Ayurvedic Products Market is projected to be worth USD 35.78 billion by 2033 and is anticipated to surge at a CAGR of 12.51%.
Over 3,000 years ago, the natural medical system known as Ayurveda was developed in India. Translation of Ayurveda is "knowledge of life." In order to restore equilibrium between the body, mind, spirit, and environment, Ayurveda promotes specific lifestyle changes and natural remedies, based on the theory that disease results from an imbalance or stress in a person's consciousness. Other treatments include herbal remedies, massage therapy, yoga, meditation, and a particular diet. Ayurvedic medicine is primarily based on the ideas of doshas, the body's constitution (prakriti), and universal interconnectivity. The purpose of treatment is to help the patient by getting rid of pollutants, lessening symptoms, strengthening immunity against illness, lowering anxiety, and enhancing life harmony.
Global Ayurvedic Products Market Driving Factors and Challenges
The increasing demand for natural and organic medications, as well as consumer awareness of their advantages, is one of the main drivers driving the market for ayurvedic products. Rising health concerns and knowledge of the harmful effects of western medications are further factors that are driving public desire for ayurvedic products. In addition, per capita spending on healthcare items has increased significantly in recent years due to economic expansion and rising earnings, creating a favourable environment for the market for ayurvedic products.
Because of the significant improvement in their distribution network, these products are now more accessible in both rural and urban areas. Global demand for ayurvedic products is being driven by technological advancements and a greater emphasis on research and development. For the industry participants, it has become increasingly difficult to adequately promote the use of ayurvedic products and raise consumer awareness of them. However, the top brands may benefit in the future from attractive chances presented by the ongoing advancements in technology, the practical advancements in ayurvedic medicines, and the unrealized growth potential in developing countries.
Impact of COVID-19 on Global Ayurvedic Products Market
The primary market-movers prior to the coronavirus pandemic outbreak were changes in people's lives, rises in disposable income, and growing self-consciousness about beauty. Nonetheless, since the beginning of 2020, the market has witnessed a decline in the first-quarter growth rate. The financial crisis has significantly reduced consumer demand for beauty products, and a manpower shortage has forced numerous cosmetic companies to close their manufacturing plants. Ayurvedic food products, vitamins, and immunity boosters have been very popular lately, and the beauty business is following suit. In summary, the market for ayurvedic goods has performed remarkably well in the wake of the epidemic and is expected to continue seeing remarkable growth in the years to come.
Ayurvedic Products Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as Basic Ayurveda, Dabur India Ltd., Emami limited, Herbal Hills, Leverayush, Natreon Inc, Patanjali Ayurved Limited, Planet Ayurveda, The Himalaya Drug Company, Vicco Laboratories and others.
Global Ayurvedic Products Market Segmentation:
By Products: Based on the Products, Global Ayurvedic Products Market is segmented as; Drugs, Hair Care Products, Health Care Products, Oral Care Products
By Distribution Channel: Based on the Distribution Channel, Global Ayurvedic Products Market is segmented as; Beauty Spa/Salon, Departmental Stores, Pharmacies, Supermarkets
By Speciality Attribute: Based on the Speciality Attribute, Global Ayurvedic Products Market is segmented as; GMO-Free, Organic, Vegan
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.