With the everyday changing needs of the consumers, the ayurveda industry has to remain in the game and match the latest trends to keep moving with the times.
Ayurveda never leaves a chance to astonish us. With so many brands coming in the ayurvedic industry, it becomes a bit hard to distinguish between the best and the worst. There was a time when Ayurveda, as a traditional practice, was used in everyday lives of people but with the changing times, it lost its charm to the various brands that were either selling chemical based products or anything in the name of natural products.
The Ayurvedic Industry
The ayurveda industry is growing and a lot of changes can be seen in the way it is adapting to the new trends. The industry is experiencing a rise in demand for ayurvedic products over chemical based products. Much of this growth credit goes to the increasing awareness about the benefits of ayurveda. The ayurveda industry is expected to reach Rs. 40,815.1 crore by 2020. The ayurveda business is, overall, doing a good job after making its way into the consumer market. It is expected to be a $ 5 trillion market worldwide by 2050.
The Changing Consumer Trends
Trends come and go and consumers want to experience everything before the trending ones become old. There is no matching up with the pace and way the consumer trends change. It seems a bit tough to cope up with so much of rush and happening changes. Ayurvedic brands have been doing quite a lot of work to match up to what consumers require according to trends as the business is in a lot of focus. Starting from the time consumers felt that ayurvedic soaps were the latest trend to the time ayurvedic sheet facemasks have become a thing of the present, ayurvedic brands are leaving no stone unturned to meet each and every wish of the ‘trendy’ consumer.
Ayurveda has gone a full cycle in past few decades and it is not becoming mainstream. Back to roots approach is real and people are obviously keen to adopt Ayurvedic way of life and they are ready to pay a premium for it. We must note aspirational quotient leads to trust and bigger sales numbers and same is happening to Ayurveda. The quality standard has been a big concern in Ayurveda FMCG as well as medicines which have also led the government to regulate this fast-growing segment and companies are mindful of this development. There is growing trend among consumers in preferring Ayurveda products and companies are enhancing product offering on pure Ayurveda concept. Companies are bracing for spending on Product R&D. A new trend is emerging where companies are bringing preventive Ayurvedic products in day to day use format. People are seeking handmade Ayurvedic products like Chyavanprash instead of factory made which is fuelling low scale premium industry growth. Instead of one-kilo pack, people prefer one-time use product packaging and these things are bringing Ayurveda to the forefront. Ayurveda is in its transformation phase where modernity is mixing itself with Vedic period formulations, says Ram N. Kumar, CEO, NirogStreet.com
I think it is because of the people getting more aware. There has been a significant amount of awareness among the people that we have gone to the extreme end of chemicals. We were harming the nature, our body and all the essential things. Slowly, people have realised that living a natural life is the much healthier alternative than using all kinds of chemical-based products. Ayurveda has intensive capabilities of healing from within and providing a complete cure. It is because of the increasing level of education and what we have done to nature, the consumers are turning towards ayurveda and have become more aware. We have been looking at various aspects, from the cultivation of herbs on an organic level to getting farmers to cultivate and buy herbs directly. We have also tried to promote the use of non-pesticides, non-insecticides based herbs. We have started collaborating with universities for research in Ayurveda and work with nearly 40 ayurveda colleges to promote ayurveda. This has given us a cutting edge on research as the same done outside can be easily validated. The latest innovation which we are attempting to do is getting into functional, bioactive based foods. Ayurveda does use a lot of foods which people do not know of. We are trying to make sure that the products in this range are standardised to a bioactive level. We are trying to promote the usage of the different types of herbs and spices so that people can eat and live healthier. We are trying to eliminate the basic need to take medicines. People should maintain a healthier and better lifestyle. We do have done some juices and now we are looking forward to taking this range to the next level as we introducing ready to drink health drinks which have zero sugar and are good in taste. We are going more mainline than just using alternative ayurveda therapies, says Anurag Sharma, Managing Director, Shree Baidyanath Ayurved Bhawan Pvt. Ltd.
Ayurvedic brands are meeting the ever-evolving needs of the consumers which have stemmed from all the latest trends going on in the wellness industry. Ayurveda business is largely focused on the Indian market as it is the place of its origin but it has been doing well in other segments of the world as well. The changing consumer trends do make the work for the ayurvedic brands a little hectic but it does keep the industry in motion.