Authored By: Sarah
26 Jun 2024

 Ayurveda Market Size to grow by USD 7.19 billion between 2024-2028

According to a research report “ Ayurveda Market” by Type (Products, Services) Application (Personal care, Medicinal) Geography (Asia, North America, Europe, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 7.19 billion, at a CAGR of  16.01% during the forecast period. The global ayurveda market has witnessed significant growth in recent years, driven by the increasing demand for immunity-boosting herbal products. In countries like India, where cultural preferences lean towards herbal medicines and health consciousness is on the rise, the consumption of ayurvedic supplements is particularly high. The prevalence of chronic health conditions such as obesity in these regions is encouraging consumers to opt for functional food and beverages that offer immunity benefits. Ayurvedic medicines and treatments, which are free of chemicals and derived solely from herbal plant extracts, have lower side effects compared to allopathic medicines. This rising awareness among consumers about the benefits of low side effects is anticipated to fuel the expansion of the global ayurveda market throughout the forecast period.

Browse market data tables, figures, and in-depth TOC on “Ayurveda Market” by Type (Products, Services) Application (Personal care, Medicinal) Geography (Asia, North America, Europe, Rest of World (ROW)) Global Forecast to 2028. Download Free Sample

 

By Type, the Products segment is projected to dominate the market size in 2024

The Ayurveda market is poised for significant growth due to the escalating consumer preference for natural and sustainable personal care products. This trend is particularly prominent in the application segments of skincare, haircare, and cosmetics. In response to this demand, herbal extracts, including aloe vera, chamomile, and green tea, are increasingly being utilized for their calming and revitalizing properties. Ayurvedic ingredients are gaining popularity in the personal care industry, with a growing emphasis on ingredient-led product positioning. The use of these natural and herbal formulations is expected to fuel market expansion throughout the forecast period.

By Application, Personal care  segment is expected to hold the largest market size for the year 2024

The Ayurveda market's product segment is poised for significant growth in value terms. This trend is driven by the rising incidence of chronic diseases, attributed to unhealthy lifestyles and diets. Ayurvedic products, derived from naturally occurring components, offer a viable solution for consumers seeking herbal medicines and supplements. These supplements have been scientifically validated to enhance health and provide nutritional benefits. Government initiatives, such as those in India, to promote herbal extract-based pharmaceuticals and boost consumer awareness, further bolster market expansion.

Asia is forecasted to hold the largest market size by region in 2024

The Asian ayurveda market has experienced robust growth due to escalating consumer consciousness regarding the adverse effects of allopathic medicines and the therapeutic benefits of herbal products. This trend is particularly prominent in countries like China and India, where the increasing prevalence of health issues such as obesity, cardiovascular diseases, and nutrient deficiencies, has fueled the demand for ayurvedic extracts, dietary supplements, and personal care products. The market is highly competitive, with an increasing number of product launches from various vendors. Key factors driving this growth include the shift towards natural and herbal remedies, rising disposable income, and government initiatives to promote traditional medicine.

The Ayurveda Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • BACFO Pharmaceuticals India Ltd.
  • Charak Pharma Pvt. Ltd.
  • Colgate Palmolive Co.
  • Dabur India Ltd.
  • Emami Ltd.
  • Hamdard Laboratories
  • Himalaya Wellness Co.
  • Isha Agro Developers Pvt. Ltd.
  • Katra Phytochem Pvt. Ltd.
  • Maharishi Ayurveda
  • Manipal Natural Pvt Ltd
  • NatureCode
  • Patanjali Ayurved Ltd.
  • Polycare Herbals
  • Prakruti Pure Herbs
  • PUIG S.L.
  • Shahnaz Husain
  • Shathayu Ayurveda Clinic
  • Shree Baidyanath Ayurved Bhawan Pvt., Ltd.
  • Srisritattva
  • Unilever PLC
  • Uniray Life Sciences
  • Vasu Healthcare Pvt Ltd.
  • Vicco Laboratories
.

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Research Analysis Overview

Ayurveda, an ancient traditional medicine system originating in India, is gaining global recognition for its natural and holistic approach to health and wellness. The Ayurvedic market is thriving, with a focus on anti-aging and anti-wrinkle creams made from natural herbs and plant-based medications. Medical tourism is on the rise, attracting people from around the world to experience intricate Ayurvedic procedures for various chronic health issues like Diabetes, Stress, and Obesity. Personal care items like oral care products and health supplements are also popular in the Ayurvedic market. These natural remedies are free from synthetic chemicals and are known for their effectiveness. Herbal items, such as those formulated according to the three doshas - Kapha, Pitta, and Vatta - are increasingly preferred over synthetic medicines. The Indian government is providing support to the Ayurvedic industry, recognizing its potential to contribute significantly to the economy and global health. Ayurvedic goods, including Herbomineral and Herbal remedies, are becoming a popular choice for those seeking natural treatments for various health concerns. With the growing awareness of the benefits of Ayurveda, the market for Ayurvedic medicines and personal care items is expected to continue its upward trend.

Market Research Overview

The Ayurvedic market encompasses a wide range of products and services, including clinics, ayurvedic hospitals, and practitioners, that cater to various health concerns such as digestive issues, sleeplessness, anxiety, arthritis, and more. Ayurvedic remedies are popular among individuals seeking natural solutions for mild illnesses and perceived protection of immunity. The market also offers herbal medications, poultices, salves, capsules, tablets, teas, and unprocessed herbs for health and wellness. Ayurvedic treatments are not limited to humans but extend to kids, men, women, and others. Skin care, hair care, oral care, and personal care items are also part of the Ayurvedic market. Ayurvedic foods, cosmetics, herbal supplements, and Ayurvedic medicines are increasingly gaining popularity in underdeveloped nations and cultural barriers. The Ayurvedic market includes representatives for direct sales, online retail, and retail stores. Ayurvedic foods, cosmetics, herbal supplements, and Ayurvedic medicines are also available in healthcare settings. The market faces geographic and cultural barriers, certification and standardization challenges, environmental concerns, and geopolitical unrest. Premium raw materials, intricate procedures, plant-based medications, natural herbs, spices, and synthetic chemicals are used in Ayurvedic treatments. Ayurvedic remedies have gained popularity for their holistic approach to wellness, preventative healthcare, and natural treatments for chronic health issues like hypertension, diabetes, stress, and obesity. The Ayurvedic market also includes traditional practices like Yoga retreats, Ayurvedic massages, Panchakarma, and Ayurvedic tourism. Celebrity endorsements and influencer marketing have further boosted the market's growth. However, consumer education is crucial to dispel false beliefs and promote scientific validation of Ayurvedic treatments. The Ayurvedic market offers various products like herbal remedies, Ayurvedic medicines, Unani, Forest Essentials, Hospitals and Clinics, Skin and Hair, Skeletal System, Infectious Diseases, Cardiovascular System, Gastrointestinal Tract, Nervous Systems, Respiratory System, Animal and Mineral, Vegetable, Personal Care, Medicinal, Mineral, Herbomineral, Herbal, Kapha, Pitta, Vatta, Chronic health issues, Obesity, and Herbal items.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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