The Indian market for Ayurvedic products is expected to rise significantly, reaching a projected value of Rs 1.2 lakh crore (USD 16.27 billion) by the fiscal year 2028. This growth trajectory is driven by a number of factors, including the growing number of ayurvedic medical practitioners, government initiatives supporting the industry, and the emergence of new entrepreneurs in the Ayurveda tech startup space, as well as the rising demand for natural and herbal remedies both domestically and internationally.
According to a report by one of the leading companies in the Ayurvedic space, NirogStreet, the market for Ayurvedic products has grown significantly. According to the poll, there is a clear rising tendency, with a 15% Compound Annual Growth Rate (CAGR) predicted between the fiscal years 2023 and 2028. The product and service industries are projected to expand at a compound annual growth rate (CAGR) of 16.4% and 12.4%, respectively, throughout this time frame.
The survey’s predicted value of Ayurvedic manufacturing in India, which was Rs 89,750 crore (USD 11 billion) in the fiscal year 2022, is one of its main conclusions. This number includes data on both exports and domestic production. According to the report, exports brought in over Rs 40,900 crore (USD 5 billion), demonstrating the demand and popularity of Ayurvedic products around the world. On the other hand, the anticipated value of imports was Rs 8,600 crore (USD 1 billion), suggesting that domestic production and international commerce in the Ayurvedic sector are in balance.
Padmashri Vaidya Rajesh Kotecha, Secretary of the Ministry of AYUSH, stressed the significance of positioning AYUSH (Ayurveda, Yoga & Naturopathy, Unani, Siddha, and Homeopathy) products in international markets during a recent CII AYUSH Conclave. He emphasized that in order to improve the AYUSH ecosystem’s competitiveness and appeal to both domestic and foreign consumers, innovation must be sustained.
The secretary’s comments highlighted the AYUSH sector’s notable growth trajectory, which has seen a ten-year leap to USD 24 billion. This sector’s potential to significantly contribute to India’s overall healthcare and wellness landscape as well as be a major engine of economic growth is shown by its exponential expansion.
The market for Ayurvedic products is growing quickly, which indicates both a rise in consumer interest and a move toward holistic treatment approaches based on historical knowledge systems. Government assistance and programs that promote native medical procedures and supplies further reinforce this trend.
The positive outlook for the Ayurvedic industry in India is underscored by the results of the NirogStreet poll and the perspectives presented at the CII AYUSH Conclave. The Ayurvedic product market is positioned to play a crucial role in establishing India’s healthcare narrative and significantly contributing to its economic prosperity and well-being, thanks to its steady expansion, innovation, and strategic placement in global markets.
