The ayurvedic products market globally is poised to grow at a robust rate in the next few years, driven by mounting consumer interest in holistic wellness, traditional remedies and organic lifestyles, as per a research report.
The global ayurvedic products market pegged at $ 18.69 billion in 2023 is projected to grow to $30.2 billion by 2032 at a CAGR of 5.48 per cent. The rapid growth is propelled by the increasing awareness of the health benefits associated with herbal and natural products. This is reflected in the rising trend of consumers in developed and emerging markets seeking plant-based formulations for immunity enhancement, skin health, digestive wellness and stress management.
The government initiatives have played a major role in the popularity of ayurvedic products. For instance, countries like India have invested heavily in promoting traditional systems of medicines through dedicated ministries, export incentives and by including them in national health policies. The fact that ayurveda has been globally recognized as a complementary and alternative medical system has also spurred the demand for ayurvedic products across North America, Europe and Asia Pacific, according to the report.
Asia -Pacific region currently leads globally in the ayurvedic products market with its well-entrenched traditional usage and manufacturing hubs in India and Sri Lanka. However, North American and Europe are witnessing rising demand thanks to the popularity of the movement for natural and organic products.
The increased adoption of advanced technology and the presence of large players are expected to create immense growth opportunities for the ayurvedic products market, particularly for manufacturers, distributors, healthcare providers and wellness brands, says the report. The market has grown beyond traditional pharmacy and wellness outlets with rapid expansion of e-commerce platforms and digital health retailers.
