The worldwide market for ayurvedic healthcare was expected to be worth USD 7,234 million in 2022 and is projected to grow at a compound annual growth rate of 16.5% to reach a value of USD 24,652 million by 2033. The demand for different Ayurvedic medications to boost immunity has led to a growth in the market for alternative therapies, including Ayurveda, in the context of COVID-19.
India is the birthplace of Ayurvedic medicine, which has been applied in clinical settings for many years. The increasing popularity of ayurvedic treatment methods worldwide, together with the government’s expanding initiative to promote them in India, are driving this industry. The Indian government established the National Health Mission and National Health Policy 2017 in 2017 to advance and strengthen the ayurvedic industry. This includes developing infrastructure, providing financial assistance, and delivering medication to hospitals and clinics around the nation.
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To promote Ayurvedic research, education, and awareness, the World Health Organization (WHO) selected India to be the home of a traditional medicine center in November 2020. The National Institute of Ayurveda (NIA) in Jaipur and the Institute of Teaching and Research in Ayurveda (ITRA) in Jamnagar, Gujarat, were established by the Indian government as a result of the proclamation. Additionally, the government is encouraging market development and placing a strong focus on R&D. For example, in January 2020, IIT Delhi and the All India Institute of Ayurveda signed a Memorandum of Understanding to investigate the health benefits and medical impacts of herbal compositions. The government has seven collaborations centered around different Ayurvedic formulations scheduled for the next two years. The market under examination is anticipated to grow at a favorable rate throughout the forecast period as a consequence of all of these factors. It is expected that this driver will have a moderate short-term impact and a high medium- to long-term impact.
Ayurvedic Healthcare Market Segmentation
By Application
- Women
- Men
- Babies
Regional Scope
- North America
- Europe
- APAC
- South America
- Middle East
- Africa
Key Players
- Basic Ayurveda Limited
- Sri Sri Ayurveda (Tattva)
- Natreon Inc.
- Biobaxy Technologies
- Dabur India Limited
- Planet Ayurveda
- Herbal Hills
- Arvincare
- Patanjali Ayurved
- Himalaya Drug
- Maharishi Ayurveda Products
- AuroPharma
Application Insights
From 2021 to 2030, the women’s category is expected to generate an absolute total of USD 8,453.25 million in opportunities. Throughout the projected period, the women’s category is anticipated to grow at a CAGR of 15.9%. The men’s market is expected to generate USD 4,907.97 million in total potential between 2021 and 2030. Throughout the projection period, the men’s category is anticipated to grow at a CAGR of 15.9%. The baby market is expected to generate USD 5,038.27 million in total absolute revenue between 2021 and 2030. Throughout the projection period, the babies sector is anticipated to grow at a CAGR of 18.2%.
Regional Insights
It is estimated that between 2021 and 2030, the United States will generate a total absolute $ opportunity of USD 2,204.42 million. Over the projection period, the US economy is anticipated to grow at a CAGR of 16.5%. Between 2021 and 2030, Canada is expected to generate an absolute total of USD 1,110.39 million in opportunities. Over the projection period, the country of Canada is anticipated to grow at a CAGR of 18.1%. Between 2021 and 2030, Mexico is expected to generate a total absolute dollar opportunity of USD 357.15 million. Mexico is anticipated to grow at a 19.2% CAGR during the projected period. Between 2021 and 2030, the healthcare products category is expected to have a total absolute dollar potential of USD 1,714.52 million. Throughout the projected period, the healthcare products category is anticipated to grow at a CAGR of 16.3%. Between 2021 and 2030, the personal care products category is expected to have a total absolute dollar potential of USD 561.76 million. Throughout the projected period, the Personal Care Products category is anticipated to grow at a CAGR of 18.8%.
Scope of the Report
This study provides information and forecasts for the Ayurvedic Healthcare Market for the past, present, and future. An extensive research approach was used to establish the market estimations that are included in the study. Multiple research channels are used in the accepted research approach, including primary, secondary, and subject-related expert input. The Seasonal Affective Disorder Market is estimated by taking into account the impact of many economic, social, and political aspects in addition to the present market dynamics. The market data is also defined by different laws, government expenditures, and the expansion of research and development. The market projections take into account both favorable and unfavorable changes in the market.
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