Indian Ayurveda Market Size, Share, Growth, Demand, Trends and Business Forecast by 2024

In recent years, as a holistic healing system, Ayurveda has witnessed an evolution in the form of ayurvedic products and services. Rising awareness about the importance of a healthy lifestyle, increasing preference in favor of chemical-free natural products, as well as favorable government initiatives have led to the expansion of the Ayurveda market in India.

Market insights:

The Ayurveda market in India has valued at INR 300 Bn in 2018 and is expected to reach INR 710.87 Bn by 2024, expanding at a compound annual growth rate CAGR of ~16.06%, during the forecast period 2019-2024. In 2018, around 75% of Indian households used ayurvedic products as against only 67% in 2015. Of late, manufacturers have been using herbal ingredients in the production of personal care products like lotions, oils, and shampoos. Players in the food processing industry are also making use of herbal ingredients in manufacturing products like packaged juices and nutritional supplements.

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Segmentation based on product usage:

The Ayurveda market in India is segmented on the basis of Ayurveda products and Ayurveda services. Personal care products, food and beverages, household products and healthcare products fall under the Ayurveda products category. The Ayurveda services segment comprises healthcare services, and spa and rejuvenation services. In 2018, the Ayurveda products segment accounted for approximately 74% of the market, while the Ayurveda services segment held the remaining ~26%.

Key growth drivers of the market:

• To maintain a healthy lifestyle, consumers are increasingly preferring food products like herbal tea, oats, corn flakes, biscuits, cookies, spices, jam, and almond oil which are made of natural ingredients. With the increase in awareness about the harmful effects of chemicals on health, used in the production of popular conventional skincare, haircare, body care, and other beauty care products, a shift of preference among consumers has been observed in favor of herbal personal care products, which is driving the growth of the market.
• The global acceptance of traditional practices of herbal and Ayurveda treatments has broadened the prospects of ‘Ayurveda tourism’ in India. As a result, many Ayurveda rejuvenation and therapeutic centers have been established in states like Kerala, Uttarakhand, Goa, and Odisha.

Key deterrents to the growth of the market:

• Owing to adverse weather conditions, the yield of high-quality herbal and medicinal plants is low in India. Also, the excessive use of insecticides and pesticides degrades the quality of herbs with medicinal properties. Herbal and medicinal plants being the primary ingredients of all Ayurveda products, shortage of high-quality plants lead to a deteriorating quality of these products and services.
• The Ayurveda market in India consists of several players who do not adhere to the quality standards for the products and services offered. There are FPS Finished Product Specifications, GMP Good Manufacturing Practice and ISO International Organization for Standardization for quality certifications in India. However, in most cases, regular tests are not carried out to check whether manufacturing guidelines are met. Also, there is a lack of proper scientific documentation of traditional Ayurveda practices.

Competition analysis:

Consumers often purchase Ayurveda products based on the quality and reputation associated with a brand. Therefore, in order to gain high sales volume and revenue in the market, a company needs to develop a strong brand image, which may prove to be difficult for a new entrant. Major players operating in the Indian Ayurveda products market include Dabur India Limited, Emami Limited, Patanjali Ayurveda Limited, The Himalaya Drug Company, Sandu Pharmaceuticals Limited, and Shahnaz Ayurveda Private Limited. Baidyanath, Dabur, and Emami together account for about 85% share of the country’s Ayurveda market. The top players operating in the Ayurveda services market in India include Somatheeram Ayurvedic Hospital and Yoga Centre Private Limited, Ananda in the Himalayas, Kairali Ayurvedic Centre Private Limited, Mercure Goa Deevaya Retreat, and Ayurogashram Private Limited.

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Companies covered:

• Dabur India Limited
• Emami Limited
• Sandu Pharmaceuticals Limited
• Charak Pharma Private Limited
• Herbolab India Private Limited
• Himalaya Drug Company Private Limited
• Nagarjuna Herbal Concentrates Limited
• Patanjali Ayurved Limited
• Shahnaz Ayurveda Private Limited
• Shree Baidyanath Ayurved Bhawan Private Limited
• Somatheeram Ayurvedic Hospital and Yoga Centre Private Limited
• Kairali Ayurvedic Centre Private Limited
• Mercure Goa Deevaya Retreat
• Ananda In The Himalayas
• Ayurogashram Private Limited

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Table of Content Covers the Topics mentioned below

1. Executive summary
2. Socio-economic indicators
3. Introduction
4. Market overview
5. Market influencers
6. Government initiative
7. Market trends
8. Competitive landscape
9. Product launches
10. Appendix

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