Ayurvedic Herbs Market - An Overview
The global ayurvedic herbs market is expected to witness moderate growth during the forecast period between 2021 and 2031.
Ayurvedic herbs are products which are consumed to achieve optimum balance of the body, spirit, and mind.
Medicines rich in ayurvedic herbs have been consumed by human beings for several years with the key objective to help lead a long, healthy life without excess consumption of drugs and lack of need for complex surgeries.
Apart from ayurvedic medicines, ayurvedic nutraceuticals have also witnessed high demand and contributed to the growth of the overall ayurvedic herbs market. Some of the diseases which have been cured using medicines rich in ayurvedic herbs include respiratory diseases, cancer, autoimmune diseases, cardiovascular diseases, and skin diseases.
With the availability of ayurvedic medicines in online distribution channels at discounted prices, the demand could witness a rise in future and, in turn, assist the growth of the ayurvedic herbs market, too.
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Ayurvedic Herbs Market - Trends and Opportunities
Rising consumer demand for natural and organic medicines is the key growth driver for the global ayurvedic herbs market.
Also, increasing awareness of the side-effects caused by consuming non-ayurvedic medicines could fuel the demand for ayurvedic herbs and help in the growth of the overall ayurvedic herbs market, in the coming years.
In addition to this, rising prevalence of various chronic diseases could propel the demand for products rich in ayurvedic herbs and bolster the global ayurvedic herbs market, too.
Government initiatives and measures, promoting the benefits of ayurvedic herbs could assist in the growth of the overall market in future.
Skincare product segment is expected to make the largest contribution to the overall market in future because of increasing consumer demand for skincare products to help patients heal from various skin diseases as well as other conditions such as depression, cough, and insomnia.
Ayurvedic Herbs Market - Competitive Landscape
The global ayurvedic herbs market is extremely competitive, with the presence of several leading players, many of whom are expected to account for a large share in the overall market, in the coming years.
Growth strategies such as novel product launches could help well-established ayurvedic herbs market players gain a competitive edge over others.
Zeon Lifesciences, in February 2022, announced the launch of a novel botanical products containing various ayurvedic herb ingredients which can be consumed to prevent the growth of malignant cancer cells in the human body.
Leading ayurvedic herbs market players could collaborate with smaller players in a bid to expand their market presence and increase their revenue shares.
R&D undertakings could be a key growth strategy for the well-established ayurvedic herbs market players, in the years ahead.
Some of the prominent players in the ayurvedic herbs market include Zeon Lifesciences, The Himalaya Drug Company, Dabur India Ltd., Charak Pharma, Lotus Herbals, and Patanjali Ayurved Limited.
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Ayurvedic Herbs Market - Regional Assessment
Asia Pacific is expected to be the dominant region in the global ayurvedic herbs market in future because of rich tradition of herbal medicine in countries such as India, contributing to market growth in the region.
Leading market players could establish production units and R&D centers in Asia Pacific countries in future because of ease of availability of key resources such as land and labor.
Europe is expected to offer lucrative growth opportunities for the global ayurvedic herbs market because of rising interest in ethno-botanical medicine scriptures in countries such as UK and Germany.
North America is anticipated to witness moderate growth in the overall ayurvedic herbs market in future because of lack of complete awareness about the product benefits in countries such as US and Canada.
Other regions of the world such as Latin America and Middle East and Africa are expected to witness sluggish growth in the overall market, in the years ahead.
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