Among other heritage and cultural riches India is attributed to, Ayurveda stands as the brightest jewel in its crown. Nonetheless, India has been identified as the largest manufacturer and supplier of Ayurveda-based medicines and products. The growing demand for Ayurveda in both domestic as well as international markets is increasing with each passing day.
Market experts and analysts say that if the trend goes on at the same pace, it will definitely lead to a significantly high income for farmers and the rural people engaged in the cultivation and collection of raw materials used in manufacturing traditional Indian medicines. Read on to discover more about how Ayurveda products and medicines are taking over the world.
Ayurveda around the globe
An Indian system of medicine, Ayurveda, is derived from “Ayurvedic” herbs and plants that are naturally available in the environment. It is one of the most popular forms of alternative medicine. Around 80% of people in India use some of the other forms of traditional medicine that includes Ayurveda properties. The growing demand for Ayurveda is also seen in neighboring countries including Nepal, Sri Lanka, Pakistan, and Myanmar. USA, China, and the European nations have also become consumers of traditional Indian medicines.
It is no secret that India attained a worldwide prominence for its vast line-up of Ayurvedic offerings. So much so that the country is steadily becoming the most preferred destination for medical tourism as well.
India, especially the southern region, is attracting more and more tourists for Ayurveda-based treatments. The southern states already have more than 100 government-run Ayurvedic hospitals along with various private health centers, more than 700 dispensaries, and around 800 registered Ayurvedic medicine manufacturing units.
As per a recently released TechSci Research report, “India Ayurvedic Products Market Forecast & Opportunities, 2011 – 2021”, the Indian Ayurvedic products market is projected to register a CAGR (Compound Annual Growth Rate) of 16% during 2016 – 2021.
Moreover, the introduction of Ayurvedic nutraceuticals & dietary supplements along with Ayurvedic cosmetics and skin care products is likely to boost the market over the next five years. This shows that the growing demand for Ayurveda is likely to bring in increased revenues in the near future.
What drives Ayurveda?
The rising health issues and awareness of allopathic side-effects are two major reasons to persuade consumers to be inclined towards Ayurveda-based products in the country. Some of the most prominent drivers of Ayurveda industry include:
- Growing awareness of the effectiveness and efficacy of Ayurveda
- Side-effects of allopathy and other forms of medicines
- Support from the government departments
- Increase in the research and development activities
On the other hand, the rising number of elite showrooms and the increasing availability of traditional systems of medicine and products at multi-branded stores are also fuelling the growing demand for Ayurveda products in the country.
Measures to boost the presence of Ayurveda
As far as their role is considered in the growing demand for Ayurveda, the government is strengthening the traditional system of medicine. The stakeholders are upgrading the department of Ayush into a full-fledged ministry in order to streamline the efforts of the country in one direction.
Subsequently, the government of India has also launched the National Ayush Mission to support the cultivation and harvesting of medicinal plants by way of ethical agricultural practices. The government is also ensuring a sustained way of supplying the best quality raw materials required by the manufacturers of traditional Indian medicines in Ayurveda.
Various manufacturing companies are turning towards developing new and improving existing their Ayurvedic products line-up. Most of them are also investing in innovative marketing strategies to create awareness and meet the growing demand for Ayurveda products in the country.
Looking at the growing demand for Ayurveda products and medicines in India and across the globe, there is increased anticipation to drive traditional medicines market in the country over the next five years. In addition, the government of India is motivating and promoting the usage of Ayush products through education and national awareness programs.