Marking Ayurveda Day 2024: Harnessing the Power of AYUSH for Global Wellness
In the heart of India, an ancient healing system is making waves, not just in its homeland, but across the globe. Ayurveda, a traditional practice with deep roots in Indian culture, is playing a transformative role in the health and wellness of individuals and shaping a healthier, more sustainable world.
The Confederation of Indian Industry (CII) has been instrumental in supporting the growth of Ayurveda and related sectors. Over the years, CII has facilitated knowledge creation, advocated for policy enhancements, and cultivated collaborative platforms within India's health sector.
The significance of Ayurveda Day, first celebrated in 2016, has grown exponentially. The 9th Ayurveda Day was celebrated on October 29, 2024, on the occasion of Dhanteras, with the theme 'Ayurveda Innovation for Global Health'. This day attracts both government and private sector participation, reflecting the growing importance of Ayurveda in India's health landscape.
The AYUSH (Ayurveda, Yoga, Unani, Siddha, and Homeopathy) sector in India is valued at over US$ 50 billion as of 2024, with the Ayurveda service sector alone valued at US$ 26 billion. The Ayurveda product sector is projected to grow at a CAGR of 16% from FY23 to FY28, while the overall market for Ayurveda products and services is expected to grow at a CAGR of 15%.
Ayurveda is the most commonly used traditional treatment system in India, with 40.5% of rural residents and 45.5% of urban dwellers preferring it as a means of healthcare. This widespread adoption is not limited to India's borders. The most important importers of Ayurveda products worldwide in recent years include countries in North America (particularly the USA and Canada) and Europe, driven by increasing awareness and demand for health benefits. The USA, as the largest importer, sources mainly from India, Vietnam, Argentina, and Brazil.
CII positions Ayurveda as a globally viable and respected healthcare system through its efforts. Ayurveda offers holistic solutions that resonate far beyond borders due to its rich heritage and growing innovations. As a system of Traditional Medicine, Ayurveda is recognised as such in more than 30 countries.
Ayurveda products are exported to over 150 nations, a testament to its global appeal. The AYUSH manufacturing sector reached a valuation of US$ 24 billion in 2024, a figure that underscores the growing economic importance of this ancient practice.
Awareness of AYUSH in general is high in India, with knowledge of these systems ranging from 87% to 99% in rural areas and over 86% across urban regions in all States and Union Territories. This widespread understanding of Ayurveda bodes well for its continued growth and global influence.
In conclusion, Ayurveda stands as a beacon of hope and resilience, offering potential global health solutions. As it continues to evolve and innovate, Ayurveda plays a transformative role in the health and wellness of individuals and in shaping a healthier, more sustainable world.
