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Ayurvedic Herbal Extract Market Growth Analysis, Trends, Share, Market Size And Forecast To 2033
Ayurvedic Herbal Extract Market Growth
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According to The Business Research Company's, The ayurvedic herbal extract market size has grown strongly in recent years. It will grow from $45.14 billion in 2023 to $48.47 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to cultural heritage and tradition, increase in consumer awareness, government support and regulatory frameworks, rise in chronic health conditions, globalization and export opportunities.
The ayurvedic herbal extract market size is expected to see strong growth in the next few years. It will grow to $64.81 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to growing wellness and preventive healthcare, technological advancements in extraction and formulation, increasing consumer spending on natural products, expansion of distribution channels, research and development investments. Major trends in the forecast period include consumer preference for natural and organic products, technological advancements in extraction and formulation, increasing research and development activities, regulatory support and standardization, rising healthcare costs and focus on preventive health.
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Market Drivers and Trends:
The rising preference for natural products and plant-based products is expected to propel the growth of the ayurvedic herbal extract market going forward. Natural and plant-based products refer to goods derived from natural sources, particularly plants, that are minimally processed and free from synthetic additives or chemicals. The need for natural and plant-based products is increasing due to health consciousness, environmental concerns, the clean label movement, and dietary shifts towards vegetarian and vegan lifestyles. Natural and plant-based products help ayurvedic herbal extracts align with their principles of using pure, natural ingredients to promote health and wellness, enhancing their appeal and efficacy for consumers seeking holistic and traditional medicine solutions. For instance, in 2022, according to the Plant Based Foods Association, a US-based trade organization, plant-based food dollar sales grew 6.6% in 2022 to $8 billion, up from $7.5 billion in 2021. Therefore, the rising preference for natural products and plant-based products is driving the growth of the Ayurvedic herbal extract market.
Major companies operating in the ayurvedic herbal extract market are developing ayurvedic wellness products to cater to the growing consumer demand for natural health solutions, enhance their product portfolios, and capitalize on the increasing interest in holistic and traditional medicine practices. Ayurvedic wellness products leverage natural ingredients and traditional medicinal knowledge to balance the body, support overall health, and promote healing. For instance, in September 2021, NatureCode, an India-based Ayurvedic products manufacturing company, introduced a line of Ayurvedic wellness products and dry herbs. These offerings are vegetarian and freshly prepared at the company's dedicated manufacturing facility using standardized herbal extracts to ensure consistent quality and effectiveness. The Ayurveda collection includes products such as Immunology for boosting immunity, diabase for managing blood sugar levels, Live Soul for liver protection, Slim Soul for controlling body weight, Joint Rep for alleviating joint pains, and Vital Soul for boosting vitality. These products harness the diverse health benefits of scientifically validated herbs, aiming to meet daily health needs and promote overall well-being.
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Major Key Players of the Market:
Dabur India Limited, Aimil Pharmaceuticals Ltd., Emami Group, Charak Pharma Pvt. Ltd., Swanson Health Products Inc., Vasu Healthcare Pvt. Ltd., Nature's Way Products Inc., Natural Remedies Pvt. Ltd., Gaia Herbs Inc., Maharishi AyurVeda Products International Inc., Organic India Private Limited, Sriveda Sattva Private Limited, Shree Baidyanath Ayurved Bhawan Pvt. Ltd., Kairali Ayurvedic Group, Patanjali Ayurved Limited, Sandu Pharmaceuticals Ltd., Botanic Healthcare Private Limited, Himalaya Global Holdings Ltd., Ayush Herbs Inc., Zandu Pharmaceuticals Works Ltd., Ancient Greenfiels Private Limited, Vicco Laboratories, Natreon Inc., Kerala Ayurveda Limited, Herbal Hills Wellness
Ayurvedic Herbal Extract Market 2024 Key Insights:
• The ayurvedic herbal extract market size is expected to see strong growth in the next few years. It will grow to $64.81 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
• Rising Preference For Natural and Plant-Based Products Driving Growth Of The Ayurvedic Herbal Extract Market
• Innovations In Ayurvedic Wellness Products
• Asia-Pacific was the largest region in the ayurvedic herbal extract market in 2023, and is expected to be the fastest-growing region in the forecast period
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