Ayurveda is well-known throughout the world for its preventive healthcare properties and treatment of a variety of chronic lifestyle disorders. The Indian ayurveda industry is dominated by a few large players, with micro, small, and medium enterprises (MSMEs) accounting for 80 percent of the market. Ayurveda is experiencing a renaissance in India because people have accepted it as a way of life rather than an alternative area of medicine.
Ayurveda, the Indian Science of Medicine
Post-COVID-19, the awareness about increasing immunity against diseases in the most natural way has taken priority. In India, it has been further pushed by the government. The government has set up the Ministry of AYUSH (Ayurveda, Yoga, Unani, Siddha, and Homoeopathy) in November 2014 to promote the country's indigenous alternative medicines including education and research.
Because of its healing and immunity-boosting properties, Ayurveda is permeating every aspect of our lives. FMCG companies play an important role in promoting Ayurvedic products such as herb-infused energy drinks, ayurvedic shakes, herbal powders and juices, and immunity boosters. A variety of ayurvedic products, including herbs, juices, powders, health tonics, and green teas, have been added to the portfolio of herbal healthcare manufacturers.
Growth of the Industry
According to the India Ayurvedic Products Market Report published by IMARC Group, the India ayurvedic products market will be worth INR 515.5 billion in 2021. Looking ahead, IMARC Group forecasts the market to reach Rs 1,536.9 billion by 2027, with a CAGR of 19.78 percent from 2022 to 2027.
Furthermore, according to a report by 'Research and Markets,' 45 percent of Indians born between 1982 and 2000 aspire to live a healthy lifestyle, use fitness apps on their phones, and are willing to pay a premium for good health. Millennials' preference for a healthy lifestyle is expected to fuel sales in the Indian ayurveda market. Aside from the fatigue caused by the lockdown, the straining work-from-home models and constant fear of infection have increased demand for ayurvedic products and wellness packages from domestic and international consumers.
Ayurveda is now a part of Active Nutrition
Do not be surprised if Ayurvedic herbs replace chemically formulated solutions for active nutrition. One such example is Ashwagandha and its various formulations with other herbs in the form of metabolic boosters. It also boosts performance and improves an individual’s ability to cope with stress. Therefore, Ayurveda acts as a preventive and curative medicine in sports nutrition. This is a growing category, globally. Many large-scale manufacturers are harping on this category to maximize its potential.
It would be worth knowing that Ayurveda does not directly talk about sports nutrition. However, if we conduct a systematic study, Ayurveda has the potential to revolutionize and contribute significantly. The human body is formed and shaped by seven dhatus (body tissues). In sports medicine, the main dhatus are Mansa (muscles), Asthi (bones), and Snayu (ligaments), Kandra (tendons), which deal with sports injuries. According to the Ayurvedic medical system, the function of asthi (Bones) is to shape and structure our bodies. Ligaments, muscles, and tendons are all attached to asthi.
India could develop into a hub for health and wellness, luring investments and adding jobs in the process. The government has set a goal of increasing healthcare spending from 1.3 percent to 3 percent of GDP by 2022. With ongoing government and industry support for a healthy ayurveda-based approach, the Indian wellness & ayurveda market is on its way to touching the lives of millions of people on a domestic and global scale.