Ayush market size crosses $18 billion

The market size of AYUSH has grown by 17 per cent in 2014-20 to reach $18.1 billion, Sarbananda Sonowal, Union Ayush Minister, said last week.

The minister was speaking at the inauguration of ‘AYUR-UDYAMAH’ at Vigyan Bhawan, where he released the Research and Information System (RIS) report titled ‘AYUSH Sector in India: Prospects and Challenges’. On the occasion, All India Institute of Ayurveda – Incubation Centre for Innovation and Entrepreneurship (AIIA ICAINE), the first-of-its-kind incubation centre under the Ministry of Ayush to promote start-ups, was also launched by the Pashupati Paras, Union Minister of Food and Processing Industries.

As per the RIS for Developing Countries report, despite a slump in economic activity in 2020 due to the pandemic, the industry is projected to reach $ 20.6 billion in 2021 and $ 23.3 billion in 2022. In terms of global share, India has grown faster in the AYUSH market as compared to the world and accounts for about 2.8 per cent of the market, which is likely to hold even though disruptions in production are not ruled out.

During the same period, different product segments have grown at a much higher rate than the overall industry. Plant derivatives experienced 21 per cent growth in the period 2014-2020 followed by nutraceuticals (20.5 per cent), pharmaceuticals (15.8 per cent), plant extracts 14.7 per cent and herbal plants (14.3 per cent).

Ayush medicines have done exceedingly well in helping COVID-19 patients recover faster across the world during the first and second wave of pandemic in the last one-and-a-half years, Sonowal said.

Talking about the new incubation centre, Sonowal referred to Prime Minister Narendra Modi’s Independence Day speech where he said that the start-ups were the new types of wealth creators in the country. “He outlined the need of the government to relentlessly work towards making India’s startups and the start-up ecosystem, the best in the world. This will contribute to the long-term vision of aatmanirbhar Bharat,” Sonowal said.

The minister said that the new ideas need a conducive environment to prosper and the centre will help young entrepreneurs to establish themselves before they scale up their ventures. “I hope the startup initiative will help Ayush entrepreneurs in translating innovations into products and services that are commercially viable.

This food startup initiative under the leadership of Rajesh Kotecha, Secretary, Ministry of Ayush, Professor Tanuja Manoj Nesari, Director, AIIA and the whole team of AIIA will have close linkages of the Ayush ministry with other ministries of the Government of India such as the Ministry of Commerce, Ministry of Food Processing Industries and MSME, and will be an ideal platform of knowledge exchange,” Sonowal said.

The minister also said that AIIA was also working in preparation of a diabetes protocol where the experts from all over the country have contributed to prevention and management of diabetes in the public health initiative. “The protocol will help the practitioners, research scholars and academicians to fulfil the needs of diabetic care and to know recent advancements in the field,” he said.

Munjpara Mahendrabhai, Minister of State for Ayush, while inaugurating the blood bank of AIIA, said that the blood bank will cater to the needs of patients from Delhi and adjacent states. “It is important that the donor feel safe while donating blood samples and with high-end filtration mechanisms in AIIA under skilled and trained doctors, we ensure that all patients are tested comprehensively before receiving and donating blood,” he said.

Pashupati Paras, Union Minister of Food and Processing Industries, launched AIIA ICAINE incubation centre. Rameswar Teli, Minister of State for Petroleum and Natural Gas, and Shantanu, Minister of State for Ports, Shipping and Waterways, also attended the function.

On the occasion, RIS-FTIM Journal was also launched. AIIA also launched Bal Raksha Kit and immunity boosting Swarnprashan for children and Qualification Packs under Ayush sub-sector Skill Council (HSSC) and awarded the best outgoing students of the years 2018-2021.

The Ayush Ministry is celebrating 2nd November as the sixth Ayurveda Day and has planned a series of activities around it, including mega events at the National Institute of Ayurveda, Jaipur, on the day.