Market Analysis —
The global Ayurveda market is poised to have excellent accruals at a remarkable CAGR over the predicted years (2017-2023). Ayurveda is an age-old practice, some 5000 years old. The term “Ayurveda” indicates life-knowledge. The specialty of ayurvedic medicine is, it lays emphasis on a person’s health and wellness by perfectly blending the body, mind and spirit. It rests on the belief that both wellness and health rests on the delicate balance between body, mind and spirit. The key goal of Ayurveda is in promoting good health and not fighting disease. Yet treatments can be geared towards particular health problems. The benefits of Ayurveda are plenty and aids the body in various ways. It is this that has awakened people’s attention looking to lead a life that is more balanced and much healthier.
There are abundant factors that is propelling the growth of the Ayurveda market. These factors as per the MRFR (Market Research Future) report include burgeoning demand for organic and natural products, increasing consumer awareness, expanding medical tourism all over the world, increasing need for ayurvedic cosmetics, plentiful benefits sans side effects, growing awareness about the efficacy and effectiveness of traditional medicine and support from Government. The additional factors include growing ecommerce, growth of nutrition and global industry, prevalence and growing incidence of chronic diseases namely allergy, cardiology, rheumatic disorders and others. On the contrary, lack of trained work force, lack of health insurance approval, lack of National Accreditation Board especially for accreditation of hospitals and healthcare providers, lack of scientific validation for Ayurveda especially in developed nations namely the US where Ayurveda is neither regulated nor licensed and the outlook of this medicinal practice as pseudoscience and supplementary are factors that are deterring the Ayurveda market growth.
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MRFR report offers a broad segmental analysis of the Ayurveda market on the basis of application, source, disease pattern, end users and form.
Based on application, it is segmented into personal care, medicinal and others. Of these, personal care will have the maximum share in the market over the predicted years. Factors that are imparting the growth of the market in this region include growing awareness of personal care products, improved purchasing power especially in case of women, changes in lifestyles and consumption patterns and others.
Based on disease pattern, it is segmented into skin and hair, skeletal system, infectious diseases, cardiovascular system, gastrointestinal track, nervous systems, respiratory system and others.
Based on source, the Ayurveda market is segmented into animals (bones, oils and others) and vegetable (bark, roots, seeds, leaves and fruit and others)
Based on form, it is segmented into mineral, herbomineral, herbal and others.
Based on end users, the Ayurveda market is segmented into hospitals and clinics, academia and research and others.
Based on distribution, it is segmented into over the counter, organized and others.
By region, the Ayurveda market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Middle East and Africa. Of these, APAC will command the Ayurveda market over the predicted years due to the rich tradition of Ayurveda medicines led by Myanmar, Indonesia, Pakistan, Sri Lanka, India and others. Among these, India has the largest market touching about USD 1200 million with regards to market value. Russia is the next largest market which is followed by the USA, UAE, Kazakhstan, Ukraine, Nepal, Philippines, Japan, Mauritania and Kenya. With UK, Germany and France being the key contributors, Europe has the third major share in the Ayurveda market owing to increasing need for natural/herbal remedies and therapies. The Ayurveda market in the Middle East and Africa will have a steady growth. The African regions will generate strong growth due to cost benefits of herbal medicines.
Leading players profiled in the Ayurveda market include Emami Group, Vicco Labs, Patanjali Ayurved Ltd., Baidyanath Group, Dabur, Hamdard laboratories, Charak Pharma, Zandu Pharmaceutical Works Ltd, and others.
March 2019 - Kapiva Ayurveda is planning to introduce herb-infused teas in different variants shortly. The company has joined hands with the Darjeeling Organic Tea Estates Pvt Ltd. Initially this herb-infused tea will be available in bag format, but they are also working to launch loose tea.
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