Personal Care and Beauty Category to Lead India Ayurvedic Products Market until 2024
Rising
awareness about healthy lifestyle & wellness coupled with increasing
concerns about side effects of chemical medications to drive India ayurvedic
products market
According
to a recently released TechSci Research report, “India Ayurvedic
Products Market By Category, By Distribution
Channel, By Region, Competition, Forecast & Opportunities, 2024”, ayurvedic products market in India is
projected to grow at a CAGR of more than 10% during 2019 – 2024 on account of growing
awareness for healthy lifestyle & wellness, rising concerns about side
effects of chemical & allopathic medications, and the increasing popularity
of various spiritual leaders. Increasing consumer shift towards opting
for products based on natural ingredients due to increasing health
consciousness, especially among the young adult population, is significantly contributing
to the growth of ayurvedic products market in India.
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Ayurvedic Products Market"
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The distribution channel of ayurvedic products market is
categorized into traditional stores, supermarkets/hypermarkets, online, and
other channels. Traditional stores accounted for the majority share of India ayurvedic
products market in 2018, followed by Supermarkets/Hypermarkets. However, during
the forecast period, the share of traditional stores segment is expected to decline
on account of rising product availability on e-commerce websites and captive
portals, as well as in supermarkets/ hypermarkets across the country.
In terms of region, the India
ayurvedic products market is categorized into North, West, East and South. The
market for ayurvedic products in South India was the largest in 2018 on account
of ability to deliver many ayurvedic products and services due to the presence
of ayurvedic wellness centers in the region, and the followers of age old ayurvedic
traditions such as ashtavaidya tradition in various states such as Kerala. Major
players operating in India ayurvedic products market include Patanjali Ayurveda
Ltd, Dabur Limited, and Emami Ltd., The Himalaya Drug Company, Shree Baidyanath
Ayurveda Bhawan Ltd. In 2018, Patanjali held the major market share in the
country’s ayurvedic products market, and the company is expected to continue
its dominance through 2024.
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“India ayurvedic products market is expected to grow at a
steady pace due to the rising awareness regarding a healthy lifestyle, chemical
free products, huge brands endorsements from spiritual leaders, and the growing
popularity and acceptance of ayurvedic products. Adults as well as the young
adults are the primary buyers of ayurvedic products, and they are also the
target consumer segments for the major ayurvedic product players operating in India.”,
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“India
Ayurvedic Products Market By Category, By Distribution Channel, By Region, Competition
Forecast & Opportunities, 2024” has evaluated the future growth
potential of India ayurvedic products market and provides statistics and
information on market structure, consumer behaviour and trends. The report is
intended to provide cutting-edge market intelligence and help decision makers
take sound investment evaluation. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges and opportunities
available in India ayurvedic products market.
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