The market for Alternative Medicines & Herbal Products in India is likely to register revenues worth USD 661 billion by 2020: Ken Research

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The strong advertisement & promotional strategies developed by the companies in the segment has increased the awareness about benefits of using herbal products and harmful effects of chemical based products. Rising competition among the players have forced them to invest heavily in promotional activities. The companies such as Patanjali, Himalaya and Dabur are regularly involved in Promotional and CSR activities to promote their products. This has resulted in an increase in awareness about the products especially in rural and semi urban areas.

The government of India is providing full support to AYUSH ministry and promoting ayurvedic products and medicines in the country. The government has also increased the budget of AYUSH ministry from INR 6,300 million in FY’2011 to INR 13,262 million in FY’2016. By increasing the budget for AYUSH products, the object of government is to develop and promote the Indian systems of medicines in an organized and scientific manner. This has encouraged the companies to focus on herbal segment thus positively impacting the market size of the industry. The government along with AYUSH ministry has also decided to open AYUSH institutes in all states of the country. Also, there are plans to open AYUSH Hospitals and a yoga wellness centers in every district in India. The government is also exploring the idea to have one AYUSH doctor stationed at all primary health centers and sub centers. Government has also increased the allocation budget for ministry of AYUSH.

Online shopping is gaining importance prominence in India. Youth segment of the population has showcased an inclining interest in the purchases through online portals. The concept is yet to gain prominence among the aged section of the society. Dabur India Ltd. and Patanjali have launched their online shopping portals dedicated to herbal products. Shopping portal gives an ease of buying to the customer and also saves travelling time, thus acting as an excellent option for the customers.

Increasing awareness, expanding product portfolio, changing lifestyle of people, rising stress levels at workplaces leading to ailments such as body cramps, Spondylosis and joint pains along with greater inclination towards beauty needs encourage people to buy nature based remedies and products. This is supporting the market of alternative medicines and herbal products. In addition, the growing severity of chronic ailments such as fever, respiratory problems, allergic diseases, asthma and several others together with time-tested approaches and marketing techniques has inclined the demand for alternate therapy medicines such as ayurveda and homeopathy over the years.

The institutional sales have also positively influenced the market. Rising number of herbal salons in India, which only use herbal products for the treatments, has triggered the demand for these products. Also, rising number of yoga classes, AYUSH hospitals and Ayurvedic clinics has attributed to the increasing revenues of Alternative medicines in the country. The wide range of products available in this category has driven the revenues of the industry. They are natural products and are used daily by millions of customers. Herbal products are easily available in big as well as small local grocer and general stores.

The report titled “India Alternative Medicines and Herbal Products Market Outlook to 2021” provides detailed overview on the herbal medicines and herbal products market and helps readers to identify the ongoing trends in the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report is useful for herbal product companies, herbal medicines manufacturers, AYUSH centers, retailer, Manufacturer and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.

Products Covered in the Report: Herbal Medicines, Herbal Hair Care, Herbal Shampoo, Herbal Face Wash, Herbal Oil, Herbal Toothpaste, Herbal Digestives, Herbal Balm, Chyawanprash

Companies Covered in the Publication: Dabur limited, Patanjali, Himalaya Drug Company, Emami limited, Marico, Baidyanath

For more information about the publication refer to below link:

https://www.kenresearch.com/consumer-products-and-retail/cosmetics-and-personal-care/india-herbal-products-market/55358-95.html

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Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com

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