Ayurvedic Market 2024-2030 Forecast: Harnessing Ancient Wisdom for Holistic Wellness Trends
Ayurvedic Market Surges to US$ 28.21 Billion by 2029, Driven by Growing Consumer Awareness and Medical Tourism
The Ayurvedic Market, valued at US$ 10.21 billion in 2022, is projected to witness a substantial upswing with a compound annual growth rate (CAGR) of 15.63% from 2023 to 2029, reaching nearly US$ 28.21 billion by the end of the forecast period.
Riding on the wave of increasing awareness regarding the adverse effects of allopathic treatments, the Ayurvedic market is experiencing significant growth. The ease of availability and heightened awareness of the benefits of Ayurvedic products contribute to this upward trajectory. Additionally, the expansion of medical tourism is playing a pivotal role in propelling market growth. A comprehensive analysis of global Ayurveda industry trends and factors is included in the research report.
The market dynamics are shaped by factors such as a rising demand for natural and organic products, a surge in consumer knowledge and preference for Ayurvedic cosmetics, and the escalating trend of medical tourism worldwide. The popularity of organic skincare, coupled with the anticipated expansion of anti-wrinkle and anti-aging creams, is poised to broaden the market's reach.
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Despite these positive drivers, the market faces challenges such as the lack of optimal treatments, a cautious approach in the Ayurvedic business, and stringent regulations. However, the report highlights promising growth prospects stemming from technological advancements, breakthroughs in Ayurvedic treatment, and untapped potential in new markets.
The Ayurvedic market is segmented by mode of sales, product, application, and distribution channel. The personal care products segment, particularly driven by increased awareness and changing consumption patterns, is spearheading global market growth. Supermarkets are expected to dominate the distribution channel segment during the forecast period.
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Asia Pacific, notably India, is anticipated to be the dominant market for Ayurvedic medicines, with a significant contribution to global market expansion. The region is recognized as the birthplace and innovator of Ayurvedic medicines markets. South and East Asia are expected to witness substantial growth due to increased offerings by global players.
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