Nov 24: The CII-PwC report on Ayurveda says that an increased emphasis on lifestyle and wellness, driven by a rise in non-communicable and chronic diseases, is driving the demand for Ayurveda in India. The report states that 77 per cent of Indian households used Ayurvedic products in 2017, up from 69 per cent in 2015.
The global market for Ayurveda is also growing. The size of the global ayurvedic market is expected to almost treble from $3.4 billion in 2015 to $9.7billiion in 2022.
The report calls for a paradigm shift in core Ayurvedic industries using technology as an enabler, to meet the increasing demand. It emphasises the need for standardisation and quality control to launch Ayurveda on a global scale.
Kerala is well positioned to cater to this rising demand for Ayurvedic products and services. The state is singularly advantaged in its ability to deliver Ayurvedic products and services, in all segments of Ayurveda, states the report.
Kerala, known as the cradle of Ayurveda, has many advantages when it comes to Ayurveda. The state’s core capabilities are strengthened by a diverse range of products and services, advancements in research and education, increase in tourism, and strong support from the government. Thanks to these advantages, Kerala is well on the way to becoming a hub for investment in Ayurveda, and companies making and marketing Ayurvedic medicines, the report adds.
Kerala had 1400 Ayurveda-associated industries with a total turnover of $37 million and export of $8.3 million in 2016. It accounts for 10% of the Indian herbal industry of $578 million.