Ayurvedic Service Market Size, Share, Growth, And Industry Analysis by Type (Health Care, Oral Care, Hair Care, Skin Care & Others) by Application (Women, Men, Kids) Regional Forecast To 2031

Updated On: 01 April 2024

Ayurvedic Service Market Report Overview

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The global ayurvedic service market size was USD 1.3057 billion in 2022 the market is expected to reach USD 3.197 billion in 2030, exhibiting a Compound annual growth rate (CAGR) of 11.8 % during the forecast period.

The sudden rise in CAGR was brought on by the market's expansion and the demand levelling down after the pandemic is over.

The name "Ayurveda" means "from the hearts of Indian sub-continents," and it refers to an ancient Indian medical system. It is an alternative medical technique that uses spices, natural herbs, and plant-based medications. In India, ayurveda is a part of traditional medicine, which is practiced by around 80% of the population. All across the world, these treatments are used to promote overall wellbeing. Ayurvedic medicine's main goal is to help people live long, healthy lives without the need for medications, intricate procedures, or other uncomfortable interferences. Since Sri Lanka, Nepal, and Myanmar are among the countries where traditional medicine is practiced, it is comparable to Chinese and European traditional medical systems. Ayurvedic components are widely used in cosmetics, health supplements, oral care products, personal care items, and medications.

Growing consumer awareness, increased demand for ayurvedic cosmetics products, and an increase in medical tourism throughout the world are some of the reasons propelling the ayurvedic service market growth. The market for organic skincare products is expected to grow even more now that they are taking a strong hold. Anti-wrinkle and anti-aging creams are also anticipated to fuel ayurvedic service market size in order to broaden the customer base. Additionally, it is projected that rising medical tourism would fuel the expansion of the global ayurvedic market. There are several restrictions and obstacles that will prevent the market from expanding. Stringent regulations, a lack of effective therapies, and a lack of competitiveness in the ayurveda market are some of the major roadblocks to the overall expansion of the global ayurvedic market. However, the ongoing advancements in technology, the use of ayurvedic medicine, and the unrealized potential of new markets present attractive growth prospects.

COVID-19 Impact: Pandemic Increased the Cost of Raw Materials & Products, Which Boosted the Market Size

The COVID-19 pandemic has benefited the ayurvedic industry worldwide. The use of Ayurveda as an alternate form of treatment was quite widespread. People considered it to be a preferred alternative to enhance immunity to prevent COVID-19 infection after the commencement of the disease. The misunderstandings about ayurveda, however, cause post-purchase shame in poor countries. The ayurveda market was stimulated during the pandemic by the increase in the supply of ayurvedic items on the market, along with dependent factors including brand impact, perceived protection against the coronavirus, and considered safe and effective nature. 

Latest Trends

"Emerging Nations Have a High Need for Natural Medicine"

In many impoverished nations, ayurvedic medications form a vital component of medical care. The majority of mild illnesses are treated with natural remedies and herbal medications. In underdeveloped nations, visits to skilled physicians or pharmacists who fill prescriptions are typically relatively limited and only made for serious illnesses. Unprocessed herbs, plants, or plant parts that have been dried and used whole or sliced are what make up ayurveda and herbal medicine in impoverished nations. The worldwide ayurveda market has a chance since herbs are made into teas (and occasionally tablets or capsules) for internal use and salves and poultices for external use. 

Ayurvedic Service Market SEGMENTATION

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• By type

Depending on ayurvedic service given are types: health care, oral care, hair care, skin care & others. The health care type will capture the maximum market share through 2030.

• By Application

The market is divided in Women, Men, Kids based on application. The global ayurvedic service market players in cover segment like women will dominate the market share during 2022-2030.

Driving Factors

"Different Tactics Used by Major Companies to Drive the Market's Expansion"

To stay competitive in the market, the major firms operating in the sector have a strong propensity to pursue a variety of growth methods, such as capacity expansion, partnerships, mergers and acquisitions, geographical expansion, product launches, and product developments. This is projected to have a favourable effect on ayurvedic service market growth. For instance, the premier classical ayurveda hospital network AyurVAID and Apollo Hospitals Enterprise announced formal plans to buy a 60% share in each other in October 2022. A combination of main and secondary financial injections totaling INR 26 crore would be used to fund the transaction. Additionally, Patanjali paid INR 4,350 crore in December 2019 to acquire the insolvent Ruchi Soya Industries (USD 610 million). A mid-cap company in India called Ruchi Soya is listed on the NSE and BSE.

