Organic medicines getting popular
The Indian ayurvedic products market is expected to grow at a CAGR of 14% during 2019-2024, said a report from ResearchAndMarkets on 9 Jan 2020.
A key factor driving the Indian ayurvedic products market is increasing popularity of natural and organic medicines and their benefits among the consumers, said the report “India Ayurvedic Products Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”.
Factors such as rising health concerns and awareness on the side-effects of western medicines is further driving the consumer preference for ayurvedic products in the country.
Moreover, catalysed by economic growth and rising incomes, per capita expenditures on healthcare products have increased significantly over the past few years, creating a positive impact on the ayurvedic products market, noted the report.
Furthermore, the distribution network of ayurvedic products have improved significantly, increasing the accessibility of these products across both urban and rural regions.
The Government is also promoting the usage of ayurvedic products through awareness programmes and subsidies.
Companies in the ayurvedic market are Dabur India Ltd, Patanjali Ayurved Limited, The Himalaya Drug Company, Vicco Laboratories, Charak Pharma Pvt Ltd, Hamdard Laboratories, Forest Essentials, Emami Ltd, Shree Baidyanath Ayurved Bhawan Pvt Ltd, Kerala Ayurveda Ltd and Amrutanjan Healthcare Limited among others.
Ayurveda is an ancient science and healthcare system that has been adopted by cultures globally. fiinews.com