Ayurvedic Products Market 2022 Growth to Witness Steady Development During 2020 to 2027
Ayurvedic Products Market
Market Overview:
Rising sale of Ayurvedic Products is driven majorly by its diverse and potential application across the personal care and healthcare industries. Ayurvedic products are highly consumed by in the form of health supplements to enhance the body’s immune system. Ayurvedic formulations are also used majorly in personal care products including skin care and hair care products to naturally improve the skin and hair related issues. Rising consumer’s awareness of the wide application of the herbal and natural product is influencing the sale of Ayurvedic products positively. In addition, increasing beauty-consciousness among the female population in developed regions have led to increased demand for Ayurvedic Products globally. Furthermore, increasing disposable income backed up by developing economic conditions has also influenced the positive growth of this market. The production of Ayurvedic Products is high in the Asia Pacific as India is the origin or Ayurvedic medicines and is projected to increase at a positive growth rate in various countries of North America and Europe over the forecast period.
Market Forecast:
The Global Ayurvedic Products Market share is expected to grow at a higher growth rate supported by the rising awareness about the benefits of Ayurvedic health supplements and personal care products among the population. Increasing demand for healthy and herbal cosmetics among various countries has also increased the share for Ayurvedic Products in the global market. Developing economic conditions of various regions is fueling up the market demand for Ayurvedic Products on the global level.
All of these factors contribute to the calculated CAGR of 4.2% of Ayurvedic Products Market during 2017-2023.
Downstream Analysis:
The demand for Ayurvedic Products in personal care products is growing at a significant rate, whereas, Ayurvedic Products for healthcare and medicinal purposes holds a share of a lion in the market. Organic Ayurvedic Products is anticipated to grow at the highest rate during the forecast period owing to escalating demand for chemical-free medicinal products. In addition, the demand for vegan Ayurvedic products is estimated to have a high growth based on increasing animal welfare concerns among the consumers.
Additionally, the sale of Ayurvedic Products through supermarkets/hypermarkets accounts for a significant share among the various other distribution channels.
Competitive Analysis:
The major key players in the Ayurvedic Products market are
Dabur India Ltd. (India)
The Himalaya Drug Company (India)
Natreon Inc (U.S.)
Patanjali Ayurved Limited (India)
Basic Ayurveda (India)
Herbal Hills (India)
Planet Ayurveda (India)
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Ayurvedic Products manufacturers across various regions are following the strategy of new product launch to expand their business as well as to meet the consumers demand. Owing to this, the key players are investing highly in R & D sector to improve their existing products line and to launch unique products. This is one of the major factors that propel the demand for Ayurvedic Products on a global level. In Asia Pacific, India is amongst the dominating countries holding a major share in Ayurvedic Products Market and exports the product to various other countries, which include the U.S., the U.K., Germany, China, and others.
Regional Analysis:
The Global Ayurvedic Products Market is segmented into North America, Europe, Asia Pacific, and the rest of the world (ROW). The Asia Pacific holds a major market share followed by North America. High demand for Ayurvedic products owing to increasing disposable income from the developed countries of these regions is contributing to the positive growth of the Ayurvedic Products Market. The U.S., China, France, Germany and Canada are the major importers of Ayurvedic Products. Economic growth and developed trading channels are driving the growth of Ayurvedic Products Market in these countries.
Market Segmentation:
Global Ayurvedic Products market is segmented by product-type, specialty attribute, distribution channel, and region.
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