Demand of Ayurveda products increased during & post COVID-19 pandemic. Consumption of ayurvedic medicines and products has increased during the COVID-19 pandemic significantly.The Ayurveda market in India expected to reach INR 710.87 billion by 2024.
The onset of the COVID-19 pandemic has brought in so many changes in the lives of the people almost setting a new normal of living. Of many changes brought in due to the pandemic, the rise in the demand for Ayurveda products is one of them, which is prevalent everywhere. The rising demand for Ayurveda products seems to help the Indian Ayurveda market achieve its growth target before the expected forecast period (2019-2024).
During pre-COVID, the ayurvedic market typically witnessed 15-20% growth annually. In the last quarter, many companies, large and small, have witnessed anywhere between 50-90% growth. The adoption of Ayurveda as holistic, natural healthcare will have a positive impact on the market. Since last March, the demand for honey has gone up by 45%, Chyawanprash by 85% and turmeric by 40% in ayurvedic stores. The interest in these products has mostly been fuelled by the recommendations from the Ministry of AYUSH to fight the coronavirus.
Rising demand of different Ayurveda products
“Of course, we see the rising demand of different Ayurveda products ranging from Ayurvedic Rasayanas to various immunity-boosting products of Ayurveda. Our honourable PM also stated that despite our nation being very populous, the COVID-19 situation is under control because every household is consuming immunity boosters like turmeric milk, the ashwagandha herb, kaadha etc. And in the last few quarters, we have also seen a remarkable rise in the sales of various Ayurvedic products like Maharishi Amrit Kalash and Ayur Defence. The sale of Maharishi Amrit Kalash has increased by over 26% from the year 2020,” says Mr Anand Shrivastava, Chairman – Maharishi Ayurveda.
Market Research Company, Nielsen’s report in the month of July reveals that Chyawanprash sales have increased by 283% in June, while the sales of branded honey increased by 39%. Chyawanprash and herbal teas which are supposed to improve immunity had increased 17-18% month on-month. In North India, the sales of these products have been very high during the month of January and February. The sales of ‘Guduchi’ have also gone up three times. The northern states such as Delhi, Madhya Pradesh, Punjab, Haryana, Uttar Pradesh and Gujarat are driving the demand.
The spread of the COVID-19 pandemic has led to a sharper growth in consumer interest, awareness and demand for Ayurvedic therapies and medicines. People are now more inclined to prophylactic health remedies, especially immunity-boosting products. Elaborating on the increased demand of the Ayurveda products during and post COVID, Dr Saurabh Sharma, Hospital Superintendent – Maharishi Ayurveda Hospital said, “Indeed, the unprecedented COVID-19 pandemic has opened the eyes of the world about the importance of good health and strong and resilient immune systems. While effective and curative medicines are indispensable in fighting such aggressive viruses, our best defence lies within our bodies, which is now proven with strong evidence. Perhaps, this is the reason why from big fast-moving consumer goods firms to young start-ups, everyone is lining up for Ayurveda-based nutrition and wellness products, riding on a spike in demand for traditional brews and blends in a world suffering its worst health crisis. We also see that after the outbreak of COVID-19, the demand for various Ayurvedic products has increased dramatically.”
The Ayurveda market in India expected to reach INR 710.87 billion
The Ayurveda market in India was valued at INR 300 billion in 2018, and is expected to reach INR 710.87 billion by 2024, expanding at a compound annual growth rate (CAGR) of 16.06%. The rising sales registered by Indian Medicines Pharmaceuticals Corporation Limited (IMPCL), a government enterprise and manufacturer of Ayurveda and Unani medicines reveals that the consumption of ayurvedic medicines and products has increased during the COVID-19 pandemic significantly. The IMPCL registered sales of ₹69.60 crore up to August 2020 as compared to last year’s ₹26.73 crore.
