Ayurvedic market in India set to reach Rs 1.82 lakh-cr mark by 2028: Naman Dhamija

With the growing awareness on benefits and efficacy of ayurvedic solutions for treatment and prevention of various health ailments, the market for various products is also witnessing an overwhelming demand. The global wellness industry has already surpassed $4.5 trillion in value as the ayurveda sector plays a dominant role in offering alternative healing practices.

The market size of ayurvedic products in India has seen huge growth of Rs 626 billion in 2022, and it is projected to reach Rs 1,824 billion by 2028, exhibiting a remarkable CAGR of 19.3 per cent between 2023-2028, as reported by IMARC, says Naman Dhamija, Founder and Marketing Director of Dharishah Ayurveda. In an exclusive interview to Bizz Buzz, he predicted that with advancement in the field, the market is all set to grow manifold with the offering of solutions to a variety of health issues

Who are the Dharishah Ayurveda's founders and where is the company based?

Dharishah Ayurveda has a rich and storied history that spans several generations. It all began with the establishment of the first pharmacy by Hakim Dhari Shah in Mian Wali, Punjab (now in Pakistan), in 1889. Shah ji gained recognition and esteem in the field of ayurvedic medicine, laying the foundation for the family's legacy in the world of ayurveda. During the partition, father of Rajinder Dhamija, a member of the Dhamija family, relocated to India and saw the potential to expand the family's ayurvedic tradition and started a pharmacy. In 1996, Rajinder Dhamija founded Dharishah Ayurveda in Ambala, Haryana setting the stage for the brand's growth and development. While I am an integral part of the Dhamija family I am actively involved in the company's operations. With a collective vision and a commitment to serving humanity through ayurveda, the founders and subsequent generations of the Dhamija family have worked tirelessly to establish Dharishah Ayurveda as a renowned brand. Our deep-rooted knowledge and expertise in ayurveda, coupled with the company's unwavering focus on quality and innovation, have propelled Dharishah Ayurveda to become a trusted name in the field of natural and herbal wellness solutions.

What is the company's revenue to date, and how much do you anticipate for FY23?

As of now, the company has reached a revenue of Rs 5 crore in the last financial year and we have already projected to have 100 per cent more sales in the first quarter of the new financial year. We are working hard to reach more potential customers and market our product across the country. Looking at the trends, people are seen to gradually move towards the ayurvedic medicines so we can say that the ayurveda market is projected to generate substantial revenue in FY23, with estimates pointing towards significant growth.

If you go through data released by the Global Wellness Institute, the global wellness industry has surpassed $4.5 trillion in value, with ayurveda playing a significant role in alternative healing practices. Also, in India, the ayurvedic products market size has seen huge growth of Rs 626 billion in 2022, and it is projected to reach Rs 1,824 billion by 2028, exhibiting a remarkable CAGR of 19.3 per cent between 2023-2028, as reported by IMARC.

With such increasing global interest in holistic wellness and natural remedies, the market's revenue is expected to reach impressive figures. And it is obvious that if the whole market will grow, Dharishah will also rise.

What are your most popular products as you have been providing ayurvedic solutions for decades?

Dharishah Ayurveda has been providing ayurvedic solutions for several decades, and we take pride in our range of popular products that have garnered trust and recognition among our customers. Here are some of our most sought-after offerings - Testovridhi: Our Testovridhi formula is specifically designed to support male vitality and overall well-being. Combining traditional ayurvedic herbs, this product promotes stamina, energy, and hormonal balance. It is aimed at maintaining men's vigor and vitality, contributing to a healthy and active lifestyle.

Oligo: Oligo is a highly regarded product known for addressing underlying issues related to sperm count and motility. Our carefully formulated blend of over 15 ayurvedic herbs targets the root causes and works to increase sperm count while enhancing its quality. Oligo supports reproductive health and assists individuals on their journey to parenthood.

Prostpro: Prostpro offers effective relief for enlarged prostate and urinary difficulties. This specially formulated Ayurveda marvel eases prostate enlargement and removes urinary discomfort. Prostpro’s natural ingredients provide immediate relief and improve bladder function by taking care of prostate health. These products represent our commitment to developing authentic and beneficial ayurvedic solutions to address various health concerns. We strive to continuously innovate and provide high-quality products that promote well-being and support individuals on their path to holistic health.

How has the ayurvedic medicine market been changing in recent years?

