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India's Ayurveda market to reach Rs 1.2 trillion by FY28
The Business Guardian
|April 06, 2024
The Ayurveda product market in India is poised for substantial growth, with projections indicating a remarkable increase in market value to Rs 1,20,660 crore ($16.27 billion) by FY28 from the current Rs 57,450 crore ($7 billion), according to a study conducted by Ayurveda tech startup NirogStreet.
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The surge in the Ayurveda product market can be attributed to several factors, including the escalating demand for natural and herbal remedies both domestically and internationally. Additionally, the rise in the number of ayurvedic medical practitioners, coupled with government initiatives and the emergence of new entrepreneurs in the sector, has further fuelled the market's expansion.
NirogStreet’s survey revealed that the overall market for Ayurveda products and services is expected to grow at a Compound Annual Growth Rate (CAGR) of 15 per cent from FY23 to FY28. Specifically, the product and service sectors are anticipated to witness growth rates of 16 per cent and 12.4 per cent, respectively, during this period.
Diese Geschichte stammt aus der April 06, 2024-Ausgabe von The Business Guardian.
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