CII-PwC report: 77% Indian households use ayurvedic products

Increased emphasis on lifestyle and wellness, driven by a rise in non-communicable and chronic diseases, is driving the demand for ayurveda in India, according to a report by Confederation of Indian Industry (CII) and Pricewaterhouse-Coopers (PwC). The report said 77% of Indian households used ayurvedic products in 2017, up from 69% in 2015. The global market for ayurveda is estimated to almost treble from $3.4-bn in 2015 to $9.7-bn by 2022.

The report calls for a paradigm shift in core ayurvedic industries using technology as an enabler, to meet the increasing demand. It emphasises the need for standardisation and quality control to launch ayurveda on a global scale.

Key role for Kerala

Kerala is well positioned to cater to this rising demand for ayurvedic products and services. The state is singularly advantaged in its ability to deliver ayurvedic products and services, in all segments of ayurveda, the report said.

Kerala, known as the cradle of ayurveda, has many advantages when it comes to ayurveda. The state’s core capabilities are strengthened by a range of products and services, advancements in research and education, increase in tourism and strong support from the government. Thanks to these advantages, Kerala is well on the way to becoming a hub for investment in ayurveda, and companies making and marketing ayurvedic medicines, the report added.

Kerala had 1,400 ayurveda-associated industries with a total turnover of $37-mn and export of $8.3-mn in 2016. It accounts for 10% of the Indian herbal industry of $578-mn.