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The global ayurveda market size is estimated to grow by USD 7.19 billion at a compound annual growth rate (CAGR) of 16.01% between 2023 and 2028. The market experiences growth propelled by the low occurrence of side effects associated with these remedies and the surging demand for natural healthcare solutions. The market further benefits from the introduction of new products, driving expansion. However, challenges persist, including limited awareness of Ayurveda principles in Western regions, inadequate availability of raw materials, and stringent regulatory frameworks governing Ayurvedic products. These hurdles hinder the market's growth trajectory. Nonetheless, efforts to educate consumers and healthcare professionals, along with initiatives to enhance the supply chain and navigate regulatory complexities, are pivotal in overcoming these challenges and fostering the continued advancement of the Ayurveda Medicines Market.
The market is experiencing substantial growth as a result of rising demand for natural treatments. Due to their perceived safety, low side effects, and wide approach to health, consumers are increasingly drawn to herbal medicines. Traditional Chinese medicine (TCM), ayurveda, and other indigenous herbal practices are examples of this driver around the world. Furthermore, as consumers seek natural alternatives to synthetic drugs, the market is growing, generating opportunities for enterprises to meet this growing need for natural health solutions. This, in turn, will drive the growth of the market during the forecast period.
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The market share growth by the products segment will be significant during the forecast period. The Ayurvedic market encompasses various segments, including herbal supplements, cosmetics, foods, and healthcare products. The use of raw ingredients, such as natural herbs and spices, in Ayurvedic practices is prevalent. Panchakarma, Ayurvedic massages, and yoga retreats are integral parts of this traditional healthcare system. Consumer education is crucial in dispelling false beliefs and increasing acceptance of Ayurvedic products in Western markets. Scientific validation of Ayurvedic practices and their integration with conventional medicine are essential for market growth.
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The products segment was valued at USD 2.43 billion in 2018. The supply chain for premium raw materials faces challenges like labor shortages, geopolitical unrest, and environmental concerns. Standardization and certification are necessary to ensure product quality and safety. Ayurvedic market offerings include health supplements, oral care products, personal care items, ayurvedic cosmetics, medical tourism, and anti-wrinkle/aging creams. Immunity-boosting products are in high demand due to the increasing prevalence of chronic diseases. Innovations in the Ayurvedic market include intricate procedures, plant-based medications, and a wide range of offerings, from retail stores and online retail to direct sales and representatives. Thus, such instances are expected to boost the growth of the product segment of the market during the forecast period.
Ayurveda, an ancient Indian holistic healing system, is gaining popularity for mild illnesses and natural remedies. Herbal medications derived from unprocessed herbs, teas, tablets, capsules, salves, and poultices are increasingly used in health care, oral care, hair care, and skin care. In underdeveloped nations and developed countries alike, there is a growing preference for these plant-based treatments. Skilled ayurvedic practitioners and pharmacists are in high demand to prepare and dispense these remedies. Ayurvedic ingredients, such as aloe vera, chamomile, and green tea, are known for their calming and revitalizing effects. Women, Men, and Kids use these remedies for various health issues, including arthritis, anxiety, sleeplessness, and digestive issues. Ayurvedic hospitals, clinics, and practitioners continue to expand, offering a range of services from herbal treatments to herbal cosmetics.
The demand for Ayurveda medicine has significantly increased over the past decade, driven by the growing preferences for natural and holistic health. Increasing consumer awareness regarding traditional healing practices and exploration of different cultures is positively impacting the market. Market players offer a wide range of ayurveda products such as black pepper extract, amla extract, Boswellia serrata extract, Coleus forskohlii extract, Curcuma longa extract, fenugreek extract, ashwagandha root extract, Garcinia gummi-gutta extract, moringa leaf extract, and rosemary extract. These products can be consumed in the form of powder, capsules, tablets, soft gels, and liquids. Additionally, the natural compounds present in these ayurvedic products are used to manage several chronic diseases. Therefore, the medicine segment of the market will grow significantly during the forecast period.
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Asia is estimated to contribute 79% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. The market in Asia experiences continuous expansion due to increasing consumer awareness of allopathic medicine's side effects and the therapeutic benefits of herbal products. Factors such as obesity, cardiovascular diseases, nutrient deficiencies, and synthetic product consumption contribute to market growth. Panchakarma treatments, Ayurvedic massages, and yoga retreats are popular offerings. Raw ingredients, scientific validation, and premium raw materials are essential. Western markets seek these health supplements, cosmetics, foods, and healthcare products.
Consumer education is crucial to dispel false beliefs. Supply chain challenges include labor shortages, geopolitical unrest, and environmental concerns. Standardization and certification are necessary for market expansion. Cultural and geographic barriers exist. Ayurvedic market offerings include spices, natural herbs, plant-based medications, intricate procedures, health supplements, oral care products, personal care items, ayurvedic cosmetics, medical tourism, and anti-wrinkle/aging creams. Immunity and perceived protection are key selling points. Hence, such factors are expected to drive market growth in this region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
BACFO Pharmaceuticals India Ltd.: The company offers a wide range of ayurvedic products, such as Gokshuradi guggulu, Kishore guggulu, and Trifla guggulu, among others.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market encompasses a wide range of products and treatments based on ancient Indian knowledge of natural healing. Ayurvedic medicines and herbal remedies are popular solutions for managing chronic health issues such as obesity, stress, diabetes, and more. The market includes herbal, herbomineral, and plant-based medications made from intricate procedures using natural ingredients. Ayurvedic goods also extend to health supplements, oral care products, and personal care items. Government support for traditional medicine has been instrumental in promoting the market. Natural treatments using Vatta, Pitta, and Kapha principles are gaining popularity worldwide. Synthetic chemicals are being replaced with herbal items and natural ingredients to cater to the growing demand for healthier alternatives. The market also includes anti-wrinkle creams and anti-aging creams, further expanding its reach in the personal care sector. Medical tourism is another area where these treatments are making a mark, attracting patients from around the globe.