"The Growing Popularity of Ayurvedic Goods Among Consumers is Fueling Market Expansion"

 Ayurvedic items are getting more and more well-liked among consumers seeking natural and all-encompassing solutions for their health and wellness. There are several advantages to utilising these goods, including the potential to treat a variety of ailments, the promotion of general health and wellness, and the availability of a secure and efficient substitute for conventional pharmaceuticals. Ayurvedic medicines may be used to treat a variety of illnesses, from the common cold and flu to long-term disorders like diabetes and arthritis. Additionally, it is said that using these items fosters general health and happiness by fostering harmony and balance inside the body. The various benefits that Ayurvedic products have over conventional medicines are the reason for their rising popularity. They offer a variety of health advantages and are secure and efficient. Future trends will undoubtedly see an increase in the demand for Ayurvedic products as more people seek out natural and holistic treatments for health issues which can result into boosting the ayurvedic service market growth.

Restraining Factors

"Strict Regulations Governing the Use of Ayurvedic Medications are Preventing the Industry from Expanding"

The current scientific evidence is still exceedingly weak in favour of ayurvedic medication and the ayurvedic test. Ayurvedic medications are subject to a number of limitations imposed by the European Union and the House of Lords. Due to a lack of sufficient research on the safety data of such goods, Europe has prohibited practically all ayurvedic products, which would restrict the global ayurveda market over the projection period. Additionally, issues including a lack of effective treatments, a lack of competitiveness in the ayurveda business, and stringent regulations might be obstacles to the overall expansion of the global ayurvedic service market growth.

Ayurvedic Service Market Regional Insights

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"Asia Pacific to Dominate the Worldwide Market Because it is where Ayurvedic Science Originated "

As more individuals in the Asia-Pacific area gravitate to more natural and holistic methods of health and wellbeing, ayurveda is growing in acceptance. The Asia-Pacific region is predicted to have the fastest growth in the ayurvedic service market share. China and India, two of the world's most populated nations, have some of the oldest and most established medical systems. Ayurveda is a medical system that has its roots in India and is being used there today. It is predicated on the idea that mental, physical, and spiritual balance determines one's level of health and wellness. The ayurvedic service market share is expanding in the Asia-Pacific area due to a variety of factors, including rising ayurvedic awareness, rising ayurvedic service affordability, and rising ayurvedic product and service availability. As more individuals become aware of the advantages of this age-old medical system, there is a rising demand for ayurvedic treatments throughout the Asia-Pacific area. Anxiety, stress, sleeplessness, and digestive issues are among the many illnesses that Ayurveda is said to be useful in addressing. The industry is expanding because to the rising affordability of ayurvedic therapies. The ayurvedic service market growth is anticipated to grow as wages rise and more individuals can afford to pay for health and wellbeing services. 

The market for ayurvedic services in North America is anticipated to expand at the second-highest CAGR between 2022 and 2028. The main drivers influencing the ayurvedic service market share in North America are the expanding demand for ayurvedic goods and services, the growing knowledge of ayurveda's advantages, and the rising disposable income. The availability of inexpensive ayurveda goods and services, together with the prevalence of numerous ayurvedic practitioners, are further factors contributing to the ayurvedic service market growth. The main challenges limiting market growth, however, are the lack of knowledge about ayurveda and the small number of ayurvedic hospitals and clinics.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies arayurvede also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Patanjali Ayurved Limited (India)
• Dabur (India)
• Emami Group (India)
• Himalaya Drug (India)
• Maharishi Ayurveda (India)
• Baidyanath (India)
• Shahnaz Husain Group (India)
• Vicco Laboratories (India)
• Amrutanjan Healthcare (India)
• Charak Pharma (India)
• Biotique (India)
• Herbal Hills (India)
• Basic Ayurveda (India)
• Natreon (U.S)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.