Portland, OR, July 20, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global ayurvedic herbs market was accounted for $9.57 billion in 2020, and is expected to reach $21.60 billion by 2028, growing at a CAGR of 10.8% from 2021 to 2028.
Development in the retail industry, rise in health awareness among consumers, and impact of Covid-19 on the health product sector drive the growth of the global ayurvedic herbs market. However, dearth of R&D for high yielding varieties and strict regulations on ayurvedic products hinder the market growth. On the contrary, surge in demand for immune-boosting ayurvedic medicines and supplements is expected to open lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- The pandemic presented both opportunities and challenges for market players in the industry. Due to Covid-19 outbreak, people’s attitude toward health drastically changed and more and more people sought out for healthcare products. Moreover, people become more health conscious and careful about the ingredients in their diet than before.
- Since the outbreak, consumers demanded ways to boost their level of immunity. Thus, several companies increased their production of ayurvedic herbs.
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The global ayurvedic herbs market is segmented on the basis of herb type, form, diseases indication, distribution channel, and region.
Based on herb type, the withania somnifera (Ashwagandha) segment held the largest share in 2020, accounting for nearly one-fourth of the market. However, the bitter melon segment is expected to register the highest CAGR of 12.3% during the forecast period.
On the basis of distribution channel, the business to business segment is projected to manifest the highest CAGR of 11.6% from 2021 to 2028. However, the business to consumer segment held the lion’s share in 2020, contributing to nearly two-thirds of the market.
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The global ayurvedic herbs market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America is projected to register the highest CAGR of 11.5% during the forecast period. However, the market across Asia-Pacific held the largest share in 2020, accounting for nearly half of the market.
The global ayurvedic herbs market includes an in-depth analysis of the prime market players such as Dabur India Ltd., Colgate-Palmolive Company, Kairali Ayurvedic Group, Emami Limited, Patanjali Ayurved Limited, P&G, Shree Baidyanath Ayurveda Bhawan Pvt. Ltd, Shahnaz Ayurveda Pvt. Ltd, The Himalaya Drug Company, and Unilever.
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