ID: MRFR/Pharma/4707-HCR | 100 Pages | Published By Rahul Gotadki on March 2023
The ayurveda market size is projected to reach USD 23,810.04 million by 2030, at 15.06% CAGR from 2022 to 2030. Ayurveda, the traditional medical system of India, has delineated three categories of fundamental regulatory principles of the body, mind, and behavior. These three ayurveda types are vata, pitta, and kapha. The market is driven by lower side effects of the ayurveda lifestyle, growing ayurveda health benefits, increased investments in research and developments, and the standardization of ayurvedic treatment and ayurveda supplements. However, the inadequate knowledge about ayurveda therapy in western countries hinders the ayurveda market growth. The holistic examination of the drivers & challenges will allow end users to refine marketing strategies to gain a competitive edge.
COVID-19 Impact Analysis
The COVID-19 pandemic has had a positive impact on the market. Ayurveda as alternative medicine was extremely popular worldwide. After the onset of COVID-19, people looked at it as a preferred option to boost immunity to prevent infection of COVID-19. However, in developing nations, the misconceptions associated with ayurveda lead to post-purchase embarrassment. The surge in the availability of ayurveda products in the market, with dependent variables such as brand influence, perceived immunity against coronavirus, and perceived safe and effective nature, boosted the market during the pandemic.
Ayurveda Market Dynamics
The ayurvedic market trends include growing demand for natural and organic ayurveda products, growing consumer awareness, and increasing demand for ayurvedic cosmetics products. Moreover, anti-wrinkle & anti-aging creams and increasing medical tourism for ayurveda treatments are anticipated to propel the market growth of ayurveda during forecast period.
Market Drivers
The major companies functioning in the industry are highly inclined towards adopting different growth strategies, including capacity expansion, partnerships, mergers and acquisitions, geographical expansion, product launches, and product innovations, to remain competitive in the marketplace. This is anticipated to impact the market growth positively. For instance, in October 2022, Apollo Hospitals Enterprise announced definitive agreements to acquire a 60 % stake in AyurVAID, a leading classical ayurveda hospital chain. The acquisition will be through a mixture of primary and secondary capital infusions totaling INR 26 crore. Furthermore, in December 2019, Patanjali purchased bankrupt Ruchi Soya Industries for INR 4,350 crore (USD 610 million). Ruchi Soya is a mid-cap firm listed on the NSE and BSE in India.
Market Restraints:
The present scientific proof in support of ayurvedic medicine and the ayurveda test remains incredibly poor. The House of Lords and the European Union have put several restrictions on ayurvedic medicines. Europe has banned almost all ayurvedic products due to a lack of adequate studies on the safety data of such products, which hinders the ayurveda market during the forecast period. Furthermore, factors such as deficiency of optimum therapeutics, shortage of a killer instinct in the ayurvedic industry, and strict regulations are potential restraints hindering the overall growth of the ayurvedic market.
Market Opportunities:
Ayurvedic medicines are an essential part of medical treatment in many developing countries. Herbal medicinal products and natural preparations are used for most of the minor ailments. In developing countries, visits to trained doctors or prescription pharmacists are usually very low and considered reserved for life-threatening disorders. In developing countries, ayurvedic and herbal medicine used for medicinal purposes are unprocessed herbs, plants, or plant parts, dried and utilized in whole or cut form. Herbs are designed as teas (sometimes as pills or capsules) for internal use and as salves and poultices for external use, creating an opportunity for the market of ayurveda.
Ayurveda Market Segmentation
Form Insights
The Ayurveda market segmentation, based on form, is divided into herbal, herbomineral, and mineral. The herbal category holds a major share in 2021 as herbal products are gaining popularity among patients and healthcare professionals. However, the herbomineral category is the fastest growing in the coming years as herbomineral formulations of ayurveda contain specified metals or minerals as composition, which have beneficial effects on biological systems.
Source Insights
The market segment of Ayurveda, based on the source, is divided into vegetables and animals & minerals. The vegetable category held a prominent share in 2021 due to the adoption of vegan food by people in emerging countries such as India, Singapore, and Australia. Moreover, the animal & mineral category is the fastest-growing segment due to the increased utilization of animal-derived substances in ayurveda medicines.
Application Insights
The market segment of Ayurveda, Based on application, is divided into medicinal and personal care. The personal care category had a prominent share in 2021 due to rising awareness of personal care products, and changes in consumption patterns and lifestyles drive the ayurvedic market share during the forecast period. However, medicinal is the fastest-growing category during the ayurveda market forecast period due to the increasing popularity of natural and organic medicines and their benefits among consumers.
