Economy

Ayurveda market saw 50-90% growth in last quarter due to Covid-19 pandemic: Studies

Prashasti Awasthi Mumbai | Updated on March 23, 2021

The interest in these products has mostly been fuelled by the recommendations from the Ministry of AYUSH to fight the coronavirus

The onset of the Covid-19 pandemic has pushed the demand for Ayurveda products in India. The interest in these products has mostly been fuelled by the recommendations from the Ministry of AYUSH to fight the Coronavirus.

According to the Maharishi Ayurveda study report during pre-Covid, the ayurvedic market typically witnessed 15-20 per cent growth annually. In the last quarter, many companies, large and small, have witnessed anywhere between 50-90 per cent growth.

Since last March, the demand for honey has gone up by 45 per cent, Chyawanprash by 85 per cent; and turmeric by 40 per cent in ayurvedic stores.

Also read: Area under medicinal plants drops in last five years

Speaking on the market growth, Anand Shrivastava, Chairman - Maharishi Ayurveda said in a statement: “Of course, we see the rising demand of different Ayurveda products ranging from Ayurvedic Rasayanas to various immunity-boosting products of Ayurveda.”

Nielsen’s report

Market Research Company, Nielsen’s report in the month of July revealed that Chyawanprash sales have increased by 283 per cent in June. While the sales of branded honey increased by 39 per cent.

The rising sales were also registered by Indian Medicines Pharmaceuticals Corporation Limited (IMPCL), a government enterprise and manufacturer of Ayurveda and Unani medicines.

IMPCL revealed that the consumption of ayurvedic medicines and products has increased during the Covid-19 pandemic significantly. The IMPCL registered sales of ₹69.60 crore up to August 2020 as compared to last year’s ₹26.73 crore.

The Ayurveda market in India was valued at ₹300 billion in 2018 and is expected to reach ₹710.87 billion by 2024, expanding at a compound annual growth rate (CAGR) of 16.06 per cent.

Published on March 23, 2021

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