According to a new report published by Allied Market Research, titled, “Ayurvedic herbs Market by Herb type, Form, Disease Indication, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2028,” The global Ayurvedic herbs market size was valued at $9.5 billion in 2020 and is anticipated to reach $21.6 billion by 2028, with a CAGR of 10.8% during the forecast period. The market is expected to exhibit an incremental revenue opportunity of $12 billion from 2020 to 2028.
Ayurveda is a system of medicine that has its origination roots in the Indian subcontinent. It uses natural healing practices to cure clinical conditions such as sinusitis, cough, depression, and insomnia. Ayurveda therapies have been integrated in general wellness and in some cases in medical use worldwide. In addition, Ayurvedic ingredients are extensively used in personal care products and health supplements along with drugs.
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Factors driving consumer preference for Ayurvedic herbs products are rising awareness regarding their benefits, increasing cognizance about ill-effects of allopathy, easy availability, and growing disposable income. Lack of R&D for high yielding varieties, irregular supply of raw material, and safety regulations are major challenges faced by the market players. Increase in knowledge about natural ingredients in health and personal care products in developed countries, namely the U.S., Canada, Australia, Singapore, and Japan, offers Ayurvedic herbs market growth opportunity for manufacturers.
COVID-19 pandemic creates both opportunities and challenges for exporters of natural ingredients for health products. Consumer behavior and attitudes are changing because of COVID-19 and this is expected to continue in the coming years as consumers continue seeking products that help prevent disease. Since the outbreak of COVID-19, consumers have been paying more attention to their health and diets as they try to strengthen their immunity. As a result, consumers are turning to vitamins and supplements, a trend that is expected to continue.
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According to the Ayurvedic Herbs market analysis, the market is segmented on the basis of herb type, form, disease indication, distribution channel, and region. Based on herb type, the market is categorized into Withania Somnifera (Ashwagandha), Frankincense (Boswellia), Indian Gooseberry (Triphala), Bacopa Monnieri (Brahmi), Turmeric, Cumin, Bitter Melon, Others.
By form, the capsules/tablets segment held a major Ayurvedic herbs market share in 2020, and is expected to remain dominant throughout the forecast period. This is due to the rise in consumer demand for healthy and clean-label herbal products.
Based on disease indication, the skin diseases segment held a major share of the Ayurvedic herbs market in 2020. This is attributed to rise in spending on Ayurvedic products herbs for the treatment of the skin.
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Key Benefits For Stakeholders
The report provides a quantitative analysis of the current Ayurvedic herbs market trends, estimations, and dynamics of the market size from 2020 to 2028 to identify the prevailing opportunities.
Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
In-depth analysis and the market size and segmentation assist to determine the prevailing Ayurvedic herbs market opportunities.
Drivers and restraints are analyzed depending on type in the Ayurvedic herbs industry.
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The key players profiled in this report include are Colgate-Palmolive Company, Dabur India Ltd., Emami Limited, Kairali Ayurvedic Group, P&G, Patanjali Ayurved Limited, Shahnaz Ayurveda Pvt. Ltd, Shree Baidyanath Ayurveda Bhawan Pvt. Ltd, The Himalaya Drug Company, and Unilever.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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