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Published on: Oct. 27, 2020, 8:49 a.m.
Ayurveda has scope for big growth
  • Herbal medication holds big potential

By Sekhar Seshan. Consulting Editor, Business India

Despite its uninterrupted history of providing primary and tertiary healthcare services, Ayurveda needs to overcome the challenges of Western medicine, feels M. Venkaiah Naidu, Vice-President, India. “Ayurveda needs to connect with technology and target new market segments by using non-traditional means for outreach and distribution,” Naidu remarked, while inaugurating the fourth edition of CII’s Global Ayurveda Summit held virtually recently.

Organised in partnership with the Ayush ministry and with the support of the Ayurveda Medical Association of India (AMAI), Ayurvedic Medicine Manufacturers Organisation in India (AMMOI), Ayurveda Hospital Management Association (AHMA) and Ayurvedic Drugs Manufacturers Association (ADMA), had participants from more than 25 countries. Three overseas associations – the US National Ayurvedic Medical Association, Association of Swiss Ayurveda Doctors and Therapists and Association for Ayurvedic Medicine in the Netherlands – also supported the summit. 

C.K. Ranganathan, deputy chairman, CII (Southern Region) and CMD, CavinKare, Chennai, said Ayurvedic products worth more than $780 million are exported every year. This is expected to grow by 20 per cent annually until 2022. Thomas John Muthoot, chairman, CII’s Kerala State Council, and CMD, Muthoot Fincorp Ltd, said the global Ayurveda market is expected to be nearly $10 billion by 2022 and is growing at a compounded annual growth rate (CAGR) of 16.2 per cent. Kerala, which is the home of Ayurveda, has a Rs1,500-crore market. About 30 per cent of the state’s tourism revenue can also be attributed to Ayurveda, taking its total revenue contribution to some Rs10,000 crore, Muthoot added.

Organised with the stated objective of showcasing Ayurveda and herbal medicine and promote the theme ‘Ayurveda for Immunity’, the summit is being conducted as a web event for 30 days from 15 September-14 October, with seminars and an exhibition, in which global industry leaders, clinical specialists and pioneers from other related disciplines are participating.  

While the Summit projected Ayurveda to become a $14 billion business by 2026, Ayurvedic products account for less than 1 per cent of India’s FMCG market, according to a recent survey by Kantar Worldpanel, an international company dealing in consumer knowledge and insights. This is despite the presence of home-grown specialist manufacturers like Dabur and Patanjali and the extension of others like edible oil manufacturer Marico and global giants including Hindustan Unilever into Ayurveda. Traditional Indian medicine obviously has a long way to go.

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