PUBLISHER: Orion Market Research | PRODUCT CODE: 1519971
PUBLISHER: Orion Market Research | PRODUCT CODE: 1519971
Global Ayurveda Market 2024-2031
Ayurveda Market Size, Share & Trends Analysis Report by Form (Herbal, Mineral, and Herbo-Mineral), by Application (Medical/Therapy, and Personal), by Distribution Channel (Retail Stores, Supermarkets, and Online Marketplaces), and by End-User (Healthcare, and Academia & Research), Forecast Period (2024-2031)
Ayurveda market is anticipated to grow at a CAGR of 25.2% during the forecast period (2024-2031). Ayurveda is a framework of holistic healthcare approaches that originated in India, focusing on the balance between the mind, body, and spirit. The market growth is majorly dependent on rising demand for natural and organic products, ample support from state-run organizations, and growing awareness of the benefits of Ayurveda.
Market Dynamics
Rising Demand for Natural and Organic Products
Consumers are increasingly seeking natural and organic alternatives to conventional medicines owing to changing dynamics for medicinal treatments, a shift towards organic and sustainable products, and the potential risk of chemical-based treatment, among others. Ayurveda, with its emphasis on herbal remedies and holistic wellness practices, resonates with this growing trend, which is expected to benefit the industry. For instance, according to the AYUSH export report 2023, India has steadily increased its presence in the global trade of the herbal medicinal sector. Exports in the sector expanded from $0.86 billion in 2017 to $1.26 billion in 2021, registering a robust growth of 7.8%. Overall, the USA (34.9%), EU (18.7%), and UAE (5.5%) are the major markets for all three categories of Ayush exports, contributing to 59.1% of all Ayush exports in 2021.
Growth of Ayurvedic Personal Care & Wellness Industry
Globally, increased awareness of the side effects of chemical-based personal care products, increasing availability and accessibility of ayurvedic products, rising preference for consuming natural and organic products, and embracing traditional wisdom in the Asia-Pacific region have stimulated demand for ayurvedic personal care and wellness products. For instance, according to the Confederation of Indian Industry (CII), the Ayurvedic beauty and wellness market in India is expected to grow by 15.0% in 2020. This move corresponds to a larger global trend toward natural and sustainable living. Indians are increasingly discovering the benefits of Ayurveda, an ancient Indian medical practice that promotes total well-being.
Market Segmentation
- Based on formulation, the market is segmented into herbal, mineral, and herbo-mineral.
- Based on application, the market is bifurcated into medical/therapy and personal care.
- Based on distribution channel, the market is segmented into retail stores, supermarkets, and online marketplaces.
- Based on end-user, the market is segmented into healthcare, and academia & research.
Online Marketplace Segment Is Expected To Grow Over The Coming Years
The primary factors supporting segmental growth include the convenience and accessibility of online markets, global reach, targeted marketing, and rising internet penetration. This segment caters to consumers with a wide product range while also offering better opportunities for product innovation and delivery methods compared to traditional retail channels, which has instigated international brands as well as local manufacturers to register an online presence for business growth. For instance, in February 2022, Amazon India announced the launch of a separate storefront for Ayurvedic products on their marketplace (Amazon. in). The storefront was officially launched at a virtual event by Shri Sarbananda Sonowal, Hon'ble Union Cabinet Minister, Ministry of Ayush, and will increase the visibility of unique Ayurvedic products such as juices, skin-care supplements, immunity boosters, oils, and more from small businesses and direct-to-consumer brands.
Healthcare is Projected to Emerge as the Largest Segment
Regional Outlook
Asia-Pacific Holds Substantial Market Share in Ayurveda Market
Market Players Outlook
Table of Contents
1. Report Summary
- Current Industry Analysis and Growth Potential Outlook
- 1.1. Research Methods and Tools
- 1.2. Market Breakdown
- 1.2.1. By Segments
- 1.2.2. By Region
2. Market Overview and Insights
- 2.1. Scope of the Report
- 2.2. Analyst Insight & Current Market Trends
3. Competitive Landscape
4. Market Segmentation
5. Regional Analysis
6. Company Profiles
LIST OF TABLES
- 1. Global Ayurveda Market Research And Analysis By Formulation, 2023-2031 ($ Million)
- 2. Global Herbal Ayurveda Market Research And Analysis By Region, 2023-2031 ($ Million)
- 3. Global Mineral Ayurveda Market Research And Analysis By Region, 2023-2031 ($ Million)
- 4. Global Herbo-Mineral Ayurveda Market Research And Analysis By Region, 2023-2031 ($ Million)
- 5. Global Ayurveda Market Research And Analysis By Application, 2023-2031 ($ Million)
- 6. Global Ayurveda For Medical/Therapy Market Research And Analysis By Region, 2023-2031 ($ Million)
- 7. Global Ayurveda For Personal Care Market Research And Analysis By Region, 2023-2031 ($ Million)
- 8. Global Ayurveda Market Research And Analysis By Distribution Channel, 2023-2031 ($ Million)
- 9. Global Ayurveda Product Sale In Retail Stores Market Research And Analysis By Region, 2023-2031 ($ Million)
- 10. Global Ayurveda Product Sale In Supermarkets Industry Research And Analysis By Region, 2023-2031 ($ Million)
- 11. Global Ayurveda Online Marketplace Market Research And Analysis By Region, 2023-2031 ($ Million)
- 12. Global Ayurveda Market Research And Analysis By End-User, 2023-2031 ($ Million)
LIST OF FIGURES
