Vice President M Venkaiah Naidu on Tuesday inaugurated the 4th edition of CII Global Ayurveda Summit being held online.
Speaking on the occasion, he said ayurveda has an uninterrupted history of providing primary and tertiary healthcare services to a vast spectrum of Indian population. However, it the Ayurveda has to tide over the challenges of western medicine and reach out to all countries. He also expressed the need for the ancient and traditional healthcare system to connect back with technology and target new market segments by using non-traditional technology-based means for outreach and distribution.
The Minister of External Affairs & Parliamentary Affairs V Muraleedharan mentioned that the increasing demand for ayurvedic products is not only expected to position India as a source of inputs for ayurvedic system of medicine but also help AYUSH become a key pillar of the vision of Atmanirbhar Bharat.
CK Ranganathan, Deputy Chairman, CII Southern Region said that export of ayurvedic products is worth more than $780 million a year and on an average it is expected to grow by 20 per cent until 2022. Overall the adoption of ayurvedic products by the Indian populace has also increased substantially.
According to Thomas John Muthoot, Chairman, CII Kerala State Council, the global Ayurveda market is accounted for $3.42 billion in 2015 and is expected to reach $9.79 billion by 2022 and to become $14 billion by 2026 thereby growing at a CAGR of 16.2 per cent. In Kerala, the sales revenue of the ayurveda sector is currently estimated at ₹1,500 crore. In addition, 30 per cent of tourism revenue can also be attributed to this traditional treatment form.
PM Varier Convenor, CII Ayurveda Panel said that 75 per cent of the $4 billion Indian ayurveda market is accounted for by products and only a quarter of the market size is contributed by services. India’s ayurvedic market accounts for 79 per cent of domestic brands with a contribution of 21 per cent from the MNCs.
The objective of the summit is to showcase ayurveda and herbal medicine and promote the theme “Ayurveda for Immunity”.