Is Ayurveda Business Profitable in India

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Is Ayurveda Business Profitable in India 2024

Is Ayurveda Business Profitable in India 2024 – The scope and market value of Ayurveda Business is constantly evolving and creating new scopes. The easy availability of products, increasing prevalence of health conditions, rising health consciousness and increased Ayurveda awareness has played an important role as growth drivers behind high market demand. If you are interested in starting your own Ayurveda business and want to know whether it is profitable or not, you need to go nowhere. As we are going to solve each of your query and discuss Is Ayurveda Business Profitable in India. 

Ayurveda is considered “Mother of All Healing Methods” with a history that dates back to over 3000 years ago. Ayurveda originated in India but with time has created a huge market value around the whole globe. Ayurvedic Products can be used very easily in day to day life by people of any age and gender. These products provides benefits such as-

  • Help boost mental health
  • Improves digestion
  • Help in purification of blood and body
  • Improves skin texture and tone
  • Ensure good quality sleep
  • Promotes good cardiac health
  • Improves brain functions

The Market Size of  Ayurveda Business in Coming Years

With the increased need for natural and herbal medication, the market value of Ayurveda Business is reaching new heights. The global Ayurvedic market is anticipated to increase at a very fast rate during the year 2023 to 2030. Globally,In 2021 the market size was estimated to be US$ 7273.3 million and is projected to reach US$ 16230 million by the year 2028 at a compound annual growth rate of 12%.  Our nation India is the largest producer of Ayurvedic products with 80% of market share worldwide. Indi’s Ayurvedic Product market size was estimated to be INR 748.9 billion in the year 2023 and is expected to rise at a CAGR of 17% to reach INR  3207.6 billion by the year 2028. 

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Is Ayurveda Business Profitable in India 2024

Is Ayurveda Business Profitable in India 2024

With the rise in the awareness of Ayurveda products, many people are now considering starting an Ayurveda business. Due to the stressful jobs cultures, poor lifestyle habits, endless quest of peace and natural products has led to the high scope of the ayurveda business. Despite its enriched history of providing the best healthcare, ayurveda still has to overcome the challenges of western medicines by connecting with technology to target new market segments. 

In order to reveal the  key opportunities available in the Indian ayurvedic market to achieve a strong market position you have to understand the products, manufacturers and  key growth drivers of Ayurvedic product business. 

Chief Ayurvedic Product Manufacturers 

There are numerous Ayurvedic product manufacturers available in the Indian market which act as one of the major key players in increasing market demand. 

  • Dabur
  • Herbal hills
  • Emami Group
  • Boutique
  • Natreon 
  • Charak Pharma
  • The Himalaya Drug Company
  • Vicco Laboratories
  • Planet Ayurveda
  • Zandu Pharmaceutical
  • Universal Medicaments
  • Amrutanjan Healthcare
  • Baidyanath 
  • Maharishi Ayurveda
  • Patanjali Ayurved Limited 

Categories of Ayurvedic Products Available In Market 

Ayurvedic products are available in many forms and can be used to treat many health conditions. Some of the product categories are mentioned below.

  • Ayurvedic Health Supplements – These herbal supplements are meant to improve general health, wellness and immunity.  They consist of plant extracts and have medicinal properties to improve immunity, digestion and other conditions.
  • Ayurvedic Skincare Products – These products are meant to be used to get relief from various skincare ailments including acne, pimples, blackheads, fine lines, wrinkles, and severe skin diseases like eczema, psoriasis, etc.
  • Ayurvedic Medications – These medications mainly consist of tonics, potions, ointments, herbal tablets, powders, and other products to treat conditions like blood sugar, joint pain, sexual diseases etc. 
  •  Ayurvedic Personal Care Range – This category includes hair oils, digestive supplements, eye health supplements, and many others. 
  •  Ayurvedic Aromatherapy Products –These consist of diffuser oils, bath bombs, bath salts, scrubs, and other products that help to rejuvenate your mind and body. All these products are usually organic and derived from plants.
  • Ayurvedic Hair Care Products – These contain hair serums, hair oils, shampoos, conditioners, hair masks made from natural ingredients and free of toxic chemicals.  
  • Ayurvedic Teas – These teas are rich in natural ingredients and spices that flavor your tea and enhance its nutritional value. Teas can be of different forms like Hibiscus, lemon, green tea, pepper, cinnamon etc. 
  •  Ayurvedic Massaging Oil – Ayurvedic oil helps to increase the strength of your muscles and bones. Moreover, they also help to nourish your skin with essential vitamins and minerals. 
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Key Growth Drivers

Now, let’s talk about the key drivers and factors affecting Ayurvedic Business. 

  1. Product Awareness – Due to high awareness regarding the benefits and uses of ayurvedic products, the market value of Ayurvedic products has increased.  
  2. Increase In Income – The increase in the country’s per capita income has allowed the population to spend more on health and well-being causing a rise in Ayurvedic products demand. 
  3. Hectic Lifestyle – Due to busy and hectic lifestyle, many issues regarding skin, hair, and overall health are on rise. As a result many people are turning towards natural and ayurvedic products to avoid and treat these issues.
  4. Differentiating Factor – Ayurvedic products are marketed differently as compared to synthetic products to help the brands  gain more attention from the general public, which eventually helps to expand their business. 
  5. Biodiversity – The easy availability and huge variety  of plant species, such as spices, herbs, and other natural resources, allows companies to explore the uses and benefits of different ingredients.

Conclusion

To conclude, there is a huge market scope of Ayurvedic products and business in India as well as worldwide. The ayurvedic industry is expected to undergo a huge success creating new business opportunities for many people. In order to achieve a strong market position in the Ayurvedic industry  you need to have a complete understanding of  products, manufacturers, and key growth drivers of the Ayurvedic product business. 

FAQS Related to Ayurveda Business

Question 1. What is the expected market size of Ayurveda in the year 2025?

Answer 1. By the year 2025, the market size of the Ayurvedic industry is projected to reach 1 trillion rupees in India. 

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Question 2. What are the leading regions in terms of Ayurvedic market?

Answer 2. India is the largest producer of Ayurvedic products worldwide and occupies 80% of market share. Besides India others regions include-

  •  United States
  • Canada 
  • Mexico
  • Germany
  • France
  •  Russia 
  • China
  •  Japan
  • Australia
  •  Indonesia 
  • Malaysia 
  • Vietnam
  • Saudi Arabia
  • UAE
  • South Africa
Question 3. What are the key factors that impact the growth of the Ayurvedic Products market?

Answer 3. Some of the factors that affect the growth of Ayurvedic market.

  • Poor health conditions
  • Poor lifestyle habits
  • Easy availability of Ayurvedic products
  • Product awareness 
  • Increase in per capita Income