India to dominate global Ayurveda market expected to reach USD 32.62 billion by 2030, says new report

The total market opportunity for the Ayurvedic market was USD 11.80 billion in 2023 and is expected to grow at a CAGR of 15.63 per cent to reach USD 32.62 billion by 2030, according to the report by Maximize Market Research, a leading life science business consultancy and research firm. The Asia-Pacific Ayurveda market and India in particular are expected to dominate the global Ayurvedic market during this time.  

The Ayurveda Medicines Market is growing because of low side effects and demand for natural healthcare solutions. Awareness of the health benefits of Ayurvedic practices like yoga, meditation, and mindfulness, and the rise of e-commerce and online marketplaces has helped spur the growth. Government support and investment in Ayurvedic research and development have also contributed to the creation of new and innovative products.

Growing demand for natural and organic goods and an increase in medical tourism are some of the other factors propelling market growth. Organic skincare is becoming more popular, and the market for anti-ageing and wrinkle treatments is expected to grow. 

Ayurvedic medicines manufacturers from nations like Indonesia, India, Sri Lanka, and Myanmar are expected to lead others in implementing technology advancements due to the general history of herbal medicine developed here. Major global players are expected to increase offerings of Ayurveda medicines in the markets in South and East Asia. 

Based on product, the Ayurveda market is dominated by the personal care products segment, driven by increased awareness, lifestyle changes, and women's purchasing power. The market is subdivided into personal care products, hair care and fragrances, skincare, oral care, make-up, healthcare products, ayurvedic medicines, ayurvedic nutraceuticals, and dietary supplements.

Based on distribution, the Ayurveda market is divided into supermarkets, pharmacy and drug stores, direct selling, beauty salons, speciality stores, internet retailing, departmental stores, and other distribution channels. Supermarkets, which sell Ayurveda products or services through various channels, are expected to have the largest market share during the forecast period 2024 to 2030.

However, challenges like limited awareness in Western regions, inadequate raw material availability, and stringent regulatory frameworks hinder growth. To overcome these obstacles, efforts to educate consumers and healthcare professionals, enhance supply chains, and navigate regulatory complexities are crucial, the report says. 

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