The India herbal products market comprises of herbal hair care, herbal skin care, herbal oral care and other products such as digestive remedies, Chyawanprash and balms.
The alternative medicines market is comprised with AYUSH medicines. With the strong government support and rising number of AYUSH wellness centers in the country, the revenues of the industry has increased.
According to Ken Research India is the largest supplier of ayurvedic medicines and herbs in the world. The demand for Indian herbs and herbal medicines is developing in the European and other developed countries.
Alternate medicine and herbal products face a stiff competition from the chemical based synthetic products and allopathic medicines. Majority of the population in India prefer allopathic medicine in case of serious illness.
The chemical based medicines give faster results in terms of curing a disease or an ailment as compared to alternative medicines. Moreover, the presence of wide variety of synthetic personal care product has given tough competition to herbal products.
The herbal skin care market has increased at a double digit CAGR FY’2011 to FY’2016. Rising awareness about the benefits of using herbal skin care products has enhanced the revenues of the market. People prefer more herbal products than the products containing chemicals. The herbal skin care business has been the new growth frontier in the cosmetics business in India. Even though herbal skin care products are still competing with synthetic/ chemical based products, they need to ensure quality that is similar to synthetic/ chemical based brands.
Herbal hair oil mainly comprises of oils of vegetable extracts in origin as base and blended with suitable perfumes and colour. Vegetable oils generally used are coconut, castor or sesame oils. To avoid rancidity of hair oils antioxidants are added in proportionate quantity.
The herbal hair oil market in India has been conventionally dominated by Marico which offers hair oil under its flagship brand ‘Parachute’. Marico generates major share of its revenue from the coconut oil category which is available in different variants such as advanced coconut oil, jasmine oil, advanced ayurvedic hair oil and others.
The herbal digestives medicines are preferred over non herbal medicines, Due to the herbal and natural formulations without the presence of any harmful chemicals. Herbal products are widely accepted and preferred by the consumers in the country.
During this period, the highest growth in the market was witnessed due to the robust growth in antacids and paediatric digestive formulation. The rising acidity problems among the population because of unhealthy eating habits increased the demand for these products, According to Ken Research
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Ankur Gupta, Head Marketing & Communications