In 2023, the Ayurvedic market was estimated to be worth USD 14,567.56 million. Over the course of the projection period, the Ayurvedic Market industry is anticipated to grow at a compound annual growth rate (CAGR) of 16.13%.
The Ayurveda market is expanding due to rising government backing for ayurvedic products, increased global use of ayurvedic products, and growing knowledge of the health and wellness benefits of ayurveda.
Campaigns like Dabur's ""Science in Action"" and Maharishi Ayurveda's #RightYourWrongs are successfully promoting Ayurvedic concepts as people look for more natural and holistic alternatives to traditional medicine. These programs increase the attractiveness of Ayurvedic medicines by educating the public and appealing to younger audiences. This growing demand, which is being driven by an emphasis on sustainable cures and preventive health, places Ayurveda in a key position within the changing healthcare system.
Perspectives on Market Segments
Drugs, Skin Care Products, Hair Care Products, Health Care Products, Oral Care Products, and Others are included in this product-based segment.
Powder, tablets, capsules, liquids, and others are included in this category based on form.
Personal Care (Oral Care, Skin Care (Moisturizers, Lotions, Tablets, Capsules, Soaps & Bodywash, Facewash, Others), Hair Care (Hair Shampoo, Hair Masks, Tablets & Capsules, Hair Serums, Hair Conditioners, Others), and Healthcare (Respiratory System, Gastrointestinal Care, Cardiovascular Health, Infectious Diseases, Orthopedic Health, Others) are included in this segment according to Application Type.
Business to Business (B2B) (wholesaler, pharmacy, supermarket, etc.) and Business to Consumer (B2C) are included in this segment based on the distribution channel.
Regional Perspectives
North America, Europe, Asia-Pacific, the Middle East & Africa, and South & Central America are the regions into which global Ayurveda is divided. Growing government support for ayurvedic products, increased knowledge of the health and wellness benefits of ayurveda, and the global uptake of ayurvedic products are the main demand factors propelling the Asia-Pacific market. Consumer preferences are being influenced by the long-standing Ayurvedic traditions in nations like India, Sri Lanka, and Nepal, which is causing Ayurvedic products to become more and more popular both domestically and abroad.
The desire to expand geographical reach, industry consolidation, and the growing demand for natural and organic products are the main drivers of the market's increasing merger and acquisition (M&A) activity. For example, Upakarma Ayurveda Private Limited, which produces, develops, and markets herbal and Ayurvedic medications, was purchased by Mankind Pharma, an Indian pharmaceutical company, in November 2022. The goal of this transaction is to leverage Mankind Pharma's wide distribution network to expand Upakarma Ayurveda's product and service offerings.
Important Market Participants
Among the leading companies in the industry are Himalaya Wellness Company, Maharishi Ayurveda, Lotus Herbals, Patanjali Ayurved Limited, Kerala Ayurveda Limited, Dabur Ltd., Emami Limited, Vicco Laboratories, Baidyanath, and Hamdard Laboratories.
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