Ayurveda market grows to $18.2 Bn with strong international exports: Dr Manoj Nesari

Significant exports are being made, particularly to the EU, UAE, and Japan, while other markets like Malaysia, Southeast Asia, and Taiwan are also emerging

At the 2nd Conference on Traditional Medicine ‘AYUSH Practices for Sustainable Wellness’ Chief Guest Dr Manoj Nesari Advisor (Ay.), Ministry of Ayush, Govt. of India spoke on how The Ministry of AYUSH has seen remarkable growth, evidenced by a series of initiatives and substantial market expansion. In 2014, the market size for Ayurveda products was around $3 billion. By 2021, a survey revealed the market size had surged to $18.2 billion, with expectations to reach $25 billion domestically. Significant exports are being made, particularly to the EU, UAE, and Japan, while other markets like Malaysia, Southeast Asia, and Taiwan are also emerging.

He shared that this growth is underpinned by robust regulatory frameworks, often mirroring US standards and a holistic approach to isolating compounds in traditional medicines. India has forged trade agreements with 20 countries and embraced WHO standards and ISO regulatory approaches. Over the past decade, 40 international agreements have been established, 32 with different countries.

Medical value travel has been bolstered by the introduction of the AYUSH visa. Additionally, a government-recognised skill development program comprises 12 modules listed by the Skill Council, focusing on genetic health and the training of a skilled human resource pool. This includes 750 AYUSH institutions under the Life Science Skill Council. Efforts are underway to register AYUSH hospitals in form C with the Ministry of Home Affairs, he added. 

In her special address Prof. Dr Tanuja Manoj Nesari Director, All India Institute of Ayurveda shared how Ayurveda exemplifies the timeless strength and potential to meet the needs of everyone, especially in today’s fast-paced world. Its global acceptance is evident with 173 countries exploring its benefits. The ‘Heal in India’ project by the Ministry of AYUSH further emphasises India’s commitment to promoting Ayurveda and traditional medicine, positioning the country as a premier destination for holistic wellness and medical tourism. We are working with the service export council to increase the exports of Ayurveda, she added.