Ayurveda Market Outlook 2031
The global ayurveda market size was valued at around USD 7.65 Billion in 2022 and is expected to reach around USD 28.38 Billion by 2031, expanding at a CAGR of 15.68% during the forecast period, 2023–2031. The growth of the market is attributed to increasing awareness regarding the side effects of allopathic medicines among people.
Ayurveda is a traditional Indian system of ayurvedic medicine. It is used for natural healing practices and to cure clinical conditions, including cough, depression, sinusitis, and insomnia. Ayurveda is a practice of alternative medicine, which comprises natural herbs, plant-based medicines, and spices. Ayurvedic products are used in health supplements and personal care products.
Ayurvedic therapies have been integrated in medical use and general wellness. The main focus of ayurvedic medicine is help human beings to maintain healthy and strong life without depending upon any complicated surgeries, remedies, and painful interferences. Ayurveda serves the goal of general wellness, and many people practice it in nations such as Nepal, Myanmar, and Sri Lanka.
The COVID-19 pandemic negatively affected human lives and caused financial crisis at unprecedented levels across the globe. The pandemic attracted the attention of many people towards ayurveda to build immune system against disease-causing viruses and bacteria.
Ayurveda cures respiratory illnesses with the help of herbal decoctions, leading to good practices such as gargling with medicated water and steam inhalation. Ayurveda has the potential to combat coronavirus and it is an adjunct ayurvedic treatment option for several diseases.
Ayurveda Market Trends, Drivers, Restraints, and Opportunities
- Growing awareness about the benefits and easy availability of products is expected to drive the market.
- Expanding medical tourism is projected to propel the market during the forecast period.
- Inconsistent supply of raw materials is anticipated to hinder the market.
- Inadequate knowledge about ayurveda science in western countries is expected to hamper the market in the coming years.
- Standardization of ayurvedic medicines and increasing investments for R&D are projected to create lucrative opportunities for market players.
Scope of Ayurveda Market Report
The report on the global Ayurveda Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Ayurveda Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Distribution Channels (Pharmacies, Supermarkets, Departmental Stores, Internet Retailing, Beauty Spa/Salon, and Specialty Stores), and Products (Personal Care, Healthcare, Skin Care, Hair Care, Oral Care, and Drugs)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Charak Pharma Pvt. Ltd.; Patanjali Ayurved Limited; Vicco Laboratories; Dabur India Limited; Leverayush; Emami Limited; SHREE BAIDYANATH AYURVED BHAWAN PVT. LTD.; and The Himalaya Drug Company
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Ayurveda Market Segment Insights
Supermarkets segment to expand at a considerable CAGR
On the basis of distribution channels, the ayurveda market is segmented into pharmacies, supermarkets, departmental stores, internet retailing, beauty spa/salon, and specialty stores. The supermarkets segment is projected to expand at a considerable CAGR during the forecast period, due to affordability and easy availability of several products.
The beauty spa/salon segment is anticipated to account for a major market share during the forecast period, owing to growing awareness of the benefits of ayurvedic products.
Healthcare segment to hold a significant share of the market
Based on products, the ayurveda market is divided into personal care, healthcare, skin care, hair care, oral care, and drugs. The healthcare segment is expected to hold a significant share of the market in the coming years, due to growing awareness regarding adverse effects of allopathy among consumers.
The personal care segment accounts for a significant market share, due to increasing awareness about ayurvedic natural ingredients in personal care products.
Asia Pacific is anticipated to constitute a key market share
In terms of regions, the ayurveda market share is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the forecast period, owing to increasing health and wellness tourism.
The market in North America is anticipated to expand at a rapid pace during the forecast period, due to increasing investments for research and development in the market.
Segments
The global ayurveda market has been segmented on the basis of
Distribution Channels
- Pharmacies
- Supermarkets
- Departmental Stores
- Internet Retailing
- Beauty Spa/Salon
- Specialty Stores
Products
- Personal Care
- Healthcare
- Skin Care
- Hair Care
- Oral Care
- Drugs
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global ayurveda market share are Charak Pharma Pvt. Ltd.; Patanjali Ayurved Limited; Vicco Laboratories; Dabur India Limited; Leverayush; Emami Limited; SHREE BAIDYANATH AYURVED BHAWAN PVT. LTD.; and The Himalaya Drug Company.
Key players are deploying organic growth strategies and product launches to compete in the market. These companies also adopt acquisitions and collaborations to boost their market share.
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In December 2019, Patanjali purchased Ruchi Soya Industries., which is a major producer of soybean products. In India, it is a mid-cap firm listed on the BSE and NSE.
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In December 2020, Emami announced the expansion of its healthcare portfolio under the Zandu brand into several new markets.
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