With the growth of organic and natural products industry, the demand for ayurvedic products and nutraceuticals has also gone up.
Ayurveda has been a part of our culture since ancient times. We have read about many uses of ayurvedic medicines, which have been carried and passed on to generations ahead. Nutraceuticals is a very broad term and has come into existence few years back. It refers to products derived from food sources and they have extra nutritional content in them, which has become a need of the human race. They are non-specific biological therapies and the word has been composed out of two other words- nutrient which means a nourishing food substance and pharmaceutical which means a medical drug. Human beings, in today’s world, are expected to multi-task in order to match up with the aims set for and by them. In times like this, they do require extra nutrition and nutraceuticals fulfill their wishes.
With the growth of organic and natural products industry, the demand for ayurvedic products and nutraceuticals has also gone up. It is estimated that the total value of products from the entire Ayurvedic production in India is on the order of 1 Billion Dollars (U.S). According to India Nutraceuticals Market Forecast and Opportunities 2017, the nutraceuticals market in India is expected to grow tremendously in the next five years. The market revenues for this industry are expected to reach approximately USD 4.2 Billion in 2017.
No wonder the Ayurveda and Nutraceuticals market is filled with promises seeing a growth rate soaring high with each passing year. When it comes to segmenting the nutraceuticals market, vitamins and minerals hold 36% of it followed by probiotics with a 9% share and Omega-3 fatty acids with a share of 5%. Indian consumers are going more towards natural products and their interests have started revolving around the market as well. They are becoming more conscious towards their health after numerous reports have surfaced regarding all that is wrong about food products we get from ‘trustworthy’ sources. The market is set to grow two folds to Rs 40,815.1 crore by 2020 because of the growing need and awareness regarding health and wellness. Presently, the nutraceuticals market is worth Rs 18,734.8 crore and the demand is still to rise further.
Ayurveda business is also flourishing ever since it has made its way in the consumer market. It is estimated to be a $ 5 Trillion market worldwide by 2050. Large portions of the market are centred in India since it is the origin and it is expanding at a growth rate between 10-15%, this being the same for the next 10 years. There are many big companies in the business like Dabur, Baidyanath, ZANDU, Himalya, Vicco and many others who have earned trust of their consumers and a good name in the consumer market. Various other small companies are also doing well in this industry and are flourishing at a fast rate.
The growth of ayurveda and nutraceuticals in the Indian consumer market has been observed to be rising and are giving good revenues to the companies in this industry. Both the industries are flourishing and are bound to do well, further seeing the demand and growth rate of each of them. The Indian consumer market is set to have a lot of options to choose from since the industry is booming and quickly catching up.