With a growth rate of 16 per cent, the ayurveda sector is touted to reach Rs 7000 crore by 2020
The Ayurveda market is a whopping Rs 4500 crore sector in India. With a growth rate of 16 per cent, this sector is touted to reach Rs 7000 crore by 2020. What is it that is making Ayurveda grow like never before? It is the transition of Ayurveda from ancient to modern. Ayurveda today is no more about just medication. While exports of Ayurvedic medicines have reached a value of 100 million dollars a year, Ayurveda has spread to other areas like skin care, hair care, and other consumer products and even Ayurvedic Cigarettes called Organic Smokes by Mea ame. Brands like Patanjali and the creation of a separate AYUSH Ministry have ensured that Ayurveda becomes the in thing today and people go natural. The demand for organic, natural and herbal products has risen in the past few years and consumer brands are realising the need for taking the natural route.
Besides the products, Ayurveda treatments and spas are also on a high. The Indian medical tourism industry is expected to reach $6 billion by 2018. Wellness Tourism is estimated to grow nearly 50 per cent faster than global tourism by 2017, and a significant contribution to this will come from Asia, according to a study by SRI International. While Kerala leads the way, places like Rishikesh are also seeing an inflow of tourists seeking Ayurvedic treatments. Ayurveda brands – big and small – are realising the need for setting up their own spa resorts along with their clinics.