According to NirogStreet research, the overall market for Ayurvedic products and services is expected to grow at a CAGR of 15% from FY23 to FY28, with the products and services segments expected to grow at CAGRs of 16% and 12.4%, respectively.
The survey estimated the value of the country’s Ayurvedic manufacturing industry at Rs 89,750 crore (US$ 11 billion) in FY22. This figure includes exports of about Rs 40,900 crore (US$ 5 billion). Imports are estimated at Rs 8,600 crore (US$ 1 billion).
Nearly 7,500 manufacturers across 10 states — Uttar Pradesh, Bihar, Madhya Pradesh, Delhi, Haryana, Rajasthan, Punjab, Maharashtra, Jammu and Kashmir and Kerala — participated in the Nirogstreet survey.
At the recent CII AYUSH conference, Padmashri Vaidya Rajesh Kotecha, Additional Secretary, Ministry of AYUSH, emphasised on the need to position AYUSH products in the global market and bring more innovation into the ecosystem.
He said the AYUSH sector has mushroomed to $24 billion in a decade.
This rapid growth trajectory indicates the huge potential for the Indian Ayurvedic products market to contribute significantly to the country’s economy, Nirogstreet said in a statement.
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