India's Ayurveda market set to reach Rs 1.2 Lakh crore by FY28
The product and service sectors are estimated to grow at a CAGR of 16 pc and 12.4 pc
Nirog Street founders
Photo Source: The National
New Delhi: India's Ayurveda product market is expected to reach Rs 1.2 lakh crore by FY28, according to a study. The market has seen growth due to increased demand for natural and herbal remedies, more ayurvedic medical practitioners, government initiatives, and new entrepreneurs, says Ayurveda tech startup NirogStreet.
A survey by NirogStreet projects the Ayurveda market in India to grow to Rs 1,20,660 crore ($16.27 billion) by FY28, with a Compound Annual Growth Rate (CAGR) of 15 per cent from FY23 to FY28.
The product and service sectors are estimated to grow at a CAGR of 16 per cent and 12.4 per cent, respectively.
The survey also estimates the value of India's Ayurvedic manufacturing at Rs 89,750 crore ($11 billion) in FY22, including exports of around Rs 40,900 crore ($5 billion) and imports of Rs 8,600 crore ($1 billion).
Around 7,500 manufacturers from 10 states participated in the survey.
At a recent CII AYUSH Conclave, Vaidya Rajesh Kotecha, Secretary of the Ministry of AYUSH, emphasized the need to position AYUSH products in global markets and foster innovation.
The secretary noted that the AYUSH sector has grown to $24 billion in 10 years, indicating significant potential for India's Ayurveda market to contribute to the country's economy.