Disease Pattern Insights
The market segment of Ayurveda By disease pattern, has been divided into the respiratory system, nervous system, gastrointestinal tract, cardiovascular system, infectious diseases, skeletal system, and skin & hair. In 2021, the skin & hair category had a major share in the market, owing to the growing adoption of ayurveda to treat skin disorders such as allergens and genetic allergies. However, the gastrointestinal tract is the fastest-growing category due to increased ayurveda medicines to treat stomach illnesses.
End-Users Insights
The market segment of Ayurveda By end-user, has been divided into academia & research and hospitals & clinics. In 2021, the academia & research category held a prominent market share as they constantly focus on discovery, innovations, and research on new and effective ayurveda products. Besides, the hospitals & clinics sector is anticipated to grow significantly during the forecast period due to increased utilization of ayurveda medicines to treat various diseases.
Global Ayurveda Market Share by Region, 2021 (%)
Ayurveda Market Overview, by Region
By region, the market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for the most extensive market share. North America is projected to exhibit the highest CAGR during the review period.
Asia-Pacific
As per the ayurveda market report, the Asia-Pacific region held a prominent share of the market in 2021 due to the rich tradition of herbal medicines led by Indonesia, India, Sri Lanka, Myanmar, and others. The existence of established ayurvedic manufacturing units, strong governmental initiatives, and ongoing projects will fuel the market in the Asia-Pacific region. For instance, in April 2021, to promote AYUSH systems around the globe, the Ministry of AYUSH signed Country to Country Memoranda of Understanding (MoUs) with 18 countries for cooperation in Traditional Medicine and Homeopathy, as well as MoUs for cooperative research/academic collaboration and MoUs for appointing AYUSH Academic Chairs in international universities which are located in 28 countries and spread information on AYUSH systems, is another option.
North America
North America encountered the fastest-growing region in 2021 due to the rising awareness among consumers about health. There is a shift in people's attitude toward nature care products owing to a powerful green wave. This is due to the perceived pernicious consequences of alternative medicines on individuals' health. This has assisted the product in making an impact in the US market.
Ayurveda Market Competitive Landscape
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach with diverse product portfolios. Companies such as Emami Limited, Charak Pharma Pvt. Ltd., Vicco Laboratories, Patanjali Ayurveda Limited, and Dabur India Limited dominate the market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting the market research and development of Ayurveda. Furthermore, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base. For instance, in December 2019, Dabur India Limited, the world's largest science-based ayurveda company, launched two revolutionary breakthrough products – a health restorative Ratnaprash and a special medicine for improving heart health, Hridayasava, as a part of its mission to popularize ayurveda among modern-day consumers.
Prominent players in the market include Leverayush, Shree Baidyanath Ayurved Bhawan Pvt. Ltd., Himalaya Drug Company, Kerala Ayurveda Ltd., Amrutanjan Healthcare Limited, Hamdard Laboratories, Forest Essentials. among others.
Scope of the Ayurveda Market Report
Form Outlook
Application Outlook
Disease Pattern Outlook
Source Outlook
End-User Outlook
Region Outlook
Ayurveda Market Forecast & Size:
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Market Size and Forecast:
To identify and estimate the ayurveda market size for the segmented by application, source, disease pattern, form, and end-user by value (in US dollars). Also, to understand the consumption/demand created by consumers of ayurveda between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges for the market
Market Influencing Factors:
To find out the factors which are affecting the sales of ayurveda among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
Company Profiling:
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Intended Audience
Report Attribute/Metric | Details |
---|---|
Market Size | 2030: 23,810.04 million |
CAGR | 15.06% |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2020 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Application, Source, Disease Pattern, Form, And End-User |
Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the World (RoW) |
Key Vendors | Emami Limited, Charak Pharma Pvt. Ltd., Vicco Laboratories, Patanjali Ayurved Limited, Dabur India Limited, |
Key Market Opportunities | High demand for Ayurvedic medicine from developing countries |
Key Market Drivers | Growing incidence and prevalence of chronic diseases like rheumatic disorders |
The Ayurveda market forecast period is 2022 - 2030
The market is expected to register a CAGR of 15.06% over the next 10 years, according to the market research.
Asia-Pacific is expected to register the highest CAGR during 2022 - 2030
Asia-Pacific held the largest share in 2021
The market size is expected to be USD ~ 23,810.04 million by 2030.
Emami Limited, Charak Pharma Pvt. Ltd., Vicco Laboratories, Patanjali Ayurved Limited, and Dabur India Limited are the major companies operating in the market.