There has been a surge in demand for Ayurvedic products after Covid-19 pandemic, as people have realised the importance of traditional immunity boosters.
According to experts, this demand for Ayurvedic products along with the growing discretionary spending can help Ayurveda to become $15 billion industry by 2023.
“We have not only increased our R&D spends but are also ensuring that innovations are targeted and quick to market. This shift in our innovation strategy is the reason why we have been able to roll-out 50-to-60 new products within months of the Covid outbreak,” Dabur’s Chief Executive Office Mohit Malhotra told
“Chyawanprash penetration, for instance, has doubled in the last one year but still remains at only around 8 per cent. Similarly, branded honey penetration in India is still at 23 per cent,” Malhotra added.
“We are also conducting clinical trials on Chyawanprash, in addition to prophylaxis studies on Ashwagandha and Giloy, specifically with respect to Covid-19. With these studies we generated data to back the efficacy and effectiveness of this Ayurvedic remedy on preventing Covid-19 and also its effect on recovery from Covid and reducing the severity of infection,” Malhotra claimed.
Double digit growth
Founder and Director of the Ayouthveda, Sanchit Sharma said, there has been a double digit growth in Ayurveda industry with a compound annual growth rate (CAGR) of 15 per cent which is expected to continue till 2026. According to Sharma, the Indian consumers are switching to safe personal care products from harsh chemical-based products. This demand along with the growing discretionary spending can definitely help Ayurveda to become $15 billion industry two years earlier i.e. by 2023.
“Ayouthveda has done well in FY 2020-21 owing to robust revenue contribution from all of its categories, we beat our estimates by over ₹2 crore with top line revenue of ₹12 crore against target objective of ₹10 crores. Our Quarter-on-Quarter (QoQ) growth has been 30 per cent with a 22 per cent return customer rate in the first year of our operations,” Sharma said
“Since the onset of Covid-19, the consumption pattern has changed. Upakarma Ayurveda is witnessing a 30 per cent month-on-month increase in sales of its immunity-boosting products.” Vishal Kaushik, Co-founder and Managing Director of Upkarma Ayurveda said.