The Indian Ayurvedic products market is expected to grow significantly, with projections that the market value will increase significantly to Rs 1,260 billion (US$ 16.27 billion) by FY28, Nirogstreet said, citing the survey findings.
According to NirogStreet research, the overall Ayurvedic products and services market is expected to grow at a CAGR of 15% between FY2023 and FY2028, with the products and services segments expected to grow at CAGRs of 16% and 12.4%, respectively.
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).
Around 7,500 manufacturers across 10 states participated in the NirogStreet survey – Uttar Pradesh, Bihar, Madhya Pradesh, Delhi, Haryana, Rajasthan, Punjab, Maharashtra, Jammu and Kashmir and Kerala.
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.
