The market size of the AYUSH sector has grown by 17 per cent in 2014-20 to reach $18.1 billion, Union Ayush Minister Sarbananda Sonowal said on Friday.
Minister Sonowal was speaking at the inauguration of ‘AYUR-UDYAMAH’ in New Delhi, where he released the Research and Information System for Developing Countries (RIS) report titled ‘AYUSH Sector in India: Prospects and Challenges’.
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As per the RIS report, despite a slump in economic activity in 2020 due to the COVID-19 pandemic, the industry is projected to reach $20.6 billion in 2021 and $23.3 billion in 2022.
In terms of the 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, the AYUSH ministry statement said.
Different product segments have grown at a much higher rate than the overall industry during the same time frame i.e 2014-20.
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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 Covid19 patients recover faster across the world during the first and second wave of the pandemic in the last one and a half years,” Sonowal said.
The minister also inaugurated the Incubation Centre for Innovation and Entrepreneurship at All India Institute of Ayurveda (AIIA).
This is a “first of its’ kind” incubation centre under the Ministry of Ayush to promote start-ups. The centre was launched by the Union Minister of Food and Processing Industries Pashupati Paras.
On the occasion, RIS-FTIM Journal was also launched. AIIA also launched Bal Raksha Kit and immunity-boosting Swarrnprashan for children and Qualification Packs under Ayush sub-sector Skill Council(HSSC). The institute awarded best outgoing students of the years 2018-2021.
Sonowal 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 Start-Up initiative will help Ayushentrepreneurs in translating innovations into products and services that are commercially viable,” he said.