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Ayurvedic herbs market sees strong global growth

Article-Ayurvedic herbs market sees strong global growth

Ayurvedic herbs market size
New research by Allied Market Research puts the current global market for Ayurvedic herbs at US$9.5 billion with an expected CAGR of 10.8% through 2028 to top $21.6 billion.

Having its roots in India, Ayurveda is now gaining popularity all across the world as consumers seek remedies that are more natural and may also be more cost effective. The enormous knowledge of natural herbs and the relationship between the human body and nature holds great potential for the science of Ayurveda. And it is, therefore, expected to prosper even more in the coming time. The concepts of health and disease are changing and the interest in herbal and Ayurvedic remedies is awakening among the people. Owing to which the Ayurvedic therapies are getting integrated into general wellness as well as in some medical cases worldwide. Apart from this, Ayurvedic medicines are extensively getting used in personal care products and health supplements. These factors have increased the demand for advanced Ayurvedic medicines.

The market players in the industry, therefore, are investing in new treatments. In addition, the industry players are strategizing to expand the market by following different trends. Moreover, there is an array of activities happening in the market.

Indian government promotes Ayurvedic treatments

The Indian government has recently initiated promoting Ayush Systems of medicine that include Ayurveda, Yoga & Naturopathy, Unani, Siddha, and Homeopathy with the latest scheme called Ayurswasthya Yojana. The scheme aims to introduce authentic classical Ayush interventions for encouraging community healthcare along with supporting the establishment of Ayush medical health units. The Indian government has taken various initiatives earlier as well to promote Ayush treatment including National Ayush Mission (NAM) in 2014 and AYUSH for Prevention and Control Non-Communicable Diseases in 2010.

Adoption of Ayurvedic treatment during the pandemic

As reported by The Indian Express, interest in Ayurveda has increased massively during the COVID-19 pandemic. People have increasingly turned to Ayurvedic practices to enhance immune health. In addition, the utilization of Ayurvedic products as well has increased to a great extent. The pandemic has changed consumer lifestyles, increasing adoption of preventive healthcare remedies. Along with this, demand for immunity-positioned supplements has also grown, which has included select Ayurvedic products.

Ayurveda treatments launched in new markets

Apart from India, organizations across different regions are launching Ayurvedic clinics. Recently, in Dubai, Santhigiri Holistic Health center in association with Lootah Group of Companies inaugurated the first exclusive Ayurvedic treatment services. Santhigiri group is a pioneer of AYUSH medicines and remedies, under the procedure of India’s AYUSH Ministry. The group has also launched a similar initiative in India. The inauguration of the clinic aims to treat patients with long-term health issues associated with COVID-19.

Opportunities for Ayurveda

Ayurveda has a rich history and has flourished over the years. While traditional pharmacopoeias offered insight into herbs and applications, scientific studies are now offering more substantive research on the methodologies of action and health effects. Researchers are also looking at new areas of application and delivery systems. Skin conditions are one of the major areas of application, according to new research from Allied Market Research; others include heart health, inflammation, and blood sugar support.

All of this has boosted the implementation of Ayurvedic practices and product sales. In addition, the development of the retail structure has also been a driving factor that has contributed to market growth. New research from Allied Market Research expects the global Ayurvedic herbal market to grow at a compound annual growth rate (CAGR) of 10.8% through 2028, topping US$21.6 billion at that point. Among the top botanicals in terms of sales are Withania somnifera (ashwagandha), Boswellia serrata, Triphala (Indian gooseberry) and Bacopa monnieri; one of the fastest growth rates is expected to be posted by bitter melon, with a CAGR of 12.3% in the forecast period.

The demand for Ayurvedic immune-boosting medicines and supplements has increased magnificently. Also, the government bodies and market players are initiating new strategies to expand the market growth. The investments for new research and other projects are also increasing. All these aspects, moreover, are expected to flourish the industry along with helping it to grow exponentially.

Akshita Pacholi

Akshita Pacholi has a master's in English literature and presently is working as a content writer with Allied Market Research. She loves reading, writing short stories, poems, and blogs. She is a selective sports admirer and is curious to learn new things.

TAGS: Trends