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KOCHI: According to the study of the Confederation of Indian Industry (CII), the ayurveda sector in the country will attain a gross market size of $ 4.4 billion, or around Rs 30,000 crore by the end of 2018. To promote the bullish outlook, the Indian ayurveda industry is expected to record a compounded annual growth rate of a vigorous 16 % until 2025.
The study centered on the market size of the Indian ayurveda industry, its strengths and the way ahead. It is said as much as 75 % of the $ 4 billion. Indian ayurveda market is accounted for by-products and only a quarter of the market size is given by services. The $ 4 billion domestic market consists of ethical, conventional, over-the-counter, personal care and beauty products. It also includes services like medical, health or medical tourism services.
A key discovery of the study is that India’s elderly population and the increase of a young population, who are health conscious, will drive the development of the ayurveda sector in the country.
The size of the Indian ayurveda industry at Rs 30,000 crore per annum balances well with the overall market size of the Indian wellness industry which is put at Rs 85,000 crore. What is important is that the Ayurveda sector is hovering to grow at high double-digit levels in the near future and that it continues to be the most significant player in the global ayurveda market.
Two challenges to the sector indicated by the CII study are a shortage of manpower and shortage of quality raw materials. The industry is confronting a shortage of skilled professionals including doctors, paramedical staff, therapists and nurses and there appears to be a lack of consistency in skill and knowledge among the existing manpower. On the raw materials front, there are wide differences in the quality of raw materials as well as a scarcity of various medicinal plants and herbs as they are becoming endangered or there is lower production due to factors such as unfavorable weather conditions.
The result of the study has come as Kochi is on the edge to host the global ayurveda summit from November 21 to 23. The summit will discuss strategies for mainstreaming ayurveda and discover opportunities in the sector for entrepreneurs as well as start-ups.