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The ayurveda sector in the country is poised to end 2018 with a landmark achievement, touching a gross market size of $ 4.4 billion, or roughly Rs 30,000 crore. To add to the bullish outlook, the Indian ayurveda industry is projected to record a CAGR of 16 per cent until 2025.
It is from the study by Confederation of Indian Industry (CII) on the market size of the ayurveda industry, its strengths and the way forward.
According to the study, as much as 75 per cent of the $4 billion ayurveda market is accounted for by ayurveda products and only a quarter of the market size is contributed by services. The $4 billion domestic market comprises ethical, classical, over-the-counter, personal care and beauty products. It also includes services like medical, well-being or medical tourism services.
Estimates vary about the growth of the ayurveda industry into the future, but two different estimates put the industry size at being 13 billion by 2025.
A key finding of the study is that India’s ageing population and the rise of a young population that is health conscious, will drive the growth of the ayurveda sector. The size of the Indian ayurveda industry at Rs 30,000 crore per annum compares well with the overall market size of the wellness industry which is put at Rs 85,000 crore.
What is significant is that ayurveda sector is poised to grow at high double-digit levels in the coming years, and that it continues to be the most important player in the global ayurveda market.
Two challenges to the sector pointed out by the CII study are, shortage of manpower and shortage of quality raw materials. On the raw materials front, there are wide variations in the quality as well as a shortage of various medicinal plants and herbs because they are either endangered or low production owing to factors such as adverse weather conditions.
Focussing on how ayurveda can be main-streamed and evaluate the challenges the industry is facing, CII is organising a global ayurveda summit at Hotel Le Meridian here from November 21 to 23. It will focus on start-ups, entrepreneurship and branding.
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