Ayush Aggarwal. Founder & Director, Rasayanam Ayurveda in an interaction with Express Healthcare talks about Ayurveda wellness industry in India
What are the latest trends observed in the Ayurveda wellness category?
Ayurveda in India is an age-old concept. However, the pandemic significantly boosted its growth due to the increased preference for immunity boosting and health protection offerings. Consequently, people have rapidly started accepting and using Ayurvedic products.
Quoting Research and Markets report, the Indian Ayurveda market is expected to grow at a CAGR of ~16.06% by the end of 2024. The segment was valued at INR 300 billion in 2018 and is projected to hit the INR 710.87 billion mark. This statistic is indicative of the fact that the Indian Ayurveda market will boom in the times to come.
The surge in the market’s growth will primarily be driven by the rising consumer preference for products such as herbal teas, grains, breakfast cereals, etc. made from natural ingredients and coming from organic sources. Consumers across age groups are recognising and accepting the power as well as the benefits of Ayurveda. The millennial customers specifically are well aware and conscious about the choices they make. They focus on health and wellness and hence Ayurveda is increasingly tapping into this consumer segment as well.
Needless to say, the concept has been gaining prominence at the global level as well. People from all walks of life are now keen on using Ayurvedic products to boost their immunity and wellness.
Tell us about the R&D involved in product manufacturing at Rasayanam
At Rasayanam, every product that we conceptualise and launch goes through multiple stages of extensive research, trials, and testing. Our focus is on sourcing the highest quality herbs and combining them with technology to purify them and eventually introduce innovative offerings.
We aim at extracting active ingredients from this process and enhancing the traditional formulae to upscale India’s health market and offer high-quality Ayurvedic products in the country. Via our products, we not only want to cure illnesses but also want to restore the synergy between the mind, body, and soul of the consumers.
Your views on the current Ayurvedic pharmaceutical market
As more and more people are gathering awareness about Ayurveda, the demand for Ayurvedic products is shooting up. This surge in the demand is accompanied with various positive reforms in the industry. Earlier, the segment was largely unregulated. However, it has evolved over the years and has gained prominence as a holistic healing system.
It was just recently in the year 2014 that The Ministry of AYUSH was established with the sole purpose of spreading awareness, conducting research, and propagating indigenous alternative medicine systems in India.
Every Ayurvedic product manufacturing facility in the country now needs to have an AYUSH license issued by the government. This move ensures that the product standards are met and manufacturing protocols are adhered to. This is a favorable strategy for both the customers as it helps build confidence in Ayurveda as well as for ethical producers like us by eliminating the competition and curbing the immoral practices.
People have been consuming Giloy since the outbreak of COVID-19. Your views on the same.
Giloy was an undervalued element in pre-pandemic times. However, it gained popularity as the coronavirus spread due to its incredible health benefits. Even the Ministry of Ayush released an advisory, National Clinical Management Protocol which prescribes giloy as one of the effective preventive care measures against COVID-19. It is now widely consumed by people for its Immunomodulator properties.
It is known for its therapeutic properties and is no less than a superfood. Rich in essential nutrients, it improves the phagocytic activity of macrophages which are the first line of defense in our body and can help manage the risk of infection. Giloy is also beneficial in removing toxins from the body and boosting the digestive system. It helps purify the blood and combat urinary tract infections as well as liver-related ailments.