Market Research Future (MRFR) assessed the global Ayurveda market 2020 through the analysis period till 2023. MRFR findings suggests that the Ayurveda market can garner substantial turnover at decent CAGR by 2023. The increase in awareness about adverse reaction of allopathy medications is identified as the primary driver for the Ayurveda market in the analysis period. The support from government regarding the practice of traditional medicine and the adoption of robust production and marketing solutions by Ayurveda promoting organizations can improve the impetus of the market in the years ahead. The rapid paced growth of e-commerce sector and expansion of nutrition industry can support the global Ayurveda market. However, lack of scientific accreditation and validation of ayurvedic practices can hamper the market growth. The increase in prevalence of chronic diseases creating the need for herbal medicines as a large group of people prefer traditional solutions can counter the market restrains.
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The COVID-19 impact analysis of the Ayurveda market is elaborated in the report. The outbreak of COVID-19 has transformed the approach of people towards alternative system of medicine, especially Ayurveda. Ayurveda work towards the delivery of proactive solutions to achieve holistic health. It prescribes balanced lifestyle to prevent problems. While, the nature of SARS-COV-2 virus is unpredictable, numerous people are approaching Ayurveda to boost their immunity and health. Although the rise in awareness about adverse effect of allopathy medications is one of the causes that the ayurvedic market witnesses decent rise, the post-COVID phase is observed to secure rapid surge rate for the Ayurveda market. The introduction of different large- and small-scale companies dealing in offering services and solution for natural healthcare can positively impact on the Ayurveda market.
Global Ayurveda Market: Segmental Analysis
Segmental analysis of the market has been conducted based on disease pattern, form, distribution, application, end users, and source.
On the basis of disease pattern, the market has been segmented into nervous systems, cardiovascular system, skeletal system, respiratory system, skin and hair, infectious diseases, gastrointestinal track and others. Based on form, the market has been segmented into mineral, herbomineral, herbal and others. On the basis of distribution, the market has been segmented into over the counter, organized and others. Based on application, the market has been segmented into personal care, medicinal and other. Based on end user, the market has been segmented into over, hospitals and clinics, academia and research and other. On the basis of source, the market has been segmented into animal (bones, oils and other) and vegetable (seeds, leaves and fruit, bark, roots and other).
Regional Analysis
Region-wise, the ayurveda market has been segmented into North America, the Middle & Africa (MEA), Europe, and Asia Pacific (APAC).
APAC is at the forefront of the global ayurveda market. Ayurveda originated in India, due to which the market has a strong foothold in the region. Ayurveda is immensely popular in India and allied countries of the region, where it is indigenous to their culture. Other key contributors to the APAC ayurveda market include Nepal, Japan, Sri Lanka, Indonesia, Myanmar and Pakistan. India is the largest ayurveda market within APAC and currently stands at USD 1200 Mn. In 2016, ayurveda drugs worth USD 64 Mn were exported from India.
With the surging popularity of ayurveda across the globe, the market is expanding from all sides. In both North America and Europe, ayurveda is gaining traction on account of heightened demand for natural therapies. The key country-specific markets within Europe includes Russia, France, Germany, and the UK, while, the US is the largest market within North America. Other significant ayurveda markets include Kazakhstan, Ukraine, Philippines, Kenya and Mauritania.
The MEA ayurveda market is poised to showcase moderate growth in the coming years. Ayurvedic therapies are gaining grounds in the region, especially in Africa due to its cost effectiveness. The Gulf countries are also responsible for generating a considerable portion of the global demand.
Competitive Analysis:
The prominent players profiled by MRFR that are operating in the global Ayurveda market are Zandu Pharmaceutical Works Ltd, Charak Pharma, Hamdard laboratories, Dabur, Baidyanath Group, Patanjali Ayurved Ltd., Vicco Labs, Emami Group and others. The players in the global Ayurveda market are focusing on the expansion of their businesses by introducing innovative techniques in the global market along with undergoing strategic mergers and acquisitions. For instance, in December 2018, EnSoftek, a provider of comprehensive technology solutions to public and private customers, has announced the launch of Ayurmegha which is an enterprise cloud-based secure application that aids in patient relationship management for Ayurveda practitioners.
Industry News
In a deal to strengthen economic performance and maximize profit, Lotus Herbals recently purchased Vedicare Ayurveda. As a direct result of the sale, Lotus Herbals is able to add additional benefit. Lotus Herbals will also develop its new products and broaden its global footprints dramatically in the organic wellness industry.
TABLE OF CONTENT
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope of the Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
Chapter 5. Market Factor Analysis
5.1 Porter’s Five Forces Analysis
5.1.1 Bargaining Power of Suppliers
5.1.2 Bargaining Power of Buyers
5.1.3 Threat of New Entrants
5.1.4 Threat of Substitutes
5.1.5 Intensity of Rivalry
5.2 Value Chain Analysis
Chapter 6. Global Ayurveda Market, by Source
6.1 Introduction
6.2 Vegetable
6.3 Animal
6.4 Mineral services
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