Nov 21: The Ayurveda sector in the country is poised to end 2018 with a landmark achievement, touching a gross market size of $ 4.4 billion, or roughly Rs 30,000 crore. To add to the bullish outlook, the Indian Ayurveda industry is projected to record a compounded annual growth rate of a robust 16 per cent until 2025.
The encouraging statistics have been brought out by a study of the Confederation of Indian Industry on the market size of the Indian Ayurveda industry, its strengths and the way forward. Interestingly, the study says as much as 75 per cent of the $ 4 billion Indian Ayurveda market is accounted for by Ayurveda products and only a quarter of the market size is contributed by services. The $ 4 billion domestic market comprises ethical, classical, over-the-counter, personal care and beauty products. It also includes services like medical, well-being or medical tourism services.
Estimates vary about the growth of the Ayurveda industry into the future, but two different estimates put the industry size at being 13 billion by 2025. A key finding of the study is that India’s ageing population and the rise of a young population that is health conscious, will drive the growth of the Ayurveda sector in the country. The size of the Indian Ayurveda industry at Rs 30,000 crore per annum compares well with the overall market size of the Indian wellness industry which is put at Rs 85,000 crore. What is significant is that the Ayurveda sector is poised to grow at high double-digit levels in the coming years, and that it continues to be the most important player in the global Ayurveda market.
Two challenges to the sector pointed out by the CII study are a shortage of manpower and shortage of quality raw materials. The industry is facing a shortage of skilled professionals including doctors, paramedical staff, therapists and nurses and there appears to be a lack of uniformity in skill and knowledge among the available manpower. On the raw materials front, there are wide variations in the quality of raw materials as well as a shortage of various medicinal plants and herbs because they are becoming endangered or there is lower production owing to factors such as adverse weather conditions.
Global Ayurveda Summit from Nov 21-23
The Global Ayurveda Summit being held at Hotel Le Meridian, Kochi from November 21 to 23 will focus on start-ups, entrepreneurship and branding.
The summit will discuss strategies for mainstreaming Ayurveda and explore opportunities in the Ayurveda sector for entrepreneurs including start-ups. The summit will feature top-notch brand gurus and also discuss skilling issues and practices at the global level.
The event opens with a keynote address by Sudhanshu Pandey, IAS, Additional Secretary, Ministry of Commerce and Industries on November 21 at 2.40 pm.