Future of ayurveda industry looks promising, with potential for tech-driven growth: Royal Bee founder

Royal Bee Natural Products has a rich and intriguing exciting origin story that goes back to its rich and intriguing exciting origin story that goes back to Chandmal Pansari, a renowned ayurvedic practitioner from Rajasthan. In the 1950s, he started trading herbs and honey, establishing contacts with influential players in Rajasthan & the honey sector. When the present director Anjenay Aggrawal's DP Agarwal joined the business, he further expanded the peripherals of the company & its operations by setting up a facility in Ghaziabad, Uttar Pradesh, to process honey and spices. As of today, the company is a well-known Indian ayurvedic brand headquartered in Ghaziabad, offering a wide range of health and wellness products, such as medicines and herbal supplements. The firm expanded to over 2,500 outlets in around 150 cities across Rajasthan, Haryana, Bihar, Tamil Nadu, Odisha, and Delhi, through a network of 250 distributors. Anjenay Aggrawal, Founder and Director of Royal Bee Natural Products Pvt Ltd in an exclusive interview to Bizz Buzz, says, “The future of the ayurveda industry looks promising, with the potential for technology-driven growth”

What are the potential technological developments in the Ayurveda industry?

The ayurveda industry is seeing significant technological advancements, especially in the digital space. The Indian Ministry of AYUSH (MoA) has taken several steps to digitise the industry for its development, education, and research. The MoA has identified and categorized 19 key digital initiatives under four categories: Health information system, research database/library, academic, and information education and communication (IEC). The initiatives include A-HMIS, NAMASTE, e-Aushadhi, e-Charak, Triskandha Kosha, SiddAR APP, TKDL, DHARA, e-CLASS, RMIS, e-Granth Samuccaya, AYUSH Sanjivani app, Ayurveda e-learning, Ayurvedic Inheritance of India, Siddha–NIS app, Yoga locator, and Naturopathy-NIN app. These digital initiatives can potentially reform the traditional systems of medicine, improve the education and quality of research, and make AYUSH healthcare services more accessible to the masses.

In your opinion, how is the Indian economy being boosted by the ayurvedic industry?

Knowledge and awareness of alternative medicine have existed in India and other countries for many years. It is just that its importance and benefits were confined to giving the allopathy medication the boost which the Britishers strategically planned.

During the pandemic, the true potential of ayurveda and alternative drugs was rediscovered worldwide, with people becoming more inclined towards its immunity-boosting and lack of side effects. India is one of the top exporters of alternative medicines worldwide, with the United States and European nations like Germany and France being major export destinations.

Hence, our positioning as a worldwide leader and an expected remarkable 50 per cent increase over the next five years resonates with an impressive contribution to the Indian economy.

What is the future for ayurvedic and organic products in India?

The incidence of diseases is higher in the 21st century owing to pollution, stress and poor lifestyles. Medical councils and boards emphasise preventive healthcare through traditional medicines and herbs. More conscious and aware people are vouching for conventional medication initially morphed as an alternative drug.

India’s AYUSH and alternative medicine sector is expected to grow, with a projected CAGR of 8.6 per cent from 2022 to 2027. This growth is driven by several factors, including increased awareness of the benefits of alternative medicine, rising demand for natural and organic products, and the government efforts to promote and support the sector. The growth of alternative drug brands in the post-pandemic era has positively impacted the AYUSH and alternative medicine sector, increasing demand and growth opportunities.

What inspired you to name your company Royal Bee Natural Products?

When we initially thought about naming our brand of ayurvedic products we wanted to bring the same connection with our consumers. Bees came to our mind which contributes to all elements of nature as pollinators. They encourage the development of trees, flowers, herbs, and other plants. Additionally, contribute to the preservation of sophisticated and linked ecosystems that allow many different species to coexist. With this connection of honey and ayurveda, we entitled it Royal Bee Natural Products. Royal Bee have been an elixir of life for people. The natural elements in the products help in the cure of diseases without having any adverse effects on the body.

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

Our brand, Royal Bee Natural Pvt Ltd, offers a wide range of herbal and ayurvedic products, including honey, herbal juices, syrups, capsules, tea, immunity boosters, Vati, Churna, and sanitizer products. Our products are sold across 150 SKUs and are immensely popular among customers due to their superior quality and ability to treat various ailments. In addition, the company's honey-based wellness brand has received the JAGRAN Achievers Award 2022, indicating the company's commitment to producing natural health products of the highest quality.

