Ayurvedic Industry in India: An Outlook
A word Ayurveda whose roots originates from ancient Sanskrit language( meaning life & knowledge or science) is a very strong word these days in the Indian FMCG and OTC market. The word originates from AYu ( age ) and is surely giving AYUU (age in English) to many companies in India who have started launching brands based on strong proposition of Ayurveda.
Ayurvedic products are now used in more than 75% of the households.
Indian government has planned to establish Ayush AIIMS in the country and is ready to invest in Ayurveda
Sri Sri ravishankar has etsbalished the Ayurvedic range of products on the similar footprints of Patanjali Ayurveda
In a county where western products are hailed to be one of a kind of status symbol has given a meteoric rise to a 10,000 crore company thanks to the core proposition of Ayurveda. This also is a testimony of the potential of Ayurveda in India.
HUL has started promoting AYUSH range of products very heavily – a business model which was shut down way back in 2001.
Sales of personal care products made of natural, herbal and ayurvedic ingredients are growing 1.7 times as fast as the overall market (Nielsen). Natural products now make up 41% of India’s personal care products market by sales and is valued at Rs18,500 crore. Quite surprising and astonishing. The reason why companies have started introducing “natural” variants of their existing brands in a bid to enter the fast growing segment.( Ex, Tres Semme, Clinic Plus, Fair and Lovely )
- People pay a premium on Ayurvedic products in US and other countries
- Neem Facewash are heavily advertised these days on Television.
- WHY we are seeing an Ayurvedic version of Fair and Lovely – Is consumer beauty trend shifting towards Ayurveda ?
- Colgate has started promoting Colgate Vedhakto on account of declining market share of Colgate losing it to DANT KANTI.
- Neem is getting highlighted in Mosquito Coils
These all are the undercurrents going on the Indian consumer market driven by consumer shift towards safe and alternative products.
Ayurveda can be seen as one of most visible faces of alternative medicines practiced throughout the world.
WHY AYURVEDA ?
The smallest answer could be :
- Its safe !! so why Not Ayurveda??
- After all it is all about natural products . So nature is not harmful to us. At least away from chemicals
- After trying all the chemical infused products, the Indian consumers are probably giving Aurvedic products a try which is pushing the industry to greater heights
In India, Ayurveda has regained its lost ground as companies have started promoting Ayurvedic brands heavily through mass media.
- There is an undercurrent in the Indian consumer market and a renewed tendency to turn back towards natural cure.
- Therefore, herbal therapies, natural medicines and yoga centres have made a huge comeback.
- The Indian government supports research and teaching in Ayurveda through many channels at both the national and state levels.
World Health Organization statistics demonstrate traditional medicine as being the primary system of health care
- With people choosing more ayurvedic products, the industry is booming at a good pace.
- The introduction of new products and services in the ayurveda sector has led to high demands which are in return generating huge revenues for the companies in the industry.
- The Indian Ayurvedic industry is expected to reach a CAGR of 16% during the year 2016-2021, according to a research done by Techsci Research.
- Ayurvedic nutraceuticals & dietary supplements as well as Ayurvedic cosmetics & skin care products is likely to boost the market over the next five years.
BY : KUMUD KANDPAL