Ayurveda mkt poised to reach Rs 1.2 trn by FY28 driven by growing awareness, global acceptance

With growing awareness the demand for ayurvedic products is witnessing a steady rise all over the world. According to Shrawan Daga, CEO of Jodhpur-based Krishna's Herbal & Ayurveda, today around 80 per cent of the people in India use ayurveda in their day-to-day lives.

He said studies reveal that the ayurveda market is projected to reach Rs 1.2 trillion by FY28 from Rs 57,450 crore. The significance of the ayurveda industry is multifaceted.

He told Bizz Buzz in an exclusive interview that culturally, ayurveda is an integral part of the Indian lifestyle, influencing daily health practices and preventive healthcare. Additionally, globally, the increasing market size and growth rate signify Ayurveda's rising acceptance and integration into international mainstream healthcare and wellness systems, promoting traditional knowledge and practices

How do you find the growth potential of ayurvedic products?

As per recent data, the market size is estimated to grow by $7.19 billion at a compound annual growth rate (CAGR) of 16.01 per cent between 2023 and 2028.

What are the threats genuine entrepreneurs are facing with several sub-standard products being circulated by some unscrupulous businessmen?

Today thousands of companies produce ayurvedic products in India, however, the majority of them are small, including numerous neighborhood pharmacies that compound ingredients to make their own remedies. However one of the primary challenges that genuine entrepreneurs face is the loss of consumer trust; when customers encounter ineffective or harmful products, their confidence in ayurveda as a whole can erode, impacting the reputation of authentic brands. After the pandemic, people’s consciousness towards health has increased more than ever, people now want to be completely aware of the ingredients and other information about the products they are consuming. Moreover, the presence of sub-standard products often leads to increased regulatory scrutiny and stricter compliance requirements raising operational costs and complexities, particularly for small and medium-sized enterprises.

Is there any regulatory body in India to check quality and efficacy?

Yes, the key regulatory body is the Ministry of AYUSH (Ayurveda, Yoga & Naturopathy, Unani, Siddha, and Homoeopathy), which was established on November 9, 2014, to develop education, research, and propagation of Indigenous alternative medicine systems in India. Apart from this, CCIM (Central Council of Indian Medicine) is a statutory body under the Ministry of AYUSH that regulates the education and practice standards of Indian medicine systems, including ayurveda. Through these regulatory bodies and frameworks, India aims to ensure that ayurvedic products meet high standards of quality and efficacy, thereby protecting consumer health and maintaining the integrity of traditional medicine practices.

What inspired you to enter the ayurveda industry, and how do you see the role of traditional practices in modern healthcare?

Our journey into the ayurveda industry was deeply inspired by the alarming rise in lifestyle disorders. Modern living has brought drastic changes in our day-to-day lives, leading to numerous health issues like diabetes, hypertension, obesity and many more. We recognized that there was an urgent need for holistic and sustainable healthcare solutions to combat these problems.

Founded in 2007, Krishna’s Herbal & Ayurveda was born from a vision to bring ayurveda into every household, ensuring that everyone has access to its benefits. Our mission is to integrate ayurveda seamlessly into daily life, promoting a healthier and illness-free society. By doing so, we aim to bridge the gap between traditional practices and modern healthcare, demonstrating that ayurveda is not just relevant but essential in our pursuit of comprehensive wellness.

Could you elaborate on the significance of ayurveda in the context of healthcare, especially in light of the Covid-19 pandemic?

We have always championed the principles of ayurveda, it was one of the first medical systems to emphasize the importance of prevention over cure. During the pandemic, when conventional medicine faced unprecedented challenges, many people turned to ayurvedic remedies for support. Notably, giloy was widely used for its antiviral properties, and turmeric (haldi) was recognised for its potent antibiotic effects. These natural substances provided much-needed relief and support when all English drugs lost hope. Additionally, the government’s keen interest in promoting the AYUSH sector shows the growing recognition of traditional medicines's value.

At Krishna’s Herbal & Ayurveda, we are committed to integrating these time-tested practices into mainstream healthcare, ensuring that they play a vital role in the collective effort to enhance public health.

Can you explain some of the key principles of ayurveda that guide the formulation and production of your products?

The formulation and production of our products are deeply rooted in the ancient principles of ayurveda. We adhere strictly to classical formulations, which are time-honored recipes passed down through generations and carefully documented in ancient ayurvedic texts known as shastras. All of our products are created following the Shostroth Prakriya, ensuring we use the exact procedures and methods prescribed in these texts. Apart from this, we prioritise the use of fresh herbs in our formulations, capturing the full spectrum of their natural benefits. Unlike many modern supplements that rely on extract or synthetic ingredients, we use whole herbs to keep our products as close to their natural state as possible, enhancing their effectiveness and safety. In line with our dedication to purity, we do not use any synthetic ingredients, aligning with the ayurvedic philosophy of utilizing natural, holistic components to promote health and well-being

As someone who ventured outside the family's traditional business of iron and steel processing, how did you navigate the transition into the ayurveda industry?

