Ayurveda Market Size Worth USD 23,810.04 Million by 2030 at 15.06% CAGR – Report by Market Research Future (MRFR)
20-Oct-22 04:54:38
Ayurveda Market Trends and Insights by Application (Medicinal, Personal Care), by Disease Pattern (Respiratory System, Nervous Systems, Gastrointestinal Tract, Cardiovascular System, Infectious Diseases, Skeletal System, Skin and Hair), by Source (Vegetable, Animal and Mineral), by Form (Herbal, Herbomineral, Mineral), by End-users (Academia and Research, Hospitals and Clinics), by Distribution (Organized, Over the Counter), Competitive Market Growth, Size, Share and Forecast to 2030
According to a Comprehensive Research Report by Market Research Future (MRFR), “Ayurveda Market Information by Application, Disease Pattern, Source, Form, End-Users, Distribution, and Region - Forecast till 2030", the market is expected to reach USD 23,810.04 Million by 2030 at CAGR 15.06% during the forecast period.
Market Synopsis
One form of the medicinal system derived from Ayurvedic organic herbs and plants is called Ayurveda. This is a traditional alternative medicine practice in India. Ayurveda in India enjoys an 80 percent market share thanks to significant major players working in tandem with micro, small, and medium-sized businesses. Several essential ayurvedic herbs, including garlic, curcumin, turmeric, ginger, cumin, and Indian basil, as well as other traditional dietary ingredients, have been incorporated by scientists in recent years, feed additives and functional food ingredients to provide necessary individual dietary.
Numerous ayurvedic health and personal care categories are offered around the nation. Companies throughout the nation are concentrating on creating cutting-edge ayurvedic products and raising consumer awareness. These goods are disease-preventive and contain natural bioactive substances. Because more people are becoming aware of the negative effects of allopathic therapy, the ayurvedic market is expanding tremendously. A favorable impact element on market expansion is also being driven by the items' ease of availability and rising consumer knowledge of their benefits. Additionally, increasing medical tourism is assisting in the market's expansion.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 23,810.04 Million |
| CAGR | 15.06% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product and Service, Application and End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing awareness of the effectiveness and efficacy of traditional systems of medicine |
|
Increasing the preference for herbal products |
Ayurveda Market Competitive Landscape:
The foremost players in the Ayurveda Market are:
- Dabur
- Baidyanath Group
- Vicco Labs
- Emami Group
- Zandu Pharmaceutical Works Ltd
- Charak Pharma
- Patanjali Ayurved Ltd
- Hamdard Laboratories
Ayurveda Market Dynamics:
Market Drivers:The Ayurveda sector in India is growing as people choose more herbal items made from natural components to maintain a healthy lifestyle, such as herbal tea, oats, cookies, spices, cornflakes, biscuits, jam, and almond oil. The Ayurveda market in India is expanding due to the traditional traditions that have gained widespread acceptability for herbal remedies and Ayurvedic treatments. As a result, several Ayurveda rejuvenation and therapy facilities are opening up in countries, expanding the country's Ayurveda business. Growing public knowledge of the advantages of Ayurvedic products is driving market expansion. The expansion of the Ayurveda market is being accelerated by the rising incidence and prevalence of long-term conditions like rheumatic disorders, allergies, cardiology, and others.
The Indian subcontinent was the birthplace of the Ayurvedic medical system. Using natural healing techniques, it treats clinical disorders like sinusitis, cough, nervousness, and sleeplessness. Worldwide, ayurvedic remedies have been incorporated into general wellness practices and, in some circumstances, into medical use. Ayurvedic components and medicines are widely used in personal care items and health supplements. The global Ayurveda market is expanding as customers become more aware of the negative effects of allopathy. In addition, factors including ease of access, affordability, and growing knowledge of the advantages of ayurvedic medicines also contribute to the market's expansion. Additionally, the expansion of medical tourism worldwide is anticipated to fuel market expansion.
Market Restraints:
Lack of uniformity in the manufacturing processes for ayurvedic medicines and erratic raw material availability limit this market's growth.
COVID 19 Analysis
The COVID-19 pandemic has touched almost all business sectors. However, this pandemic has had a favorable effect on the Ayurveda industry. Customers worldwide are increasing their need for nutrient supplements and immunity enhancers to stave off and combat the COVID-19 epidemic. Most ayurvedic goods offer nutritional supplements and immunity boosters, expanding the market for Ayurveda throughout the epidemic. As a result of the epidemic and increased sales, the Ayurveda market's size in India has benefited. The coronavirus epidemic has made the world aware of the value of excellent health and robust immune systems. While powerful and healing medications are essential in combating such aggressive illnesses, our bodies are ultimately our best protection.
There is a rising need for nutritional supplements and immune system boosters as people switch from curative treatment to proactive and preventive healthcare. Consumer concerns about long-term health immunity are at the forefront, putting many modern health and wellness options in the spotlight. While most people still favor traditional healthcare, there is also a rising need for all-natural alternatives, assisting in expanding the global market for herbal medicines. Consumers are starting to favor herbal substitutes due to their advantages, including low levels of toxicity and fewer adverse effects, even after prolonged use.
Market Segmentation
By application, the market includes medicinal and personal care. By disease pattern, the market includes the skeletal system, gastrointestinal tract, cardiovascular system, respiratory system, nervous system, infectious diseases, skin, and hair. The market includes academia and research, hospitals, and clinics by end-users. By distribution, the market includes organized and over-the-counter. By source, the market includes vegetables, animals, and minerals. By form, the market includes herbal, herbomineral, and mineral.
Regional Insights
On the other hand, the market is anticipated to see expansion because of the increased awareness of natural ayurvedic components in healthcare and personal care products in developed nations like the United States, Canada, Australia, Singapore, and Japan.
Additionally, the market for ayurvedic products has benefited from the large rise in per capita healthcare spending over the last few years, spurred by economic expansion and rising earnings. Due to an improved distribution network, ayurvedic products are now much more easily accessible in both urban and rural areas. Through educational initiatives and financial incentives, the Indian government is also pushing the use of ayurvedic products.
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SOURCE: GLOBE NEWS WIRE