The country’s largest manufacturer of traditional ayurvedic medicines, the century old Shree Baidyanath Ayurveda Bhawan is aiming to double its revenue to US$ 300 million by 2020. They also have plans to expand their footprint in global market with focus on USA, UK, Germany and Middle East region.
As of now the global ayurveda medicine market stands at US$ 8-10 billion and USA constitutes a big chunk of the global market. Keeping this in mind the Ayurveda company is extensively targeting the US market. It will export hundreds of Ayush products to USA and is planning to tap the market by wide-reaching distribution channels and different product lines.
“We have been exporting to the US for several years. The popularity of herbal healthcare products has grown manifold in the country over the years offering lucrative opportunity for Ayurveda company like us to penetrate the market with new offerings and distribution channels,” said Ameve Sharma, president, Shree Baidyanath Ayurved Bhawan.
Currently the turnover of Baidyanath is US$ 150 million. Of them, 10 per cent comes from export. We are targeting US$ 80 million revenue through exports over next three years from existing US$ 50 million in export revenue, said Sharma.
‘Cardiwin’, the first product from the company targeting coronary heart disease got US FDA registration as a food supplement.
Riding on the increasing demands for herbal products in Europe especially UK and Germany, Baidyanath has drawn up plans to capture both markets.
Recently Germany which is birthplace of homeopathy drugs has started registration of alternative medicines including Ayurveda. This has offered tremendous opportunity for Indian Ayush companies to get their product registered in the country and market them. Baidyanath is looking to register two Ayurveda products targeting diabetes, rheumatoid arthritis respectively with German FDA.
In Europe, UK, Bulgaria, Italy are biggest markets for Ayurveda products, said Sharma. “Currently we are exporting to 35 countries including Italy, Germany, France, Netherlands, Latvia, Singapore, Mauritius, Kenya, Seychelles, Greece, Morocco, New Zealand, Bangladesh and Australia. We plan to cover about 40 countries with focus on four countries– USA, Germany, UK, Middle East by 2020,” he said.
allAyurveda.com, Baidyanath’s online managed marketplace for ayurvedic, organic and natural products and content, will also be launched in the US market by March 2018 with new features to cater to the needs of customers in an effective way. Based on learning in the US market, the online marketplace will be launched in the UK and Middle East markets, said Sharma who is also Director of allAyurveda.com.
After US and Europe, Middle East is next target of Baidyanath. The UAE, one of the prominent markets in Middle East region is set to become the hub for promoting traditional, complementary and alternative medicines in the region with the country joining hands with India in principle on several plans.