Yahoo Finance Ayurvedic Products Market to Reach USD 28,830 Million Revenue by 2030 at 12.3% CAGR – Report by Market Research Future (MRFR)
Ayurvedic Products Market Trends and Insights By Product-Type (Personal Care, Healthcare, Others), Specialty Attribute (Organic, Vegan, Gmo-Free, And Others), Distribution Channel (Store Based (Supermarket/Hypermarket, Specialty Stores, Drug-Stores, Convenience Stores, Others), Non-Store Based (E-Commerce), Region, Competitive Market Growth, Size, Share and Forecast To 2030
New York, US, May 23, 2022 (GLOBE NEWSWIRE) -- Ayurvedic Products Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Ayurvedic Products Market Information by Product Type, Specialty Attribute, Distribution Channel, and Region - Forecast till 2030”, the market is expected to reach USD 28830.5 Million by 2030 at 12.3% CAGR.
Market Synopsis
Ayurveda is one of the oldest Indian systems of medicines that come from the word ‘Ayurveda’, which lies in the hearts of the Indian sub-continent. It comprises natural herbs, plant-based medicines, and spices, and is practiced as alternative medicines. Close to 80 percent of the total population in India adopt traditional medicine, which is a class that comprises Ayurveda. Most of these therapies are adopted all over the world to cater to the goal of wellness and health.
Ayurvedic products’ central focus is to benefit humans to be stronger, live longer, and be healthier, without being dependent on any remedies, painful interferences or complicated surgeries. The practicing countries include Nepal, Myanmar and Sri Lanka, and is mostly equivalent to European and Chinese traditional medicine systems. Ayurveda’s core ingredients are majorly applicable in health supplements, cosmetics, Oral Care Products, drugs, and personal care products.
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Market Competitive Landscape:
The important companies in the ayurvedic products market include
The Himalaya Drug Company (India)
Natreon Inc (U.S.)
Planet Ayurveda (India)
Herbal Hills (India)
Basic Ayurveda (India)
Dabur India Ltd. (India)
Patanjali Ayurved Limited (India)
Market USP Covered:
Market Drivers:
One of the top factors propelling the growth rate of the ayurvedic products market incudes the rising popularity of organic and natural medicines and the increasing knowledge about their benefits among consumers. Factors like surging health concerns as well as awareness about the toxic effects of western medicines also push the consumer preference toward ayurvedic products.
Furthermore, encouraged by the economic growth and increasing incomes, per capita spending on healthcare products has risen notably over the last few years, giving rise to a favorable scenario for the ayurvedic products market. The distribution network of these products has vastly improved, raising their accessibility across both rural and urban regions. Various government bodies are striving to promote the use of a variety of ayurvedic products via awareness programs as well as subsidies.
Soaring knowledge levels regarding the importance of a healthier lifestyle, surging preference for chemical-free products, and the emergence of favorable government initiatives further augment the Ayurvedic products market share.
The majority of the developers of ayurvedic products are focused on manufacturing new and more advanced formulations and adding these into their product lines to bolster their business value. Technological innovations and a heightened focus on research and development activities aid in fostering the ayurvedic products market size worldwide. Ayurvedic products companies are placing a premium on developing new items to cater to the evolving customer demand, leading to booming product sales.
Market Restraints:
A pressing need to effectively promote the use of Ayurvedic goods and enhance the knowledge level about ayurvedic goods has become a great challenge for the industry players.
Nevertheless, the constant technological developments, practical advances in ayurvedic medicines, and the untapped growth potential in developing markets can offer lucrative opportunities to the top brands in the future.
COVID 19 Analysis
Data and studies suggest that a variety of ayurvedic products have been enjoying spiked demand since the COVID-19 outbreak. The shortage of a foolproof and effective allopathic cure for the virus has fostered the appeal for products that claim to boost immunity and are considered natural.
One industry, in particular, has been rapidly thriving, which is Ayurveda. With the post-pandemic era seeing a vast change in consumers’ buying habits, there has been a swift rise in the demand for beauty and wellness products. With the pandemic bringing along a series of uncertainties and economic downfall, consumers’ focus is now more on a more holistic and natural way of living. This has been a great period for Ayurveda, in terms of food products, supplements, and immunity boosters, while the beauty industry is not far behind. To simply put, the ayurvedic products market has done considerably well following the pandemic outbreak and will continue to surge tremendously in the coming years.
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Market Segmentation
By Product Type
Healthcare, personal care, and others are the top product types considered in the MRFR study. Personal care products segment is at the forefront of the ayurvedic products market owing to the heightened awareness level about different personal care products, evolving consumption patterns as well as lifestyles, and the improving purchasing capacity of women, which promises spectacular growth for the personal care industry.
By Specialty Attribute
The top specialty attributes considered in the report are GMO-free, vegan, organic, and others.
By End-Users
With respect to distribution channel, the ayurvedic products market caters to e-commerce, specialty stores, supermarkets/hypermarkets, convenience stores, pharmacy stores, and others.
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Regional Insights
Asia Pacific and especially India will emerge as the top market for ayurvedic medicines since the country is the leading innovator of Ayurvedic medicines worldwide. Other than this, the escalation in technological innovations by the local and international Ayurvedic product manufacturers in India and other countries also benefits the regional market. The markets in South and East Asia can anticipate substantial growth in the approaching years, given the product expansion offerings by renowned global and local brands in the region.
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The United States, France, China, Canada, and Germany are the leading importers of a variety of ayurvedic products. Owing to their long heritage of ayurvedic medicines, Asia Pacific will continue being the market leader, supported by economies like India, Myanmar, Indonesia, and Sri Lanka.
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