For thousands of years, Ayurveda has been an integral aspect of Indian culture and medicine. Mr. Ashish Thakur, the CEO of Birla Healthcare Ayurveda, says, “Ayurveda emphasises the use of medicinal plants and herbs for internal healing, disease prevention, and wellness maintenance as a sustainable healthcare approach.” Its all-encompassing methodology aids in preserving harmony in the body, mind, and spirit. It encourages a culture of self-care, and Indian households still employ its cures and practises, making it extremely sustainable and pertinent in Indian markets and beyond.
According to a report published by the Global Wellness Institute, the global wellness industry is already worth over $4.5 trillion, with alternative medical practices like Ayurveda making up a significant portion of it. The market for Ayurvedic products in India, according to IMARC, was worth INR 626 billion in 2022 and is projected to be worth INR 1,824 billion by 2028, growing at a CAGR of 19.3% from 2023 to 2028.
Mr Ashish Thakur says that the COVID-19 epidemic, whose uncertainties made us cherish the significance of a healthy mind and body even more, was one of the main growth drivers of the Ayurvedic market. As a result of increased public knowledge of Ayurveda’s therapeutic advantages, there has been a significant movement in consumer attitudes and preferences towards herbal teas, herbal infusions, and Ayurvedic health products, among other things.
Additionally, there is a discernible increase in the market’s supply and demand for Ayurveda-based food and drink products.
The Ayurveda market in India is expanding due to several different growth factors, including:
Increasing Awareness and Acceptance: One of the key drivers of the Ayurveda market is the increasing awareness and acceptance of Ayurvedic principles and products among consumers. People are becoming more conscious of the importance of holistic well-being, leading to a higher demand for Ayurvedic products, believes Mr Thakur.
Government Support: The Indian government has been actively promoting Ayurveda through various initiatives, including the establishment of Ayurveda research institutes, the integration of Ayurvedic practices into the healthcare system, and the standardization of Ayurvedic medicines. This support has boosted the credibility of Ayurveda in the eyes of consumers.
Product Diversification: Ayurvedic products have evolved beyond traditional medicines and now include a wide range of wellness and personal care products. This diversification has expanded the consumer base to include individuals looking for skincare, haircare, and other beauty and wellness solutions.
Global Demand: Ayurvedic products are not only popular in India but also have a growing international market. As people worldwide become more health-conscious and seek natural alternatives, the demand for Ayurvedic products is expected to increase globally, offering significant export opportunities for Indian companies.
Ayurvedic Tourism: India has also seen an increase in medical tourism related to Ayurveda. People from around the world travel to India for Ayurvedic treatments and wellness retreats. This trend is expected to continue as India’s reputation as an Ayurvedic healthcare hub grows.
Digitalization and E-commerce: The digital revolution has also played a significant role in the expansion of the Ayurveda market. Ayurvedic products are now readily available online, making them accessible to a broader audience. E-commerce platforms have also made it easier for Ayurvedic brands to market their products to a global audience.
Quality Control: To ensure the safety and efficacy of Ayurvedic products, there has been an increased focus on quality control and adherence to standardized manufacturing processes. This helps build trust among consumers and regulators.
The market is anticipated to undergo a transformation greater than ever before as a result of the increased demand for natural and organic products and the growing understanding of Ayurveda’s potential in healthcare. The establishment of wellness centres has played a vital role in ensuring the continued success of Ayurveda since they provide a platform for spreading its tenets and increase its accessibility to those looking for alternative forms of treatment. In such a scenario, brands like Birla Ayurveda contribute by providing Authentic Ayurvedic therapies and treatments, products and medicines with no artificial ingredients, and creating trust among people for Ayurveda.
The Ayurveda sector is anticipated to experience consistent growth in the upcoming years and is poised to become a major participant in the global healthcare market as it continues to gain popularity among consumers and is increasingly incorporated in mainstream healthcare!
In conclusion, the Ayurveda market in India is poised for continued growth due to increasing consumer awareness, government support, diversification of products, and global demand. The industry’s expansion will also be influenced by factors like research, quality control, and international collaborations, making it a promising sector for investment and development.