The global Ayurvedic Herbs market is projected to reach a value of $21.6 billion by the year 2028, as stated in a new report. The market is expected to experience significant growth due to increasing health awareness among consumers and the impact of COVID-19 on the health products sector. Additionally, there is a growing demand for immune-boosting Ayurvedic medicines and supplements, which is expected to contribute to the overall revenue of the industry.
According to Allied Market Research, the Ayurvedic Herbs Market is set to witness a Compound Annual Growth Rate (CAGR) of 10.8% from 2021 to 2028. The market’s growth is driven by rising consumer health consciousness and a strong distribution network, leading to a potential incremental revenue opportunity of $12 billion from 2020 to 2028.
The report, titled Ayurvedic Herbs Market by Herb type, Form, Disease Indication, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021-2028, provides insights into the market’s growth trajectory.
The Ayurvedic herbs market size was valued at $9.5 billion in 2020 and is expected to reach $21.6 billion by 2028, with a CAGR of 10.8% during the forecast period. The market is anticipated to offer an incremental revenue opportunity of $12 billion from 2020 to 2028. The growth of the Ayurvedic herbs market can be attributed to the increasing consumer willingness to pay more for products that offer health benefits. This awareness is expected to drive the development of the Ayurvedic herbs products market. Furthermore, there are untapped opportunities for Ayurvedic herbs and their products in several western countries and developing regions, presenting lucrative opportunities for manufacturers.
The attention towards alternative medicine is also creating opportunities for natural ingredients in the Ayurvedic herbs market. Suppliers of natural ingredients, especially in developing countries where certain ingredients are not grown in Europe, have the potential to take advantage of this trend. For example, turmeric, which is indigenous to South Asia, is finding applications in supplements and medical products. This reliance on natural ingredients is expected to drive the market’s growth in the coming years.
The report further segments the market based on herb type, form, disease indication, distribution channel, and region. Withania Somnifera (Ashwagandha), Frankincense (Boswellia), Indian Gooseberry (Triphala), Bacopa Monnieri (Brahmi), Turmeric, Cumin, Bitter Melon, and others are the different herb types included in the analysis. The Withania Somnifera segment, with a value of $2.3 billion, is expected to grow at a CAGR of 10% from 2021 to 2028, reaching $5.0 billion by 2028. Capsules/tablets are the dominant form in the market, skin diseases are the major disease indication, and the business to consumer channel, including hypermarkets/supermarkets, holds the leading share in the distribution channel.
Asia-Pacific emerged as the prominent region in 2020, leading in terms of market share. This can be attributed to the region’s large consumer base and population, as well as the rich tradition of herbal medicine in countries like India, Sri Lanka, Pakistan, and Indonesia.
Key players in the Ayurvedic Herbs market, as outlined in the report, include 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.
In conclusion, the global Ayurvedic Herbs market is predicted to experience substantial growth, reaching $21.6 billion by 2028. Factors such as rising consumer health awareness and the impact of COVID-19 on the health products sector are expected to drive this growth. The market offers significant opportunities for manufacturers, particularly in regard to immune-boosting Ayurvedic medicines and supplements. With a CAGR of 10.8%, the market is poised for expansion, driven by increased consumer consciousness and a robust distribution network.