Low side effects of Ayurveda medicines are the key factor driving market growth. The global market for these products has experienced significant growth due to the rising preference for natural remedies in managing mild illnesses. In countries like India, where cultural traditions favor herbal medicines and health concerns are on the rise, the consumption of supplements is particularly high. The increasing prevalence of chronic conditions, such as obesity, in underdeveloped nations further encourages the demand for herbal medications in the form of teas, tablets, capsules, salves, poultices, and more.
Ayurvedic offerings cater to various health care needs, including oral care, hair care, skin care, and others, for Women, Men, and Kids. Ayurvedic practitioners, hospitals, and clinics provide treatments for conditions like arthritis, anxiety, sleeplessness, and digestive issues using the expertise of skilled physicians and pharmacists. The use of unprocessed herbs ensures minimal side effects, making these treatments an attractive alternative to chemical-based pharmaceutical products for health and wellness seekers. Hence, the rising awareness among consumers about low side effects is expected to boost market growth during the forecast period.
An increase in the number of clinical studies demonstrating health benefits is the primary trend shaping market growth. The global market for these treatments and herbal medications is experiencing significant growth. With an increasing number of individuals, particularly those approaching retirement age and youth, preferring natural remedies for mild illnesses, the demand for the products has surged. Unprocessed herbs, teas, tablets, capsules, salves, and poultices are popular forms of health care. This market growth and trends is particularly prominent in underdeveloped nations where skilled ayurvedic practitioners and pharmacists continue to play a vital role.
Ayurvedic treatments are used for various health concerns, including arthritis, anxiety, sleeplessness, and digestive issues. The market caters to diverse demographics, including Women, Men, and Kids. Ayurvedic hospitals, clinics, and oral, hair, and skin care products are also part of this expanding industry. The COVID-19 pandemic has further fueled the growth of the market due to the focus on building immunity against the disease. This, in turn, is expected to drive the market during the forecast period.
Inadequate knowledge of Ayurveda science in Western regions is a challenge that affects market growth. The market for Ayurvedic products and therapies has experienced significant growth over the past three decades, with approximately 80% of the global population relying on them for various aspects of healthcare, particularly for mild illnesses.
Ayurvedic remedies, including herbal medications, unprocessed herbs, teas, tablets, capsules, salves, poultices, and others, are widely used for health care, oral care, hair care, skin care, and more in both underdeveloped and developed nations. Ayurvedic practitioners, hospitals, and clinics offer treatments for conditions such as arthritis, anxiety, sleeplessness, and digestive issues. However, challenges persist, including cultural appropriation, lack of scientific validation, quality control, and safety concerns. Skilled Ayurvedic physicians and pharmacists continue to play a crucial role in ensuring the effectiveness and safety of these natural remedies for Women, Men, and Kids. Thus, such factors may impede the potential growth of the market during the forecast period.
The market growth and forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
The market forecasting market analysis and report covers market growth analysis by revenue at global, regional & country levels and provides an analysis of the latest market growth and market trends and analysis opportunities from 2018 to 2028.
Ayurveda, an ancient Indian healing system, is gaining significant attention in the global health market. Herbal remedies and medicines are the cornerstone of Ayurveda. The market is thriving due to the increasing awareness of natural health and wellness. Herbal remedies for various health conditions, such as Ayurvedic medicines for diabetes, cardiovascular diseases, and stress-related disorders, are in high demand. The Ayurvedic industry is witnessing growth due to the increasing acceptance of Ayurvedic practices in Western countries. Ayurvedic ingredients like turmeric, ashwagandha, and ginger are widely used in functional foods and dietary supplements. Ayurvedic cosmetics and skincare products are also gaining popularity due to their natural and organic nature.
Moreover, the market for Ayurvedic medicines and products is expected to grow at a steady pace in the coming years. The increasing demand for natural and organic products, coupled with the growing awareness of Ayurveda, is driving the growth of this market. Ayurvedic practices offer a holistic approach to health and wellness, making them an attractive alternative to conventional treatments. In conclusion, the market is witnessing significant growth due to the increasing acceptance of Ayurvedic practices and the growing demand for natural and organic products. Ayurvedic medicines, functional foods, dietary supplements, cosmetics, and skincare products are some of the key areas driving the growth of this market.
Ayurveda Market Scope |
|
Market Report Coverage |
Details |
Page number |
153 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 16.01% |
Market Growth 2024-2028 |
USD 7.19 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
15.23 |
Regional analysis |
Asia, North America, Europe, and Rest of World (ROW) |
Performing market contribution |
Asia at 79% |
Key countries |
US, United Arab Emirates, The Netherlands, India, and Indonesia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
BACFO Pharmaceuticals India Ltd., Charak Pharma Pvt. Ltd., Colgate Palmolive Co., Dabur India Ltd., Emami Ltd., Hamdard Laboratories, Himalaya Wellness Co., Isha Agro Developers Pvt. Ltd., Katra Phytochem Pvt. Ltd., Maharishi Ayurveda, Manipal Natural Pvt Ltd, NatureCode, Patanjali Ayurved Ltd., Polycare Herbals, Prakruti Pure Herbs, PUIG S.L., Shahnaz Husain, Shathayu Ayurveda Clinic, Shree Baidyanath Ayurved Bhawan Pvt., Ltd., Srisritattva, Unilever PLC, Uniray Life Sciences, Vasu Healthcare Pvt Ltd., and Vicco Laboratories |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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