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2021
Ayurvedic Herbs Market

Ayurvedic Herbs Market by Herb Type, Withania Somnifera (Ashwagandha), Frankincense (Boswellia), Indian Gooseberry (Triphala), Bacopa Monnieri (Brahmi), Turmeric, Cumin, Bitter Melon, Others), Form (Raw, Capsules/Tablets, and Extracts), Disease Indication (Cardiovascular Diseases, Inflammatory Diseases, Diabetes, Infectious Diseases, Auto-Immune Diseases, Skin Diseases, and Others), and Distribution Channel (Business to Business, and Business to Consumer): Global Opportunity Analysis and Industry Forecast, 2021–2028

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Pages: 346
Jul 2021 | 2229 Views
Author(s) : Raju Kale , Roshan Deshmukh
Tables: 172
Charts: 77
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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The global Ayurvedic herbs market size was valued at $9.5 billion in 2020 and is anticipated to reach $21.6 billion by 2028, with a CAGR of 10.8% during the forecast period. Ayurvedic herbs are elements of the Ayurveda, also called as traditional practice of medicine. Ayurvedic herbs are an important component of the traditional Indian system of medicine. They’re thought to protect the body from disease and offer a variety of health benefits, including improved digestion and mental health, diabetes, infectious diseases, and cardiovascular diseases, among others. 

Ayurveda is a system of medicine that has its origination roots in the Indian subcontinent. It uses natural healing practices to cure clinical conditions such as sinusitis, cough, depression, and insomnia. Ayurveda therapies have been integrated in general wellness and in some cases in medical use worldwide. In addition, Ayurvedic ingredients are extensively used in personal care products and health supplements along with drugs. 

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Factors driving consumer preference for Ayurvedic herbs products are rising awareness regarding their benefits, increasing cognizance about ill-effects of allopathy, easy availability, and growing disposable income. Lack of R&D for high yielding varieties, irregular supply of raw material, and safety regulations are major challenges faced by the market players. Increase in knowledge about natural ingredients in health and personal care products in developed countries, namely the U.S., Canada, Australia, Singapore, and Japan, offers Ayurvedic herbs market growth opportunity for manufacturers.

COVID-19 pandemic creates both opportunities and challenges for exporters of natural ingredients for health products. Consumer behavior and attitudes are changing because of COVID-19 and this is expected to continue in the coming years as consumers continue seeking products that help prevent disease. Since the outbreak of COVID-19, consumers have been paying more attention to their health and diets as they try to strengthen their immunity. As a result, consumers are turning to vitamins and supplements, a trend that is expected to continue.

Consumer demand for health products, particularly supplements that boost immunity has been increasing since the first few months of 2020. This is seen as a long-term trend. Thus, as an exporter of herbal ingredients for health products are taking advantage of this development. The global COVID-19 pandemic is driving this trend as consumers are seeking to boost their levels of immunity. A number of herbal ingredients for health products contain beneficial health properties that can help improve and strengthen immune system function. For instance, baobab’s high vitamin C content helps the body fight infections.

The players in the industry are continuously working to introduce new launches with the herbal ingredients in order to increase the customer base. All these factors can create lucrative opportunities in the Ayurvedic herbs market.

Globally, Ayurveda-based products saw surge in demand in the wake of the Covid-19 pandemic even as scientists’ are referring to Ayurvedic products. In terms of time almost a year has passed to find the vaccine to curb the increased curve of the unprecedented COVID-19 pandemic. The situation has been acclaimed globally that strengthening the immune system will work wonders in combating the pandemic.

Allopathic companies are trying to find out an all-time well tested mantra to stay safe and healthy.

Ashwagandha, Brahmi, Cumin, Turmeric, Licorice root, Gotu kola, Bitter melon, and Pepper, are entering households like never before. Indians are continuing to put a united front against the novel coronavirus; people are returning to herbal ways to boost their immune systems. Ayurveda and natural segment products are increasingly being preferred by consumers across the globe and especially in India. One of the prime reasons for this is that Ayurveda and any other medicine, which is not allopath are considered ‘safe’ by a large number of people.

The Ayurvedic herbs market is segmented on the basis of herb type, form, disease indication, distribution channel and region. By herb type, it is categorized into Withania Somnifera (Ashwagandha), Frankincense (Boswellia), Indian Gooseberry (Triphala), Bacopa Monnieri (Brahmi), turmeric, cumin, bitter melon, and others. By form, it is categorized into raw, capsule/tablets and extracts. By disease indication, it is divided into cardiovascular diseases, inflammatory diseases, diabetes, infectious diseases, auto-immune diseases, skin diseases, and others. Based on distribution channel, the market is segmented into business to business and business to consumer. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.     

Ayurvedic Herbs Market
By Herb Type

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The Bitter melon segment would witness the fastest growth, registering a CAGR of 12.3% during the forecast period.

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According to the Ayurvedic herbs market analysis on the basis of herb type, the Withania somnifera (Ashwagandha) segment accounted for the maximum Ayurvedic herbs market share in the 2020. This is attributed to evolving lifestyle and changing trends in the food & beverage industry, which boosts the demand for herbal and healthy food ingredients. Furthermore, several brands have introduced their range of ashwagandha. Consumers have become conscious about the ingredients they consume with the knowledge and awareness about the benefits of products. 

Ayurvedic Herbs Market
By Form

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Raw Segment witnssed a major growth rate of 11.4%

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Based on form, the capsules/tablets segments is expected to gain a major demand from the consumer during the forecast period. This is due to the rise in consumer demand for healthy and clean-label herbal products. The known health benefits of Ayurvedic herbs capsules/tablets include support to manage heart disease, cancer, diabetes and many diseases and improve immunity.

