea. Moreover, the rising awareness among people and increasing incidence and prevalence of chronic illnesses are projected to catalyze the market’s growth over the forecasted era. On the other hand, the excessive use of pesticides and insecticides and the adverse weather conditions in India are anticipated to impede the Ayurveda market’s growth over the coming years.
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Ayurveda Market Segment Analysis
The global Ayurveda market has been fragmented into numerous segments based on disease pattern, source, distribution, application, end-users, form, and region.
Based on application, the global market for Ayurveda is divided into medicinal, personal care, and others.
Based on disease patterns, the Ayurveda market is split into the nervous system, gastrointestinal tract, infectious disease, skin and hair, respiratory system, cardiovascular system, skeletal system, and others.
By source, the global market for Ayurveda is bifurcated into vegetables and animals.
The global ayurveda market is divided into herbal, herbomineral, mineral, and others based on form.
The global ayurveda market is divided into academia & research, hospitals & clinics, and others based on end-users.
The Ayurveda market is divided into organized, over-the-counter, and others based on the distribution channel.
Ayurveda Market Regional Analysis
The global Ayurveda market is examined across five major regions, including the Middle East & Africa, Asia-Pacific, Europe, South America, and North America.
The MRFR report suggests that the Asia-Pacific region will secure the top position in the global Ayurveda market. The report further states that India recorded the largest market share in 2016 globally. The market was valued at USD 1200 million and recorded exports worth USD 64 million in the same year. The regional market’s growth is driven by the wealthy culture of herbal medicines in India, Pakistan, Myanmar, Sri Lanka, and others. The Senna and Psyllium are some prominent exporters across the Indian market that are likely to boost the Indian market’s growth over the forecasted era.
Russian market secured the second position across the globe, followed by the increasing demand in the USA, Ukraine, Nepal, and Kazakhstan.
The European market is projected to register significant growth over the assessment era. The regional market’s growth is attributed to the increasing demand for natural therapies across the region.
Ayurveda Market Competitive Analysis
The global Ayurveda market has an incredibly competitive landscape. The players across the global market are making heavy investments in R&D activities to launch innovative products. The list of leading players in the global market for Ayurveda includes Dabur, Patanjali Ayurved Ltd, Baidyanath Group, Hamdard laboratories, Zandu Pharmaceutical Works Ltd, Vicco Labs, Emami Group, Charak Pharma, and several others.
Sarbananda Sonowal, AYUSH Minister, has announced the release of a dedicated storefront for ayurvedic products on Amazon. This storefront will improve the visibility of unique ayurvedic products such as numerous types of oils, immunity boosters, skincare supplements, juices, and more from small businesses and startups. It will make shopping easier as product selection corresponds to focus areas and health benefits such as mental wellness, women’s health, immunity boosters, weight management, blood purifiers, pain management, etc.
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An ayurvedic product startup, Durmeric, provides liquified herbal extracts with more potency and a better absorption rate. At present, the startup offers ten products created from daily herbs such as rosemary, tulsi, cinnamon, and ginger.
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