The Analysis Of The Ayurvedic Market And Competition

Saachi Sunil Mukundappanavar & Riddhi Banerjee, BBA LLB, Symbiosis Law School, Hyderabad

INTRODUCTION

Time is never constant so aren’t the things around us. With evolving time a lot of things around us tend to change, including the medicinal field which has seen tremendous progress over the course of evolution. From Maesters curing people, now we are in an era where even robots are capable of healing people. Ayurveda is a traditional Indian system of medicine. In many regions of Asia, a well-organized system of conventional healthcare is used for both therapeutic and preventative purposes, one such system is Ayurvedic medicine. Ayurveda has a lengthy history and may have started in India as long as 3,000 years ago. It continues to be a popular method of healthcare in many Eastern countries today, particularly in India, where a sizable portion of the populace either utilises it completely or in conjunction with contemporary medicine. Along with medications to treat illnesses, Ayurvedic substances are frequently utilised in cosmetics, health supplements, and personal care items. With customers becoming more aware of the negative consequences of allopathy, the Ayurveda industry has expanded internationally. India has a long history of traditional knowledge, particularly in the area of traditional medicine, which dates back thousands of years. There is a sizable collection of medicinal plants there. Over the past several years, Ayurveda has grown significantly in prominence worldwide. The promotion of the considerable advantages of conventional medical systems has received a lot of attention. People are now aware of the advantages of Ayurveda and its role in the preservation of good health, which has caused a change in patterns in health-seeking behaviour. Academicians, scientists, and people looking to improve their health from different nations are all interested in learning about and using the knowledge base of Ayurveda. A paradigm change in health perception—from illness to "wellness"—has created enormous potential for Ayurveda's expansion on a worldwide scale. India has established a solid reputation as a manufacturer of premium Ayurvedic remedies and has a massive domestic market for these medicines. The new ministry of AYUSH started by the Indian government which stands for Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy has been a boost in Ayurvedic industry. This ministry is committed to giving these systems' growth more attention. India's Ayurveda market is divided into sections based on Ayurveda services and Ayurveda goods. The category of Ayurveda products includes items for personal grooming, food and drink, home goods, and healthcare. Healthcare, spa, and rejuvenation services are all included in the Ayurveda services area. As more businesses enter the market with cutting-edge methods and products, high-quality packaging, and effective marketing strategies, the ayurveda sector is predicted to have a bright future.