Ayurveda Market Analysis
Ayurveda market growth is anticipated to grow at a healthy CAGR between 2017-2023, states the latest Market Research Future (MRFR) report. Ayurveda means the science/knowledge of life. With an emphasis on complete wellness, Ayurveda works in harmonizing a person’s external and internal worlds. Also called the Mother of All Healing, it rests on two key principles- the mind is powerful enough in healing the body, and the mind and body are interconnected.
Various factors are propelling the Ayurveda market growth. Some of these factors, according to the Market Research Future report, include increasing prevalence of chronic diseases such as cardiology, allergy, rheumatic disorders, among others, growing eCommerce, excellent support from the government, and increasing awareness regarding the effectiveness as well as the efficacy of traditional medicine. Additional factors pushing market growth include a plethora of health benefits without any side effects, increasing use in Ayurvedic cosmetics, booming medical tourism worldwide, improving economy, non-invasive nature, growing consumer awareness, and growing demand for natural and organic products.
On the flip side, inconsistent supply of raw materials, lack of standardization of methods for manufacturing ayurvedic products, stringent regulations, lack of optimal therapeutics, outlook of Ayurveda as supplementary and pseudoscience, lack of health insurance approval, lack of trained workforce, lack of scientific validation in the US where this medicinal practice is neither licensed nor regulated, and lack of National Accreditation Board for accreditation of healthcare providers and hospitals are factors that may deter the Ayurvedic market growth over the forecast period.
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Ayurveda Market Segmentation
The MRFR report provides an all-inclusive segmental analysis of the Ayurveda market on the basis of source, form, distribution, end users, disease pattern, and application.
Based on the application, the Ayurveda market is segmented into personal care, medicinal, and others. Of these, the personal care segment will have the largest share in the market during the forecast period on account of change in consumption patterns, women’s improved purchasing power, change in lifestyles, and increasing awareness regarding personal care products.
Based on disease pattern, the Ayurveda market is segmented into the skeletal system, nervous systems, hair and skin, cardiovascular system, respiratory system, infectious diseases, gastrointestinal tract, and others.
Based on the source, the Ayurveda market is segmented into animal (bones, oils, and others) and vegetable (roots, seeds, bark, leaves and fruit, and others).
Based on form, the Ayurveda market is segmented into herbomineral, herbal, mineral, and others.
Based on end users, the Ayurveda market is segmented into hospitals and clinics, academia and research, and others.
Based on distribution, the Ayurveda market is segmented into over the counter, organized, and others.
Ayurveda Market Regional Analysis
By region, the Ayurveda market report covers the latest trends and growth opportunities across North America, the Asia Pacific, Europe, and the Middle East and Africa. Of these, the APAC region will lead the market over the forecast period on account of the region’s rich traditions of ayurvedic medicines and the region being the largest producer of herbal products that also includes medicinal products. China, as well as India, are the chief contributors in the region.
The Ayurveda market size in North America is predicted to have impressive growth over the forecast period on account of high healthcare expenditures and high per capita income. Therapeutic applications of Ayurveda in personal care and cosmetics, rising application areas, and strong potential for herbal products are also adding to the market growth. Canada and the US are the chief contributors in this region.
The Ayurveda market in Europe is predicted to have a promising growth over the forecast period on account of the large facilities in Germany and France, high disposable income, and growing popularity of Ayurveda as pharmaceuticals and therapeutics. Germany, Italy, and France are the chief contributors in the region.
The Ayurveda market in the MEA is predicted to have steady growth over the forecast period on account of the cost benefits of herbal medicines.
Ayurveda Market Key Players
Notable players profiled in the Ayurveda market report include Emami Group, Hamdard Laboratories, Vicco Labs, Baidyanath Group, Charak Pharma, Dabur, Patanjali Ayurved Ltd., and Zandu Pharmaceutical Works Ltd.
Ayurveda Industry News
November 2019: An IITian has introduced a platform called Healthyatri for promoting yoga, Ayurveda, meditation, and other forms of ancient wellness practices. This will assist people in searching and booking workshops, retreat packages, teacher training courses, along with classes of naturopathy, spa, Ayurveda, meditation, yoga, and other types of similar practices.
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