PUBLISHER: Grand View Research | PRODUCT CODE: 1493189
PUBLISHER: Grand View Research | PRODUCT CODE: 1493189
The global Ayurveda market size is anticipated to reach USD 76.91 billion by 2030, registering a CAGR of 27.2% during the forecast period, according to a new report by Grand View Research, Inc. The market is expected to experience significant growth due to several factors, including the increasing prevalence of chronic diseases, greater awareness of the benefits of Ayurvedic products, and a growing acceptance of Ayurveda. The demand for Ayurvedic personal care products has increased due to the preference for herbal remedies and traditional healing practices. The customization based on individual doshas and the shift towards natural and Ayurvedic formulations has also contributed to the growth of this segment.
There has been a notable surge in R&D activities in the field of Ayurveda due to its increasing popularity. Numerous academic institutions are now investing in Ayurvedic research to uncover its potential benefits and therapeutic applications. For instance, in November 2023, the World Health Organization (WHO) signed an agreement with the Government of India & Ministry of AYUSH India to boost the development of traditional, complementary, and integrative medicine. This agreement aims to develop evidence-informed technical products to enhance the acceptability and credibility of traditional medicine systems.