Ayurvedic Herbs Market
By Disease Indication

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Skin Diseases held the major share of 23.4% in 2020

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Based on disease indication, skin diseases segment held the major share in the market and is likely to remain dominant throughout the Ayurvedic herbs market forecast period. Skin disorders can be caused by allergies, allergens, genetic composition, specific diseases, and immune system issues. Furthermore, any sickness or ailment that affects the human skin is referred to as a skin disease. Skin abnormalities are often indicative of metabolic, neoplastic, and glandular illnesses.

Ayurvedic Herbs Market
By Distribution Channel

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B2B witnessed a major annual grwoth rate of 11.6%

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By distribution channel, business to consumer segment are gaining popularity due to the availability of broad range of consumer goods under a single roof, in addition to ample parking space and convenient operation timings. Business to consumer involves the sale of manufacturers’ product and services to retailers, which are further sold to consumers. Moreover, increase in government expenditure on retail channels along with pricing concession in medicines is augmenting the growth of the Ayurvedic herbs industry.

Ayurvedic Herbs Market
By Region

2028
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific held the major share of 48.8% in 2020

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Region wise, Asia-Pacific held the major share of 48.8% in the Ayurvedic herbs market in 2020, owing to positive economic trends, rise in import, and increase in consumption of Ayurvedic herbs products. The Asia-Pacific is the fastest region in the Ayurvedic herbs market and is expected to remain dominant during the forecast period owing to increase in healthcare expenditure, rise in awareness about early diagnosis, and availability of effective herbal treatment in emerging countries, such as China and India. Asia-Pacific has leading innovation in the Ayurvedic treatments by developing and providing transformational treatments that extend and enhance lives.

The key players profiled in this report include are Colgate-Palmolive Company, Dabur India Ltd., Emami Limited, Kairali Ayurvedic Group, P&G, Patanjali Ayurved Limited, Shahnaz Ayurveda Pvt. Ltd, Shree Baidyanath Ayurveda Bhawan Pvt. Ltd, The Himalaya Drug Company, and Unilever.

Key Benefits For Stakeholders

  • The report provides a quantitative analysis of the current Ayurvedic herbs market trends, estimations, and dynamics of the market size from 2020 to 2028 to identify the prevailing opportunities.     
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
  • In-depth analysis and the market size and segmentation assist to determine the prevailing Ayurvedic herbs market opportunities.   
  • Drivers and restraints are analyzed depending on type in the Ayurvedic herbs industry. 

Key Market Segments 

By Herb type

  • Withania Somnifera (Ashwagandha)
  • Frankincense (Boswellia)
  • Indian Gooseberry (Triphala)
  • Bacopa Monnieri (Brahmi)
  • Turmeric
  • Cumin
  • Bitter Melon
  • Others

By Form

  • Raw
  • Capsules/Tablets
  • Extracts 

By Disease Indication 

  • Cardiovascular Diseases
  • Inflammatory Diseases
  • Diabetes
  • Infectious Diseases
  • Auto-Immune Diseases
  • Skin Diseases
  • Others

By Distribution Channel

  • Business to Business 
  • Business to Consumer 
    • Hypermarket/Supermarket
    • Specialty Stores
    • Pharmacies & Drug stores
    • Online sales channel
    • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India 
    • Australia & New Zealand
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Brazil
    • South Africa
    • Saudi Arabia
    • Turkey
    • Rest of LAMEA
 

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According to CXOs, rise in health awareness and customer inclination toward healthy, and increasing cognizance about ill-effects of allopathy boost the market. Globally, the demand for Ayurvedic herbs products is on a continuous rise, which has led to the emergence of Ayurvedic centers in the U.S. and Europe. Within the AsiaPacific region, India has attained global prominence for its wide Ayurvedic herbs product range, thereby becoming a preferred destination for medical tourism. It holds a negligible share in the overall Ayurvedic products market, as quality standards are not maintained according to international specifications. However, the Government of India is taking initiatives to increase this share, for instance, it has setup Ministry of AYUSH to ensure the optimal development and propagation of Ayurveda. China also has history of this ancient science, and is a major market for Ayurvedic herbs products. Manufacturers are focused toward providing innovative product offerings, in terms of packaging and form of the products to gain a higher share in the Ayurvedic herbs market.

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FREQUENTLY ASKED QUESTIONS?

A. The Ayurvedic herbs market size is $12.01 Billion incremental from 2021 to 2028.

A. The CAGR of Ayurvedic Herbs Market is 10.8%.

A. Kindly raise an inquiry on the portal and our salesperson will get in touch with you with available purchase options.

A. The top companies in the industry are Colgate-Palmolive Company, Dabur India Ltd., Emami Limited, Kairali Ayurvedic Group, P&G, Patanjali Ayurved Limited, Shahnaz Ayurveda Pvt. Ltd, Shree Baidyanath Ayurveda Bhawan Pvt. Ltd, The Himalaya Drug Company, and Unilever.

A. The segment studied in the market are herb type, form, disease indication, and distribution channel.

A. The base year calculated in the report is 2020.

A. Rising health awareness among consumer, and Impacts of COVID-19 on the health products sector are the current trends in the market.

A. Asia-Pacific region held the major market share of the Global Ayurvedic Herbs Market.

A. Lack of R&D for high yielding varieties and strict regulation on Ayurvedic products are the effecting factors of the market.

A. The COVID-19 pandemic impact the Ayurvedic Herbs Market in 2021 is positive.

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