Ayurveda products market in India to reach US$16.27 billion (Rs. 1.2 trillion) by FY28: Report

As per a study, the Ayurveda product market in India is anticipated to grow substantially, reaching an estimated value of US$ 16.27 billion (Rs. 1.2 trillion) by FY28. This growth is attributed to increasing demand for domestically and internationally natural and herbal remedies, bolstered by a rise in ayurvedic medical practitioners, governmental initiatives, and new entrepreneurs, stated Ayurveda tech startup NirogStreet.

According to NirogStreet's survey, the Ayurveda product market is projected to expand at a compound annual growth rate (CAGR) of 15% from FY23 to FY28, with the product and service sectors growing at rates of 16% and 12.4%, respectively. The survey also revealed that the value of Ayurvedic manufacturing in India stood at US$11 billion (Rs. 89,750 crore) in FY22, including exports valued at around US$5 billion (Rs. 40,900 crore) and imports estimated at US$ 1 billion (Rs. 8,600 crore). Secretary of the Ministry of AYUSH, Padmashri Vaidya Mr. Rajesh Kotecha, emphasized the importance of positioning AYUSH products in global markets and fostering innovation within the ecosystem during a recent CII AYUSH Conclave. The sector's remarkable growth to US$ 24 billion over the past decade underscores its potential to contribute significantly to India's economy, as noted by NirogStreet.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.