In recent years, the ayurvedic medicine market has witnessed significant changes and advancements. There has been a significant increase in the global acceptance and demand for ayurvedic products as people seek natural and holistic alternatives to traditional medicine. One of the major changes has been the integration of ayurveda into mainstream health care systems, with ayurvedic treatments being recognised and incorporated into modern medical practices.

Furthermore, the market has witnessed an increase in research and development activities focused on ayurvedic medicine, which has resulted in the creation of innovative products and standardised manufacturing processes. This has improved the quality, safety and efficacy of ayurvedic treatments, thereby increasing consumer confidence and trust.

Consumers now have a wider range of options and can easily research, compare, and purchase ayurvedic products online. Overall, the changing dynamics of the ayurvedic medicine market reflect a growing interest in traditional and natural healing approaches, leading to increased awareness, availability, and acceptance of ayurvedic remedies worldwide.

Is it challenging for ayurveda brands to maintain credibility in a market cluttered with small brands?

Definitely, yes. It can be really challenging for ayurveda brands to maintain credibility in a market flooded with smaller brands. The presence of many smaller brands often leads to variation in quality, consistency and adherence to traditional ayurvedic principles. Maintaining credibility in the ayurveda market is crucial but by employing several measures like we at Dharishah do, we can overcome the challenges.

I believe credibility comes from goodwill in the market and that comes from how genuine your product is. Dharishah Ayurveda's GMP (Good Manufacturing Practices) certification assures customers that their products are manufactured under strict quality control measures. This certification ensures adherence to the highest standards of manufacturing, packaging, labelling, and quality assurance takes pride in creating their products from scratch, using genuine ayurvedic formulations and traditional techniques.

This commitment to authenticity ensures that customers receive products with genuine ayurvedic ingredients and therapeutic properties. Further, we are registered with Ayush (the Ministry of Ayurveda, Yoga & Naturopathy, Unani, Siddha, and Homoeopathy) further enhances our credibility. These measures help instill trust in the brand and its products among consumers in the ayurvedic medicine market.

Which are the most sought after Dharishah products and the reason behind its success?

Dharishah Ayurveda offers highly sought-after products that have gained immense popularity, they include - Rumaaram: Our potent ayurvedic medicine provides relief from musculoskeletal disorders and joint ailments. With natural ingredients like Ashwagandha, Guggulu, and Nirgundi, it reduces inflammation, alleviates pain, and improves joint mobility.

Maltina DS Syrup: This acclaimed product supports women's wellness and addresses menstrual concerns. Its medicinal herbs promote hormonal balance and reproductive health naturally. Testovridhi: A top choice for male vitality, Testovridhi enhances energy, stamina, and hormonal balance, fostering overall well-being and vigor in men.

Our success stems from the understanding of natural solutions and the effectiveness of ayurveda. With a focus on quality and traditional principles, we provide holistic health benefits for those seeking natural and reliable remedies. We want everyone to experience the power of ayurveda with Dharishah Ayurveda.

How is new age technology helping in the growth of the ayurveda industry?

New age technology is playing a vital role in the growth of the ayurveda industry. This has enabled wider access and dissemination of ayurvedic knowledge through online platforms, mobile applications and virtual consultations. Technology-driven platforms provide information, guidance and personalised recommendations, making Ayurvedic practices more convenient and accessible to a larger audience. Furthermore, advances in manufacturing processes and quality control with the aid of technology have improved the standardisation and safety of ayurvedic products. The integration of technology in research and development has also facilitated the discovery and validation of ayurvedic principles, thereby strengthening the credibility of the industry and promoting its growth.

Please let us know about your expansion plans and what new product range are you planning to launch?

Our expansion plans involve establishing warehouses nationwide and expanding our business peripherals internationally. We aim to create an omnichannel presence to reach a wider audience. Additionally, we will focus on monitoring and regulating traditional herbal medication, blending it with modern treatments to solidify our position in the market.

Talking about the new product range to launch, we are planning to come with single-ingredient based ayurvedic products. Harnessing the power of ancient wisdom, these meticulously crafted offerings are designed to provide holistic wellness using the purest natural ingredients.

As a young entrepreneur what is your message for upcoming entrepreneurs?

To all the budding entrepreneurs, my message is to embrace the journey with passion and resilience. Believe in your vision and be willing to take risks. Learn from failures and setbacks, as they are stepping stones to success. Surround yourself with a supportive network and seek guidance from mentors. Stay adaptable and open to new opportunities and ideas. Continuously educate yourself, be innovative, and leverage technology to stay ahead. Remember that success takes time, so be patient and persistent. Trust yourself, work hard, and never underestimate the power of perseverance.