Transitioning from the family’s traditional business of iron and steel processing into the ayurveda industry was a journey driven by a deep-seated desire to venture beyond the metal industry and make a meaningful impact in the healthcare sector. The mid-2000s was also the time when the ayurveda industry was changing, numerous people like Baba Ramdev reintroduced traditional yoga practices and brought back ayurveda into the limelight, increasing its exposure and popularity recognizing the booming healthcare sector and the pressing need for holistic and preventive health solutions, I felt compelled to explore this new and challenging field. The growing demand for natural and effective healthcare alternatives made it clear that ayurveda was the need of the hour. My inquisitiveness and drive to innovate led to the founding of Krishna’s Herbal & ayurveda in 2007.

What sets Krishna’s Herbal and Ayurveda products apart from others in the market? How do you ensure the quality and efficacy of your Ayurvedic formulations?

Our strong commitment towards quality, purity, and authenticity is what makes our products apiary from others in the market. We adhere to the highest standards of quality control, ensuring that each product meets rigorous specifications. Our state-of-the-art in-house microbiology and quality control (QC) laboratories are equipped with advanced technology to perform thorough testing at every stage of production. This makes sure that our products are free from contaminants and meet our stringent quality criteria.

Furthermore, we use only pure herbs in our formulations, not extracts. This ensures that our products retain the full spectrum of natural compounds found in the herbs, providing holistic benefits as intended by nature. Lastly, our careful approach to quality and our dedication to maintaining the authenticity of ayurveda ensure that our customers receive products that are not only safe and effective but also true to the timeless wisdom of ayurvedic tradition.

How do you stay updated with the latest developments and research in the field of ayurveda, and how does this influence your product offerings?

Staying updated with the latest developments and research in the field of ayurveda should be one of the top priorities. On this note, recently the government launched the ‘SMART’ (Scope for Mainstreaming Ayurveda Research in Teaching Professionals) program which aimed to boost scientific research in priority healthcare research. And in order to stay updated we hold regular meetings with doctors and Ayurvedic practitioners. These interactions allow us to understand current health needs and trends, ensuring that our products meet the evolving demands of our customers. Additionally, we continuously engage in rigorous research and development (R& D) to innovate and improve our product offerings. Also being the president of the Rajasthan Ayurvedic Manufacturer Association has helped me be in close contact with the advancements of both the government and the private sector. Further, helping us to stay at the forefront of regulatory changes, are new research findings, and emerging market demands.

What do you believe sets Krishna’s Herbal and Ayurveda apart from other brands in the market, in terms of product quality, innovation, and customer satisfaction?

When it comes to product quality, innovation, and customer satisfaction, we have our own inhouse manufacturing facility, which allows us to maintain complete control over the production process and ensure the highest standards of quality. There is no compromise on our quality control (QC) norms; every product undergoes rigorous testing to meet our stringent specifications. Our formulations are rooted in classical ayurvedic traditions and developed with the expertise of a dedicated team of doctors. This ensures that our products are not only authentic but also effective, delivering the therapeutic benefits that our customers expect. We also work closely with agricultural scientists to educate farmers who produce our raw materials, ensuring that the herbs and plants we use are cultivated and harvested using the best practices.

What were some of the major challenges you faced in the initial stages of your business, and how did you overcome them?

In our initial stage we faced major challenges, the foremost being a general lack of awareness about ayurveda. Starting the brand from scratch with just one product and a modest investment of Rs 3,000 was daunting. The fast-changing market dynamics also posed significant hurdles, requiring us to constantly adapt and innovate. Despite these challenges, our willingness to overcome obstacles and our perseverance played crucial roles in our success. We embarked on a mission to educate people about the benefits of ayurveda making use of every opportunity to raise awareness. Through persistent efforts and a strong commitment to our vision, we transformed Krishna’s Herbal & Ayurveda from a small startup into a respected name in the industry. This journey, though challenging, has been immensely rewarding, affirming our belief in the power of perseverance and dedication.

As an advocate for ayurveda, what initiatives do you undertake to educate and raise awareness about its benefits among consumers?

Over the years, the health ministry has signed 13 MoUs for setting up AYUSH Academic Chairs under which ayurvedic experts are deputed in reputed Universities or institutes. While many people are interested in ayurveda, they often lack detailed knowledge about it, therefore, educating and raising awareness about ayurveda plays a crucial role in bridging this gap.

We often organise health camps where people can receive personalized ayurvedic health advice and also get firsthand experience of our products. Additionally, we conduct Q&A sessions with health experts. These sessions allow consumers to ask questions and get credible, expert-backed answers about ayurvedic practices and how they can benefit from them. We also collaborate with influencers who share our passion for holistic health and wellness. Lastly, through influencer content, we reach a wider audience and demonstrate the effectiveness of our products in everyday life.