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Market Overview
By 2030, the Ayurveda Market is projected to reach USD 23,810.04 million, at CAGR 15.06% during the forecast 2022-2030.
The Ayurvedic system of medicine incorporates natural herbs and plants as part of its treatment plans. One form of the medicinal system derived from Ayurvedic natural herbs and plants is called Ayurveda, a traditional alternative medical practice in India. Eighty percent of the market share for Ayurveda in India is accounted for by several significant large important players working in tandem with micro, small, and medium-sized businesses. Several essential ayurvedic herbs, including turmeric, ginger, garlic, emblic, curcuma, cumin, and Indian basil, as well as other traditional dietary ingredients, have been incorporated by scientists into nutraceuticals, food supplements, and functional foods to meet specific dietary needs in the past. These goods are disease-preventive and include organic bioactive substances.
The major objective of Ayurvedic medications is to help people live long, healthy lives free from the need for harsh interventions like pain medications or complicated operations. The World Health Organization (WHO) has announced that traditional medical systems like Ayurveda are becoming more popular.
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Market Segment
Ayurveda medicine is classified into seven major forms based on disease pattern, application, source, end-user, distribution, and form.
Based on Application
There are three categories of Ayurveda market applications: medical, personal care, and others.
Based on illness patterns
Ayurveda is divided into many sorts, including those that affect the nervous system, the respiratory system, the digestive tract, the cardiovascular system, infectious diseases, the skeletal system, the skin and hair, and others.
According to the source
Vegetables (seeds, roots, leaves, fruit, bark, and others) and animals(oils, bones, and others) are the two main categories of Ayurvedic sources.
According to the Form
Depending on the form, the herbal, herbomineral, mineral, and other categories are used to study the Ayurveda market.
Depending on End-User
The Ayurveda sector is broken down into academics and research, hospitals and clinics, businesses, and others based on end-user.
According to Distribution
By distribution, the Ayurvedic medicine market is divided into organized, over-the-counter, and other segments.
Regional Analysis
The Ayurveda market is segmented geographically into four major regions: Asia-Pacific, Europe, North America, and the Middle East and Africa. Due to its extensive history of using herbal medicines in countries like India, Sri Lanka, Pakistan, Myanmar, and others, Asia-Pacific currently holds the greatest market share among these areas.
The largest Ayurveda market in 2016 was India, which owns approximately 1200 million USD and exports Ayurvedic medicines worth nearly 64 million USD. The two main products of Indian Ayurveda that are projected to support the growth of the Ayurveda sector in India are psyllium and senna.
The second-largest market share is held by Russia, followed by growing markets in the United States, Kazakhstan, Nepal, Ukraine, Japan, and the Philippines. France, Germany, and the United Kingdom dominate this European market due to the rising desire for natural medicines.
The prominent key players in the Ayurveda market outlook are the following:
Industry News
The world’s largest science-based Ayurveda Company, Dabur India Limited, unveiled two ground-breaking new medicines in December 2019. One is a health treatment called Ratnaprash, and the other is a specific medicine called Hridayasava designed to improve heart health.
For Rs. 4,350 crores, the dominant key player Patanjali purchased the insolvent mid-cap company Ruchi Soya Industries, listed on the NSE and BSE. In addition, Ruchi Soya is a significant producer of soybean-related goods in India.
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