Business India ×
  Magazine:
Business Note

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.

Don't miss this

Cover Feature

Fight against Covid-19: No time for complacency

A fresh surge of Covid-19 cases indicates that a second wave of the pandemic is imminent

Special Report

Has Covid broken the back of the economy?

Has the hard lockdown without required planning caught the economy in a vicious cycle?

Focus

Big business gets a second chance in banking

Can companies be 'fit and proper' to own banks again? The RBI thinks so

Corporate Report

STT GDC set to expand footprint

The company emerges as a dominant player in the Indian data center services market

Our letter to you, once a week.
Register with The CSR Weekly for free!

E-MAGAZINE
No time for complacency
Beyond the tipping point
IPL Big business
FROM THIS ISSUE

Automobiles

Editorial

Column

Corporate Houses

Government

Obituary

Social Responsibility

Women Empowerment

Tata Starbucks ties up with Educate Girls to empower women

Published on Dec. 2, 2020, 3:10 p.m.

The partnership aims to provide volunteering and educational support to those who have relocated to urban cities from villages

Environment

Indian Oil has a social initiative for a clean and green world

Published on Nov. 25, 2020, 2:53 a.m.

The public sector company is planting a tree for every retail customer visit during its TreeCheers campaign period

Education

MG Motor India launches Dakshata for students

Published on Nov. 17, 2020, 8:25 a.m.

The car company extends global tech expertise to students through the launch of ‘Dakshata’ in partnership with ASDC and Autobot India

Education

Shree Malani Group cushions the lives of the underprivileged

Published on Nov. 5, 2020, 10:44 a.m.

The Hyderabad-based foam and mattress maker gives laptops to under-graduate and post-graduate students

Climate Change

Energy

Smart Joules and energy saving solutions

Published on Nov. 17, 2020, 10:17 a.m.

The company's full-stack solution guarantees 15 per cent energy savings and zero upfront costs to the customer

Green Buildings

The GreenPro Ecolabel Standard for steel rebars will help a green built environment

Published on Nov. 5, 2020, 9:33 a.m.

Eight companies have already achieved CII’s Green Building Congress 2020 new standard

Land Use

Building resilience for an urbanising India

Published on Oct. 30, 2020, 10:25 a.m.

Climate change with its range of impact on regions and geographies needs the participation of communities

Green Buildings

How green is your storage? Ask CII-IGBC

Published on Oct. 30, 2020, 10:09 a.m.

The industry body’s new initiative will help logistics systems in India to save energy and water as well as improving health

Stay ahead of the times.
Register with The Climate Change Weekly for free!