Ayurveda Market Size, Share 2019, Global Business Growth, SWOT Analysis, Industry Demand Overview, competitive Landscape, Regional Forecast to 2023

Global Ayurveda Market Size, Share, Trends, Growth, Analysis by application (medicinal, personal care), disease pattern (respiratory system, nervous systems, gastrointestinal track, cardiovascular system, infectious diseases, skeletal system, skin and hair), form (herbal, herbomineral, mineral)- Forecast to 2023

Ayurveda Market Scenario

The global Ayurveda market is anticipated to demonstrate a healthy CAGR during the forecast period (2017-2023) owing to the growing awareness of traditional systems of medicine, asserts Market Research Future (MRFR). Ayurveda is termed as an Indian system of medicine which is generally derived from Ayurvedic natural herbs and is also a form of alternative medicine. Ayurveda is a traditional Indian healing system which has been identified as an effective alternative treatment. It uses natural healing practices in order to cure conditions such as cough, sinusitis, insomnia, and depression. Ayurvedic ingredients are also used in health supplements and personal care products along with drugs.

Ayurveda Market Competitive Dashboard

The prominent players operating the global ayurveda market are Charak Pharma, Baidyanath Group, Emami Group, Dabur, Zandu Pharmaceutical Works Ltd, Vicco Labs, Patanjali Ayurved Ltd., Hamdard Laboratories, and others.

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Ayurveda Market Drivers and Constraints Impacting the Market

With increasing awareness regarding the efficacy and effectiveness of traditional systems of medicines and disillusionment with allopathy due to its high side effects, the global Ayurveda market is presumed to flourish during the assessment period. Also, support from the government and increasing research and development activities have further contributed to the growth of the market. Support from the governments is estimated to pave the development of Ayurveda. For instance, the Indian Government has set up AYUSH ministry in order to promote Ayurveda and traditional systems of medicine. The Indian Council of Medical Research is also conducting molecular-based studies to validate the effectiveness of Ayurveda medicines. Moreover, the rising prevalence of chronic diseases such as cardiology, rheumatic disorders, allergy and others, and lower side effects of herbal medicines are considered to trigger the demand for Ayurveda market in the coming years.

On the flip side, lack of scientific validation for Ayurveda in developed economies such as the United States, where Ayurveda is not licensed as supplementary and pseudoscience is considered to deter the market growth in the coming years. Moreover, strict mandates associated with the obligatory differentiation label on the product citing cosmetic or therapeutic grade products and lack of expertise are some of the major concerns likely to dampen the market growth during the appraisal period.

Global Ayurveda Market: Segmental Analysis

The global Ayurveda market has been segmented on the basis of disease pattern, application, form, source, distribution, end users, and region.

By mode of application, the global Ayurveda market has been segmented into personal care, medicinal, and others. Among these, the personal care products command the largest market revenue due to the growing awareness of personal care products, improved purchasing power of women, and changes in consumption patterns along with changing lifestyle.

By mode of disease pattern, the global Ayurveda market has been segmented into nervous systems, respiratory system, cardiovascular system, gastrointestinal tract, skeletal system, infectious diseases, skin and hair, and others.

By mode of source, the global Ayurveda market has been segmented into vegetable and animal. The vegetable source has been sub-segmented into seeds, leaves and fruit, bark, roots, and others. The animal source has been further sub-segmented into bones, oils, and others.

By mode of form, the global Ayurveda market has been segmented into herbomineral, herbal, mineral and others.

By mode of end-users, the global Ayurveda market has been segmented into hospitals and clinics, academia and research, over and others.

By mode of distribution, the global Ayurveda market has been segmented into over the counter, organized, and others.

Ayurveda Market Regional Insights

Geographically, the global Ayurveda market span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).

Among all the regions, Asia Pacific is presumed to dominate the global market in terms of both size and revenue. Majorly led by India and China, Asia Pacific is considered to emerge as the fastest growing market due to their rich traditions of herbal medicines. Moreover, the Asia Pacific region is considered the largest producer of ayurvedic products including medicinal products which is augmenting the market growth during the appraisal period.

The North American region is considered as one of the growing markets for Ayurveda due to the high healthcare expenditures and high per capita income in this region. Moreover, the U.S. and Canada are major markets for Ayurveda, which further flourishes the market growth. Additionally, strong potential of Ayurveda products, therapeutic applications in personal care and cosmetics, and rising application areas are contributing to the market growth.

Europe is another promising region for Ayurveda owing to the rising popularity of Ayurveda as pharmaceuticals and therapeutics. Moreover, the presence of large facilities in Germany and France and high disposable income contribute to the market growth in this region.

Ayurveda Industry Updates

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.

December 14, 2018: Vijay Rupani, the Chief Minister of Gujarat, has recently inaugurated the World Ayurveda Congress and Arogya. The Chief Minister said that the Narendra Modi has set up a separate ministry for AYUSH as a part of the National Health Policy, having realized the rising significance of Unani and Ayurveda systems of medicine.

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