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Ayurveda IndustryJul, 14 2017

What’s in Store for the Indian Ayurveda Market

Ayurveda has always been an integral part of health and wellness and the Indian Ayurveda Industry is showing all the signs to go ahead.

By Tanvi Jetly

Our ancestors had always been keen on using natural and herbal products and medicines. They have preferred Mother Nature more because of all the good properties nature provides us. The treatments originating from natural means have proven to be very effective and helpful. Ayurveda has been a part of Indian culture for thousands of years. Sages and royal medical practitioners have trusted Ayurveda and its benefits. The Indian Ayurveda market has grown and is expected to reach for more in the coming years.

The Ayurveda Industry
With people choosing more ayurvedic products, the industry is booming at a good pace. The introduction of new products and services in the ayurveda sector has led to high demands which are in return generating huge revenues for the companies in the industry. The Indian Ayurvedic industry is expected to reach a CAGR of 16% during the year 2016-2021, according to a research done by Techsci Research. The ayurvedic cosmetics and skin care products market is likely to grow immensely over the next five years. With many other categories and a wide product line, the Indian ayurvedic industry is set to achieve growth and will go on expanding in times to come.

The Big Players
Many FMCG companies have made their mark in the Indian Ayurvedic industry. Ayurveda has been an integral part and has been connected with us since time immortal. Big names in the ayurveda world like Dabur, Baidyanath, Zandu, Himalaya, Charak, Vicco, emami etc have been in the ayurvedic business for years. Their brand names are huge and so is the target audience they are catering to. Dabur has been leading the ayurveda business game plan followed by Baidyanath. Zandu and Himani have been doing well too in terms of generating revenue. With a large product line comprising of Chayawanprash, ayurvedic shampoos, face washes, creams, soaps etc, the companies are never going to go short on what to offer to the consumers.

The Future in Indian Market
Consumers have once again turned towards ayurvedic products and services. After trying all the chemical infused products, the back to the home journey of the Indian consumers has pushed the Indian Ayurvedic industry to greater heights. The Indian Ayurvedic market has made a strong comeback with a huge consumer base and variety in products and categories under it. Since consumers have understood the need and importance of ayurvedic products and services, the future seems big and bright since the craze to use ayurvedic products is going to go a long way.

Experts Speak
The Ayurveda industry in India is now going in the right direction. Post government’s initiative in terms of patents, GST implication and benefit and Ayush ministry’s support; the awareness has been massive and hence, the ancient medicine is now widely getting accepted by the youth. Being a fusion of Spirituality and Science, Ayurveda is gaining huge mass appeal. Ayurveda has been going on for thousands of years, and there is no reason that it will not go on for more than thousands of years. It is a very effective means of treatment in India and is now being accepted and adopted by countries across the globe, says Ms Chandrakala Purohit, Chief Operating Officer, JMD Medico.

Ms Jeevika Tyagi, CEO, Allayurveda.com says, amidst the hustle of the daily grind, people are constantly on the lookout for serenity and are ready to splurge for services that can offer them the same in a natural way. Ayurveda brings that to the table with its herbal therapies, natural medicines and yoga centres. In India, it has regained its lost ground in mass appeal, along with renewed interest in the West. The Indian government is also supporting the comeback through channels that encourage research in this field. The business prospect itself amounts to a $20 billion ready market, which is set to become a $5 trillion market worldwide by 2050. Ayurveda in India has a brilliant future.

Conclusion
The Indian Ayurveda industry has regained its lost charm in the Indian market. Consumers have started turning towards ayurvedic products and have taken up the natural way of living. The new found demand for Ayurvedic products has helped the once perishing industry to grow considerably. 

Related: How FMCG companies are giving new dimensions to Ayurveda industry

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