Why Ayurveda A Wellness Mantra For Businesses
Ayurveda is an ancient Indian system of natural and holistic health. In the era of developing the healthcare system, there have been various types of medicine systems like allopathy, homoeopathy, naturopathy, etc, but Ayurveda is the oldest of the old medical system, reserves a unique space.
With the growing promotion and awareness about Ayurveda, the demand and usage of ayurvedic techniques, products, and remedies have also been increasing. Ayurveda has created a successful market not just nationally but globally also, and businesses are embracing it.
In India, Ayush is a decade-old brand after which, the ayurvedic product market saw the entry of Patanjali founded by Baba Ramdev's associate, Acharya Balkrishna in 1997 as a small pharmacy owning a 92 per cent stake in the company. Apart from that Hindustan Unilever (HUL) is also investing in owning online search keywords around Ayurveda, testing the market, advertising online and embracing change.
The other key players in the Ayurvedic sector are, Dabur, Emami Group, Himalaya Drug, Maharishi Ayurveda, Baidyanalh, Shahnaz Husain Group, Vicco Laboratories, Amrutanjan Healthcare, Charak Pharma, Botique, Herbal Hills, Basic Ayurveda, Natreon etc.
Market Size
The global Ayurvedic market size is expected to reach USD 16230 million by 2028, from USD 7273.3 million in 2021, at a CAGR of 12.0 per cent during 2022-2028.
India is the biggest Ayurvedic market with about 80 per cent share followed by the Middle East accounting for about 5 per cent market share. According to a recent study conducted by Market Research Future, the Ayurvedic Products market will reach USD 28,830 million revenue by 2030 at 12.3 per cent CAGR.
Clelia Cecilia Angelon, Founder and CEO, Surya Brasil said, "Ayurveda is an age-old method of treatment; it is the safest with no side effects and infinite medicinal properties. Scientists have been able to establish the utility of Ayurvedic herbs like turmeric, ginger, garlic, Curcuma, Indian basil as well as astragalus, ashwagandha, mulethi etc in curing issues like skin allergies, hair problems like dermatitis, scalp allergy etc. The goodness of Ayurvedic herbs can be increased manifold by combining them with other botanically-sourced ingredients like jua, malva, guarana, babassu oil Jaborandi, Copaíba, Guarana, Cumaru from Amazonian rainforests with the help of technology. These ingredients are a source of untapped nourishment and nutrients."
Why are businesses embracing Ayurveda?
Global Pandemic
The onset of the covid 19 epidemic has pushed the demand for Ayurveda products in India. The interest in these products has substantially been fuelled by the recommendations from the Ministry of AYUSH to fight the coronavirus.
According to the Maharishi Ayurveda study report, during pre-covid, the ayurvedic market generally witnessed 15- 20 per cent growth annually. In the last quarter of 2021, numerous companies, large and small, have witnessed anywhere between 50- 90 per cent growth.
"During the covid 19 pandemic, people realised that they need to dig into nature-oriented solutions to increase their immunity. Consumers have also become aware of the harmful effects of harsh chemical-based products along with ammonia-based haircare products, and that is why the industry has seen phenomenal growth in this decade, especially in the last three years. It has triggered a worldwide spike in the demand for Ayurvedic herbs and products made of natural, vegan and organic ingredients. This overall shift towards Ayurveda and nature-oriented solutions is making businesses embrace Ayurveda," said Angelon.
Prime Minister Narendra Modi also talked last year, about the rising demand for Ayurveda products, growing global interest in Ayurveda, and the eventuality of heartiness tourism in India. He said that the covid situation presents the right time for Ayurveda and traditional drugs to come indeed more popular globally. The world is seeing how ultramodern and traditional drugs are important to further heartiness. People are realising the benefits of Ayurveda and its part in boosting impunity.
The Ayurveda sector in India was valued at Rs 300 billion in 2018 and is anticipated to reach Rs 710.87 billion by 2024, expanding at a compound annual growth rate (CAGR) of 16.06 per cent.
Ayurvedic Products Demand Hike
Organic food continues to enjoy rising demand. Following a peak in the first covid wave, deals in organic products increased further by 5.8 per cent to 15.87 billion euros in 2021.
Some health-conscious consumers gravitate toward organic over conventional products due to enterprises about largely reused foods, artificial constituents, as well as goods of fungicides, hormones and antibiotics.
The added use of traditional ways for medical purposes has boosted the request for Ayurvedic goods, adding its market share. Self-care and healthcare goods are the two broad drivers of Ayurvedic products. Ayurvedic self-care products are the growing number of working women and their preference for chemical-free ayurvedic cosmetics. Apart from that, ayurvedic drugs are constantly used to treat asthma, allergies, hypertension, sleeplessness, mental illnesses, inflammation, and other conditions.
Himanshu Gandhi, Co-founder and CEO, Mother Sparsh said, "Ayurvedic philosophy and anecdotal uses of Ayurvedic herbs have withstood the test of time and converted into a real-life treatment paradigm that we now recognise as Contemporary Ayurveda. Consumers are now extremely receptive to the latest trends, and the need for organic, biodegradable and unfiltered products continues to hold ground."
Increase In Exports
India is one of the fastest-growing economies in the world. This growth has come because of its strong manufacturing sector, which includes a wide range of products and services. One of these products is organic food, which has become increasingly popular in recent times.
The demand for organic foods in India has been growing at a rapid-fire rate and will continue to do so in the future as further and further people come apprehensive about their health benefits and how they can ameliorate their quality of life by eating healthy foods. To meet this demand, numerous Indian companies are making it their business to export organic products from India to foreign markets around the world similar to Europe, Asia Pacific countries like China and Japan etc.
"What makes the Ayurvedic practice still a very dominant aspect of people’s lives is its omnipresent existence which can be attributed to the dynamically and competitively priced products. Along with reliability: that is deeply embedded in Indian culture," Gandhi added.
Back By the Indian Government
The most popular initiative by the government of India to promote and grow Ayurveda is the AYUSH Ministry and the steps taken through it.
Prime Minister Narendra Modi has a vast vision of making Ayurveda a global heritage. Even when he was the chief minister of Gujarat, he promoted the ayurvedic medical system.
In 2022, Modi announced that the government will develop a network of AYUSH parks to encourage the promotion, research and manufacturing of AYUSH products across the country. These Ayush Parks will give a new direction to Ayush Manufacturing in India, he said.
Himalayan Siddha Akshar, Founder, of Akshar Yoga Centre said, "At the school level children should be taught Ayurveda. They should learn about its origin, how it can be useful, and what makes it a safe yet holistic form of treatment. Nature offers a potent cure and this is exactly what Ayurveda does. It derives ingredients from nature and accordingly devices treatments that can be administered for proper cure. While ayurvedic medicines are available in the market and can be procured easily for treatment this is simply not sufficient. There is a gap between market availability and knowledge that must be filled and this can only be done by implementing or at the very least incorporating general knowledge about Ayurveda in our school systems. Yoga and Ayurveda are treasures of our Indian system and must be valued as precious resources for our well-being."
