According to Stratistics MRC, the “Global Ayurvedic Market” is accounted for $3,428.0 million in 2015 and is expected to reach $9,791.0 million by 2022 growing at a CAGR of 16.2% from 2015 to 2022. Some of the key factors favoring the market growth include, increasing demand for natural and organic products, expanding medical tourism across the globe, rising consumer awareness and growing demand for ayurvedic cosmetics products. Organic skincare products are achieving fast grip and the market is anticipated to expand even further. In addition to expanding consumer base, anti-ageing and anti-wrinkle creams are anticipated to fuel the market growth. However, lack of a killer instinct in ayurvedic industry, lack of optimum therapeutics and stringent regulations are some of the key barrier which is limiting the market size. Moreover, practical developments in ayurvedic medicines will offer great investment opportunities for players in the market.
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The Ayurvedic is the term originated from the word Ayurveda, which is from the roots of Indian sub-continents. Ayurveda is a system of medicine that has its origination roots in the Indian subcontinent. It uses natural healing practices to cure clinical conditions such as sinusitis, cough, depression, and insomnia. Ayurveda therapies have been integrated in general wellness and in some cases in medical use worldwide. In addition, ayurvedic ingredients are extensively used in personal care products and health supplements along with drugs.
Opportunity: The support from Governments is expected to pave the development of Ayurveda.
For example, the Indian Government set up AYUSH ministry to promote Ayurveda and traditional systems of medicine while the Indian council of medical research is conducting molecular-based studies to validate the efficacy of Ayurveda medicines. The Indian government has also incentivized the industry by lowering the goods and service tax on Ayurveda products to only 5% to encourage the sector. The government of India is also promoting the usage of ayurvedic products through awareness programmes and subsidies. Conversely, rise in awareness about ayurvedic natural ingredients in health and personal care products in the developed countries such as the U.S., Canada, Australia, Singapore, and Japan is expected to offer growth opportunity for the market in the near future.
Driver: Distribution network of ayurvedic products and reduce the stress levels by the use of ayurvedic treatment.
The distribution network of ayurvedic products have enhanced considerably, growing the accessibility of these products across both urban and rural regions. Increasing availability of Ayurvedic products at multi-branded stores is boosting sales of these products in the emerging countries. With a fast-paced lifestyle that leaves no scope for rejuvenation or relaxation, Ayurveda guarantees reduction in stress and anxiety. Regular practice of yoga, meditation, breathing exercises, massages, and herbal treatments allow the body to calm down, detoxify, and rejuvenate. Yoga improves the autonomic nervous system making the mind alert, so you can focus well and stay energized throughout the day. Breathing exercises keep infections at bay and allow abundant oxygen supply to the cells to create a sense of awareness. Depression and anxiety can be treated with Shiroabhyangam, Shirodhara, Abhyangam, and Padabhyangam.
On the basis of mode of sale, Retail sales segment is anticipated to grow at the significant rate during the forecast period. It is the method of selling ayurvedic product or services to customers through multiple channels of sharing to earn a profit. Retailers satisfy demand identified over a supply chain. Retail sales tracks consumer demand for finished goods by measuring the purchases of durable and non-durable goods over a defined period of time.
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By geography, Europe region is projected to have considerable market growth during the forecast period, due to rising popularity of Ayurveda with pharmaceuticals and therapeutics sectors supporting the market, presence of large facilities, and high disposable income. Germany, Italy, and France are the key contributors in this region, owing to growing demand for natural therapies and remedies.
Some of the key vendors in this market include Amrutanjan Healthcare Limited, Zandu Pharmaceuticals Works Ltd., WELEX Laboratories Pvt. Ltd , Lotus Herbals, Khadi Natural, Surya Herbal Limited , Maxcure Nutracedics Ltd., Shree Dhootapapeshwar Ltd., AVA Products & Services, Vicco Laboratories, Shree Baidyanath Ayurved Bhawan Pvt. Ltd., Kerala Ayurveda Ltd., Forest Essentials, Dabur India Ltd., The Himalaya Drug Company, Patanjali Ayurved Limited, Hamdard Laboratories, Emami Ltd., Charak Pharma Pvt. Ltd., BACFO Pharmaceuticals Ltd., Charak Pharma and Ayurvedic LifeStyles Inc.
Dabur India Ltd: Nov, 2016: Dabur has acquired hair care business of CTL Group of Companies to acquire its acquire the business of development, manufacturing, packaging and sale of Personal Care products (Hair Care and Creams) of CTL Contracting Proprietary Limited, in addition to certain equipment of Carbotec Laboratories Proprietary Limited and immovable property from CTL management and personnel services proprietary limited. This acquisition represents a significant step for Dabur in the strategy to accelerate growth in the international market, particularly Africa.
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Emami Ltd: Dec, 2016: Emami Limited, the Indian FMCG major has launched boroplus perfect touch mositurising cream, a new brand extension of BoroPlus. Actor Rhea Chakraborty has been roped in for the commercial of this newly launched mositurising cream. The new product comes in a vibrant pink pack that reflects a strong youth appeal targeting the young generation. The product has the goodness of ayurvedic herbs and has been developed by Ayurvedic and International Skin Experts. The product works perfectly on the skin as it leaves both face and body soft, fresh & healthy.
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