India’s Ayurveda Industry Poised for Exponential Growth Reaching USD 16 Billion by 2028

A new study reveals the Ayurveda products market in India is on track for unprecedented expansion over the next 6 years. Research by Ayurveda tech startup NirogStreet projects the industry will reach USD 16.27 billion or Rs 1.2 lakh crore by the 2028 fiscal year.

Currently valued at USD 7 billion or Rs 57,450 crore, the Ayurveda market has experienced strong gains due to rising preference for herbal medicines at home and abroad. Increased availability of Ayurvedic practitioners alongside government initiatives and new entrepreneurs entering the space have also powered industry advancement.

The NirogStreet survey found the Ayurveda sector is forecasted to multiply substantially, with projections showing over Rs 1.2 lakh crore market worth by 2028. Overall, the products and services segments are anticipated to grow at impressive compound annual rates of 16% and 12.4% from 2023 to 2028 respectively.

Manufacturing alone was estimated at Rs 89,750 crore in fiscal 2022 according to the study, including exports valued near Rs 40,900 crore. Imports totaled approximately Rs 8,600 crore.

Over 7,500 Ayurveda producers from key states participated in the research spanning Uttar Pradesh, Bihar, Madhya Pradesh and others. At a recent Ayush ministry event, the secretary highlighted the need to boost global market presence and introduce more innovation. Referring to the past decade’s 24x growth to USD 24 billion, the exponential trajectory signals Ayurveda’s potential to meaningfully contribute to the national economy.