‘Ayurveda market has surged to $18.2 billion with significant exports to EU, UAE, and Japan’

The 2nd Conference on Traditional Medicine ‘AYUSH Practices for Sustainable Wellness’ was held in New Delhi last Thursday. Dr Manoj Nesari Advisor (Ay.), Ministry of Ayush, was the chief guest. Speaking on the occasion Dr Nesari said that the AYUSH sector in the country has witnessed remarkable growth evidenced by a series of initiatives and substantial market expansion. 

“In 2014, the market size for Ayurveda products was around $3 billion. By 2021, a survey revealed the market size had surged to $18.2 billion, with expectations to reach $25 billion domestically. Significant exports are being made, particularly to the EU, UAE, and Japan, while other markets like Malaysia, Southeast Asia, and Taiwan are also emerging,” said Mr Nesari. 

Over the past decade, 40 international agreements have been established, 32 with different countries. Trade agreements have been forged with 20 countries. A holistic approach to isolating compounds in traditional medicines has been embraced. WHO standards and ISO regulatory approaches have been adopted. The robust regulatory frameworks adopted by India that have enabled growth in the sector mirrors that of the US in standard. 

In her special address Prof. Dr Tanuja Nesari, Director, All India Institute of Ayurveda said that 173 countries are exploring the benefits of Ayurveda. The ‘Heal in India’ project by the Ministry of AYUSH further emphasises India’s commitment to promoting Ayurveda and traditional medicine. “We are working with the service export council to increase the exports of Ayurveda,” she said. 

India is a premier destination for holistic wellness and medical tourism, thanks to Ayurveda. Medical value travel also has been bolstered by the introduction of the AYUSH visa. Domestically over 600 Ayush hospitals are playing a pivotal in preventive health. Around 80 per cent of the population turns to Ayurvedic medicines to tackle their health problems.  

Managed by ayurvedamagazine.org

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