Globally, Ayurveda is considered as one the most ancient system of medicines and is reported to have deep roots in India. Ayurveda not only aims at curing the diseases, but also focuses on prevention methods by maintaining a healthy lifestyle. Ayurveda involves utilization of medicinal plants, metals, oils as-well-as massages and aromatherapy to overcome the three Doshas (Vata, Pitta, and Kapha).
India has a history of traditional medicine, i.e., Herbalism (herbal medicine), Ayurveda, Unani, Homepathy, etc. In the developing countries like India, healthcare infrastructure is expanding and people are becoming aware of healthy lifestyle. A gateway to which is Ayurveda. Thus, on the basis of mentioned facts, it is estimated that India has a strong hold on the global Ayurveda market.
Following similar trends, the Western world is reported to increasingly adopt natural products and lifestyle therapies (massages, aromatherapy, etc.). Thus, western herbalism is estimated to provide developmental backgrounds for the global Ayurveda market. Increasing awareness for Ayurveda, growing western herbalism, rising government support, increasing reach of the market players and strong branding & campaigns of Ayurvedic products are some of the major factors that drives the global Ayurveda market. From the past few years, it is notable that the India government has immensely supported Ayurveda sector. According to a whitepaper published by the Indian Brand Equity Foundation in 2018, the Ministry of AYUSH and Government of India implemented various initiatives to promote Ayurveda, yoga, and other AYUSH medicinal systems at international level. From 2017-2018, the government is stipulated to invest USD 2.36 million for creating awareness for Ayurveda products. Moreover, factors such as growing reach of market players boosts the global growth. However, lack of global standards for Ayurveda-based products manufacturing followed by variation of products’ quality restraints for the market growth.
Conclusively, the global Ayurveda market was estimated to be around USD 4600 million in 2017. Moreover, a majority of the market is projected to be led by India.
Figure 1: Global Vs Indian Ayurveda Market, 2015-2023 (USD Million)
Segments of the global Ayurveda market
The global Ayurveda medicine market has been segmented into products & services, form, application, distribution channel, facility of use, and others.
By products & services, the global Ayurveda medicine market is segmented into products and services. The products segment is sub-segmented into retail, wellness and therapeutics. The form segment is divided into tablets & capsules, syrups, and oils & related extracts. By application the market is segmented into lifestyle, gastrointestinal, analgesics, dermal, and others. The distribution channel is segmented into retail stores & pharmacies and e-commerce. On the basis of facility of use, the market is segmented into Ayurveda Hospitals & Clinics, Ayurveda massage & therapy centers, and home-settings.
Figure 2: Market Segmentation
On the basis of region the global Ayurveda medicine market is segmented into Asia-Pacific, Europe, the Americas, and the Middle East & Africa.
Figure 3: Global Ayurveda Market, by Region
Asia-Pacific region is estimated to hold the largest market share in the global Ayurveda market (2017). This can be agglomerated due to the presence of developing economies like India within the region. India is popular for Ayurveda and related medical tourism. Such factors along with favorable government policies enables India to lead the global Ayurveda market. The Indian Ayurveda market was estimated to be about USD 3500 million 2017. This makes India to hold approximately 76% of the global Ayurveda market. Europe stood second in the global Ayurveda market and was followed by the Americas. This can be attributed to the increasing western herbalism and rising acceptance of lifestyle based remedies within the region. The Middle East & Africa is estimated to hold the least share of the global Ayurveda medicine market due to stringent government policies, lack of awareness and low per capita income. Moreover, presence of poor economies make the region to lag.
Key Market Players operating in the Global Ayurveda Market
The global Ayurveda market is dominated by various global players and regional. Since, a majority of the market is occupied by India, it is estimated that Indian players are the key stake holders. Some of the prominent players operating in the Ayurveda market are inclusive of The Himalaya Drug Company, Shree Baidyanath Ayurved Bhawan, Patanjali Ayurved Limited, Kerala Ayurveda, Ltd., Dabur India Ltd., Forest Essentials, Charak Pharma Pvt. Ltd, Amrutanjan Healthcare Limited, Lotus Herbals, Vicco Laboratories, Zandu Realty Limited, Emami Limited, and others.