Rising awareness about healthy lifestyle & wellness coupled with increasing concerns about side effects of chemical medications to drive India ayurvedic products market
According to a recently released TechSci Research report, “India Ayurvedic Products Market By Category, By Distribution Channel, By Region, Competition, Forecast & Opportunities, 2024”, ayurvedic products market in India is projected to grow at a CAGR of more than 10% during 2019 – 2024 on account of growing awareness for healthy lifestyle & wellness, rising concerns about side effects of chemical & allopathic medications, and the increasing popularity of various spiritual leaders. Increasing consumer shift towards opting for products based on natural ingredients due to increasing health consciousness, especially among the young adult population, is significantly contributing to the growth of ayurvedic products market in India.
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The distribution channel of ayurvedic products market is categorized into traditional stores, supermarkets/hypermarkets, online, and other channels. Traditional stores accounted for the majority share of India ayurvedic products market in 2018, followed by Supermarkets/Hypermarkets. However, during the forecast period, the share of traditional stores segment is expected to decline on account of rising product availability on e-commerce websites and captive portals, as well as in supermarkets/ hypermarkets across the country.
In terms of region, the India ayurvedic products market is categorized into North, West, East and South. The market for ayurvedic products in South India was the largest in 2018 on account of ability to deliver many ayurvedic products and services due to the presence of ayurvedic wellness centers in the region, and the followers of age old ayurvedic traditions such as ashtavaidya tradition in various states such as Kerala. Major players operating in India ayurvedic products market include Patanjali Ayurveda Ltd, Dabur Limited, and Emami Ltd., The Himalaya Drug Company, Shree Baidyanath Ayurveda Bhawan Ltd. In 2018, Patanjali held the major market share in the country’s ayurvedic products market, and the company is expected to continue its dominance through 2024.
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“India ayurvedic products market is expected to grow at a steady pace due to the rising awareness regarding a healthy lifestyle, chemical free products, huge brands endorsements from spiritual leaders, and the growing popularity and acceptance of ayurvedic products. Adults as well as the young adults are the primary buyers of ayurvedic products, and they are also the target consumer segments for the major ayurvedic product players operating in India.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Ayurvedic Products Market By Category, By Distribution Channel, By Region, Competition Forecast & Opportunities, 2024” has evaluated the future growth potential of India ayurvedic products market and provides statistics and information on market structure, consumer behaviour and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in India ayurvedic products market.
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