New Delhi, April 5: According to a study, India’s Ayurvedic products market will grow to USD 16.27 billion or Rs 1.2 billion by FY 2028, from the current USD 7 billion or Rs 57.45 billion. is predicted to reach.
The Ayurvedic products market is witnessing significant growth due to increasing demand for natural and herbal remedies in the domestic and international markets, increasing number of Ayurvedic doctors, government initiatives, and emergence of new entrepreneurs. said tech startup Nirogstreet.
India’s Ayurvedic products market is expected to grow significantly, with market value increasing significantly to Rs 126,000 crore (US$ 16.27 billion) by FY28, Nilog Street cited research findings. He said there are predictions.
According to research by NirogStreet, the overall Ayurvedic products and services market is expected to grow at a CAGR of 15% from FY23 to FY2028, with the products and services segments growing at a CAGR of 16% and 12.4%, respectively. It is expected that.
The study also estimated the value of the country’s Ayurvedic manufacturing industry at Rs 89.75 billion (US$11 billion) in FY22. This figure includes exports of approximately 40.9 billion rupees (US$5 billion). The import value is estimated at 8.6 billion rupees (1 billion US dollars).
NirogStreet’s survey included approximately 7,500 manufacturers from 10 states: Uttar Pradesh, Bihar, Madhya Pradesh, Delhi, Haryana, Rajasthan, Punjab, Maharashtra, Jammu and Kashmir, and Kerala. I participated.
At the recent CII AYUSH conclave, Padma Shri Vaidya Rajesh Koteka, Secretary, Ministry of AYUSH, emphasized the need to position AYUSH products in the global market and bring more innovations to the ecosystem.
He said the AYUSH sector has surged to USD 24 billion in 10 years.
This exponential growth trajectory demonstrates the immense potential of India’s Ayurvedic products market to significantly contribute to the country’s economy, Nirogstreet said in a statement. (PTI)
