Ayurveda Market Size Grow at CAGR of 15.06% to hit USD 23,810.04 million by 2030 | Reports By Market Research Future

Market Research Future Insights

Ayurveda Market is expected to reach USD 23,810.04 million by 2030 at CAGR 15.06% during the forecast 2022-2030.

Ayurveda, the old-style medical system of India, has delineated three groups of fundamental regulatory principles of the body, mind, and behavior. These three Ayurveda kinds are Vata, pitta, and Kapha. The market is driven by lesser side effects of the Ayurveda lifestyle, rising Ayurveda health benefits, augmented investments in research and developments, and the standardization of ayurvedic treatment and Ayurveda supplements. However, insufficient knowledge about Ayurveda therapy in western countries hampers the Ayurveda market growth. The COVID-19 epidemic has had a positive impact on the global market of Ayurveda. Ayurveda as a substitute medicine was extremely popular worldwide. After the onset of COVID-19, people looked at it as a preferred option to enhance immunity to prevent infection of COVID-19. However, in developing nations, the misconceptions related to Ayurveda lead to post-purchase embarrassment. The rush in the availability of Ayurveda products in the market, with dependent variables such as brand influence, supposed immunity against coronavirus, and perceived safe and effective nature, enhanced the Ayurveda market during the pandemic.

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Regional Analysis

The Asia-Pacific region held a projecting market share of Ayurveda in 2021 owing to the rich tradition of herbal medicines led by Indonesia, India, Sri Lanka, Myanmar, and others. The presence of established ayurvedic manufacturing units, robust governmental initiatives, and ongoing expected will fuel the market in the Asia-Pacific region.

North America happened the fastest-growing region in 2021 due to the increasing awareness among consumers about health. There is a shift in people’s attitude toward nature care products owing to a powerful green upsurge. This is due to the perceived pernicious consequences of substitute medicines on individuals’ health. This has aided the product in making an impact in the US market.

Market Segmentation

The global Ayurveda Market has been segmented into form, source, application, and end-user.

Based on form, the global Ayurveda market has been divided into herbal, Herbo mineral, and mineral. The herbal category holds a major share as herbal products are fast popular among patients and healthcare professionals. However, the Herbo mineral category is the fastest rising in the coming years as Herbo mineral formulations of Ayurveda contain specified metals or minerals as composition, which have helpful effects on biological systems.

Based on the source, the global Ayurveda market has been divided into vegetables and animals & minerals. The vegetable category held a prominent share owing to the adoption of vegan food by people in emerging countries such as India, Singapore, and Australia. Moreover, the animal & mineral category is the fastest-growing segment owing to the augmented utilization of animal-derived substances in Ayurveda medicines.

Based on application, the global Ayurveda market has been divided into medicinal and personal care. The personal care category had a prominent share due to increasing awareness of personal care products, and variations in consumption patterns and lifestyles drive the global ayurvedic market share during the forecast period. However, medicinal is the fastest-growing category during the forecast period due to the growing popularity of natural and organic medicines and their aids among consumers.

By end-user, the global Ayurveda market has been segmented into academia & research and hospitals & clinics. the academia & research category held a prominent market share as they constantly focus on detection, innovations, and research on new and effective Ayurveda products. Also, the hospitals & clinics sector is expected to grow significantly during the forecast period due to the enlarged utilization of Ayurveda medicines to treat various diseases.

Key Players

Some of the key market players are Dabur, Emami Group, Zandu Pharmaceutical Works Ltd, Baidyanath Group, Vicco Labs, Charak Pharma, Patanjali Ayurved Ltd, and Hamdard laboratories

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