In a recent published report, Kenneth Research has updated the Market report for Ayurveda Industry in India Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Ayurveda Industry in India Market Products.
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According to the statistics by the WHO, grew from 6.20% in 2001 to 6.69% in 2018. Additionally, the current healthcare expenditure per capita (current US$) grew 3x from USD 222.49 in 2001 to USD 721.88 in 2018.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Ayurveda, the science of using herbs and other medicinal plants for healthcare, is practiced in India since ages. However, the use of Ayurvedic products has picked up recently in the country. As of 2019, around 76% of Indian households used Ayurvedic products for personal and health care.
In India, Kerala and Tamil Nadu are the leading destinations for medical tourism mainly due to the growing number of Ayurvedic health centers, medication and yoga workshops, and Ayurvedic spas.
Market insights:
The Ayurveda industry in India was valued at INR 335 Bn in 2019 and is expected to reach a value of INR 1,042.07 Bn by 2025, expanding at a compound annual growth rate (CAGR) of ~22.15% during the FY 2020-FY 2025 period. Growing awareness regarding the benefits of Ayurvedic products and consumers’ inclination towards maintaining a healthy lifestyle are the leading factors responsible for driving the growth of the Indian Ayurveda industry. Moreover, initiatives undertaken by the Indian government to encourage the use of natural and herbal products are likely to boost market growth. However, factors such as shortage of quality raw materials for the production of Ayurvedic compounds and lack of skilled personnel in the industry hinder the growth of the market.
Segment insights:
In terms of product usage, the Ayurveda industry in India is segmented into Ayurveda products and Ayurveda services. As of 2019, the Ayurveda products segment dominated the Ayurveda market in India, accounting for around 75% of the overall market share. In the aftermath of the pandemic, the Ayurveda services market segment is expected to witness slow growth, owing to the temporary closure of all the Ayurvedic service providing centers; it is expected to account for ~14.50% of the overall market in 2025.
Impact of COVID-19:
The rapid spread of the contagion prompted lockdown across the country that brought trade, manufacturing, and commerce to a standstill, radically transforming India’s overall business scenario. However, the Ayurveda industry is among the few to have benefitted from the virus outbreak. The demand for Ayurvedic immunity boosting products such as Chawanprash, Giloy tablets, Giloy churna, honey, and Ashwagandha tablets has skyrocketed, in the wake of the pandemic. Furthermore, the demand for natural dietary supplements to relieve stress and strengthen immunity has increased. Thus, increasing adoption of natural products and Ayurvedic compounds for the prevention and treatment of COVID-19 have marked a positive impact on the overall industry.
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Companies covered:
ï‚·Dabur India Limited
ï‚·Emami Limited
ï‚·Charak Pharma Private Limited
ï‚·Herbolab India Private Limited
ï‚·Nagarjuna Herbal Concentrates Limited
ï‚·Patanjali Ayurved Limited
ï‚·Shahnaz Ayurveda Private Limited
ï‚·Shree Baidyanath Ayurved Bhawan Private Limited
ï‚·The Himalaya Drug Company
ï‚·Ananda In The Himalayas
ï‚·Ayurogashram Private Limited
ï‚·Mercure Goa Deevaya Retreat
ï‚·Somatheeram Ayurvedic Hospital and Yoga Centre Private Limited
The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Ayurveda Industry in India Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Playes
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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