Global Ayurvedic Market - WishTree Insight

Global Ayurvedic Market by Product (Hair Care Products, Drugs, Health Care Products), Distribution Channel (Departmental Stores, Supermarket, Pharmacies), and Regions, The Asia Pacific, Middle East Africa, Europe, North America, and Latin America) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2021 – 2031

The Ayurvedic market size was valued at USD 7.1 billion in 2021 and is expected to surpass USD 23.1 billion by 2031, expanding at a CAGR of 16.5 % during the forecast period, 2021–2031. The market's growth is attributed to the rising awareness about the side effects of allopathic medicine.

INTRODUCTION

Ayurveda is a system of medicine and treatment of disease through natural medicines. It originated in the Indian subcontinent. It uses natural healing practices to cure disease. Ayurveda therapies have been integrated with general wellness and for medical use worldwide. Along with drugs ayurvedic ingredients are used in personal care products and health supplements.

Market Trends, Drivers, Restraints, and Opportunities

• Increase in awareness of the adverse effects of allopathy is a key driver in the growth of the global ayurvedic market.
• Increase in awareness of the benefits of ayurvedic products is driving market growth.
• Easy availability and cost-effectiveness are fuelling the global ayurvedic market.
• Expanding medical tourism worldwide is anticipated to fuel market growth.
• Lack of standardization of procedures to manufacture ayurvedic products is expected to hamper the market growth.
• Inconsistent supply of raw materials is anticipated to hinder market growth.

Scope of the Report

Market Segment Insights

The healthcare segment is projected to register a considerable CAGR

Based on product, the ayurvedic market is divided into hair care products, drugs, health care products. The healthcare segment is expected to expand at a rapid pace during the forecast period owing to rising awareness of health benefits. However, the personal care products segment is anticipated to hold a key share of the market in the coming years owing to the improved purchasing power of women.

The supermarket segment is expected to expand at a rapid pace

Based on the distribution channel, the ayurvedic market is divided into departmental stores, supermarkets, and pharmacies. The supermarket segment is expected to expand at a rapid pace during the forecast period.

The Asia Pacific region is anticipated to constitute a key market share

In terms of regions, the ayurvedic market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of the Asia Pacific region is expected to constitute a key share of the market during the projected period. The rich tradition of herbal medicines is led by India, Indonesia, Sri Lanka, Myanmar, and others. The presence of established ayurvedic manufacturing units, strong initiatives, and ongoing projects is expected to boost the market.

Competitive Landscape

Key players competing in the ayurvedic market are Emami Limited (India); Patanjali Ayurved Limited (India); Dabur India Limited (India); Shree Baidyanath Ayurved Bhawan Pvt. Ltd (India); Charak Pharma Pvt. Ltd. (India); Vicco Laboratories(India).

FAQs

How much is the market worth?

The Ayurvedic market size was valued at USD 7.1 billion in 2021 and is expected to surpass USD 23.1 billion by 2031.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 16.5%.

What are the key drivers of the market?

The market's growth is attributed to the rising awareness about the side effects of allopathic medicine.

What segments are covered in the Ayurvedic report?

The segments covered in the report are product (hair care products, drugs, health care products), and distribution channels (departmental stores, supermarkets, pharmacies).

Mention which region is expected to hold the highest share of the Ayurvedic market.

The Asia Pacific region is expected to hold the highest share of the Ayurvedic market.

Mention the key players in the market.

Emami Limited (India); Patanjali Ayurved Limited (India); Dabur India Limited (India); Shree Baidyanath Ayurved Bhawan Pvt. Ltd (India); Charak Pharma Pvt. Ltd. (India); Vicco Laboratories(India)