What is the company’s revenue during FY23?

The company had a revenue of Rs 4 crore in FY22 and increased it to Rs 16 crore accounting for a growth rate of 14 per cent.

What are your future growth plans for the brand? Are there any new products in the pipeline?

We are envisioned to expand our reach globally, with plans to enter markets in Africa, Asia, South-East Asia, Europe, and the US in the next two years. In addition, we are looking to open our stores shortly, allowing us to offer our products at better prices to consumers while receiving direct feedback to help us serve them better.

We are also planning to go public next year. It will allow us to raise the necessary capital to continue our growth trajectory and invest in R&D to bring new and innovative products to market. Speaking of new products, we are constantly expanding our portfolio, and customers can look forward to more high-quality and natural products that cater to different health concerns.

Please address some of the primary challenges that the company has faced to date.

Royal Bee Natural Pvt Ltd faced several challenges to date. One of the primary challenges faced by the company is being bootstrapped, which has resulted in slow growth compared to other companies in the industry. However, the company has shown a consistent YoY growth rate of around 20 per cent, indicating steady progress towards its goals.

Another significant challenge that we faced was the outbreak of Covid-19. Unfortunately, due to the pandemic, we could not deliver products to places outside Delhi, which impacted the revenue. However, the company responded to the crisis by delivering honey and other immune system boosters at affordable prices to people's doorsteps in Delhi, demonstrating the team's commitment to its customers' health and well-being. It also kept the company afloat in challenging waters. As a result, the company has established a solid foundation for future growth and success by taking a humanitarian approach during the pandemic and delivering high-quality, natural health products.

Please describe some of Royal Bee Naturals’s main accomplishments?

Royal Bee Naturals Pvt Ltd has achieved several significant accomplishments. One of the most notable achievements is receiving the JAGRAN Achievers Award in 2022 as the most sought-after honey-based wellness brand, a testament to the company's commitment to its clients and producing high-quality natural health products.

In addition, Royal Bee Naturals has expanded its product portfolio significantly, making it well-known for its quality and availability on popular e-commerce platforms such as Amazon, Flipkart, Meesho, and 1mg. The company's portfolio has expanded to 150 SKUs since starting with honey. We managed to maintain steady growth of around 20 per cent YoY, despite being a bootstrapped company. During the Covid-19 outbreak, the company faced challenges in delivering products outside of Delhi, but its compassion for helping and serving the community has entrusted the brand with trust and goodwill.

What factors set Royal Bee Naturals apart from other ayurvedic brands in the market?

Royal Bee Naturals differentiates itself from other ayurvedic brands in various ways. Firstly, we prioritize using natural and organic ingredients certified through rigorous testing. This commitment ensures that customers receive safe and high-quality products. Secondly, the company emphasises research and development to continually innovate and improve its products to cater to customers' evolving needs. The diverse range of products that the brand offers include digestion aids, hair care, immunity boosters, joint care, liver care, and vitality, among others.

Furthermore, even my extensive knowledge of ayurveda, invigorates me to strive to maintain the traditional values of ayurveda while leveraging modern technology to create effective and safe products. Royal Bee Naturals's emphasis on natural ingredients, R&D, and traditional ayurveda values underpins the company's success and distinguishes it from other brands in the market.

Do you believe the growth of alternative drug brands in the post-pandemic era is affecting the sector?

I absolutely believe that the growth of alternative drug brands in the post-pandemic era is positively affecting the sector. Ayurveda and other alternative medicine brands are gaining more popularity and trust among people, especially during the pandemic when no concrete treatments were available, and professionals were trying their hands at the best options available; that was the eureka moment for the industry, where the traction for AYUSH saw a meteoric rise. With the constant change in treatment protocol, people turned towards the alternative drug, which gave the sector a massive boost resulting in significant growth. During this period, the demand for honey, chyawanprash, and turmeric in ayurvedic stores increased by 45 per cent, 85 per cent, and 40 per cent, respectively, as per a survey.

Any suggestions for small brands in the sector?

Ayurveda is a treasure, and we should dig as much as we can and share it with the rest of the world. First and initial stages it is crucial to focus on developing high-quality products that are both effective and safe. As the global recognition of ayurveda has grown, there is way too much room for new brands to enter the market. On the other hand, rising companies must consider a few elements in order to establish themselves in the market, such as focusing on sustainability, because young generations are more inspired by items that are eco-friendly and provide meaningful solutions. Furthermore, responding to technological changes is a component that allows businesses to advance in the sector.