Golden era for startups in AYUSH sector, rapidly increasing demand for the product


Golden era for startups in AYUSH sector, rapidly increasing demand for the product

The whole world is shocked to see the way India has defeated Corona. Indians are still fighting against Corona by increasing their immunity with indigenous remedies and Ayurvedic medicines. This is the reason that the demand for AYUSH products from India is increasing rapidly across the world, along with new startups are also coming in this field. The possibilities are expected to increase further after the opening of the WHO Global Traditions for Medicine Center in India. For which the central government is also preparing a blueprint to increase investment.

Emphasis on increasing investment in AYUSH sector

Recently, an investment summit for the AYUSH sector was organized in Gujarat. Where PM Modi said that when there was a stir in the whole world due to Corona. We all were seeing that during that time, how Ayurvedic medicines, Ayush decoction and many such products were helping people to increase immunity and as a result, when this was the corona period, the export of turmeric from India had increased manifold. . That is, this is the proof of this, in this period we saw that the modern pharma companies, vaccine manufacturers, they did a great job when they got the investment at the right time. Who could have imagined that so soon we would be able to develop a vaccine for Corona - Made in India. The PM said that innovation and investment increase the potential of any sector manifold. Now the time has come to increase the investment in AYUSH sector as much as possible.

ayush market in india

There is immense potential in the AYUSH sector. Government budget in this sector has increased four times from Rs 691 crore in 2014 to Rs 3050 crore in the previous budget. The market too has grown rapidly from Rs 22,000 crore in 2014 to Rs 1.14 lakh crore. The AYUSH sector has witnessed a remarkable growth from US$ 3 billion in 2014 to over US$ 18 billion today. Various countries including Colombia, Mexico, Cuba, Germany, Jamaica, Kyrgyzstan and Thailand committed themselves to increase their cooperation with the Ministry of AYUSH. The need for reduction in quality standards and recognition in products and services was also noted. Companies like Amul, Dabur India, Kama Ayurveda and others are committed to bring synergy between the AYUSH sector and the FMCG industry.

The Ayurveda industry in India was valued at INR 335 billion in 2019 and is expected to reach a value of INR 1,042.07 billion by 2025, expanding at a Compound Annual Growth Rate (CAGR) of ~22.15% during the period FY 2020- FY 2025 is estimated to be. The growing awareness about the benefits of Ayurvedic products and consumer inclination towards maintaining a healthy lifestyle are the major factors responsible for the growth of the Indian Ayurveda industry.

positive effect of corona

The rapid spread of the pandemic led to a nationwide lockdown that brought trade, manufacturing and commerce to a standstill, radically changing the entire business landscape of India. However, the Ayurveda industry is among the few sectors that have benefited from the virus outbreak. In the wake of the pandemic, the demand for ayurvedic immunity boosting products like chawanprash, giloy tablets, giloy churna, honey and ashwagandha tablets is skyrocketing. In addition, there has been an increase in the demand for natural dietary supplements to relieve stress and strengthen immunity. Thus, adoption of natural products and ayurvedic compounds for prevention and treatment of COVID 19 has positively impacted the overall industry.

Opportunities for Startups in AYUSH Sector

The Ministry of AYUSH has taken several major steps to encourage startup culture in the traditional medicine sector. A few days back, an incubation center developed by All India Institute of Ayurveda has been inaugurated, the kind of enthusiasm which has been seen in the startup challenge which has been organized, is very encouraging. The main objective of the Challenge is to encourage early stage start-ups and individuals working on innovations in Ayurveda and other alternative healing and medical systems. In a way, India's golden age of startups has begun.

Today is the era of unicorns in India. In the year 2022 itself, so far 14 start-ups from India have joined the Unicorn Club. I am sure that very soon unicorns will emerge from our AYUSH start ups as well. The possibilities of investment and innovation in the field of AYUSH are limitless. AYUSH is already witnessing unprecedented growth in the production of medicines, supplements and cosmetics. As the demand for AYUSH products is increasing all over the world, this growth will increase further in the coming years.

Ayush Park Network

In the recently held AYUSH Summit program, PM Modi announced that for the promotion of AYUSH products across the country, our government will develop a network of AYUSH parks to promote research and manufacturing. These AYUSH parks will give a new direction to AYUSH manufacturing in the country. The recently established AYUSH Export Promotion Council will encourage export of these products andwill help you find it.

export of ayush products

Unprecedented efforts have been made over the years to promote the export of AYUSH products. In the year 2014, the country used to export AYUSH products worth Rs 6,600 crore, which has increased to more than Rs 11 thousand crore today.

 Efforts for recognition of AYUSH drugs

Emphasis has been laid on mutual recognition of AYUSH drugs with other countries. For this, the central government has done more than 50 MoUs with different countries in the past years. The country's AYUSH experts are developing ISO standards in collaboration with the Bureau of Indian Standards. This will open up a huge export market for AYUSH to more than 150 countries. Similarly, FSSAI has also announced a new category named 'AYUSH Aahar' in its regulation last week. This will greatly facilitate the products of herbal nutritional supplements. Till now more than 50 products (Unani and Ayurveda) have been registered in 8 countries namely Kenya, USA, Russia, Latvia, Canada, Oman, Tajikistan and Sri Lanka.

Ayurveda system got approval in these countries

Many countries have recognized AYUSH systems of medicine through the efforts of the Ministry of AYUSH. Ayurveda is recognized in Nepal, Bangladesh, Pakistan, Sri Lanka, UAE, Colombia, Malaysia, Switzerland, South Africa, Cuba, Tanzania. Romania, Hungary, Latvia, Serbia and Slovenia are the 5 European Union (EU) countries where Ayurvedic treatment is regulated. Whereas the Unani system is recognized in Bangladesh and the Siddha system is recognized in Sri Lanka. In addition, 33 AYUSH Information Cells have been established in 31 countries to disseminate authentic information about AYUSH systems.

Post a Comment

Previous Post Next Post