India’s Ayurveda product market is expected to grow from its current value of USD 7 billion (INR 57,450 crore) to USD 16.27 billion (INR 1.2 lakh crore) by FY28, according to a study by NirogStreet. This significant growth is driven by the increasing demand for natural and herbal remedies both domestically and internationally, a rise in the number of ayurvedic medical practitioners, government initiatives, and the emergence of new entrepreneurs in the Ayurveda tech sector.
According to a survey cited by NirogStreet, the Ayurveda product market in India is anticipated to experience substantial growth. Projections suggest that the market value will reach INR 1,20,660 crore (USD 16.27 billion) by FY28.
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The Ayurveda products and services market is expected to grow at a compound annual growth rate (CAGR) of 15% from FY23 to FY28, according to the NirogStreet survey. Specifically, the product sector is projected to expand at a CAGR of 16%, while the service sector is anticipated to grow at a CAGR of 12.4%.
The survey further assessed the value of the nation’s Ayurvedic manufacturing to be INR 89,750 crore (USD 11 billion) in FY22. This amount encompasses export values of approximately INR 40,900 crore (USD 5 billion), while imports are estimated at INR 8,600 crore (USD 1 billion).
The NirogStreet survey involved approximately 7,500 manufacturers from 10 states: Uttar Pradesh, Bihar, Madhya Pradesh, Delhi, Haryana, Rajasthan, Punjab, Maharashtra, Jammu and Kashmir, and Kerala.
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At a recent CII AYUSH Conclave, Padmashri Vaidya Rajesh Kotecha, Secretary of the Ministry of AYUSH, emphasized the importance of promoting AYUSH products in international markets and fostering greater innovation within the ecosystem.
The secretary mentioned that the AYUSH sector has seen a significant growth, reaching USD 24 billion within a span of 10 years.
NirogStreet stated that this rapid growth trajectory underscores the vast potential of the Ayurveda product market in India to emerge as a major contributor to the country’s economy.
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