Project report for Ayurvedic treatment center

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Introduction

Ayurveda has evolved in the form of ayurvedic goods and services in recent years as a holistic healing method. The growth of the Ayurveda market in India has been aided by rising understanding of the benefits of a healthier lifestyle, the demand for chemical-free natural goods, and favourable government initiatives. Ayurvedic Treatment Centres have  grown tremendously in the time span of the last 10-12 years with the growing craze of being connected to the nature and recognizing the efficiency of the primitive yet the treatment system that eradicates the problem from its very root unlike other forms of medicine and treatment such as homeopathy, allopathy and other English medication forms. Around 75% of Indian households used ayurvedic goods in 2018, compared to just 67% in 2015. Herbal extracts have recently been used in the manufacturing of personal care items such as lotions, oils, and shampoos. Herbal extracts are now being used by players in the food processing industry to create items. The Indian Ayurveda market is divided into two categories: Ayurveda products and Ayurveda facilities including Yoga fitness centres and other treatment centres. Ayurveda products include personal care products, food and drinks, household products, and healthcare products. Healthcare providers, as well as spa and rejuvenation services, are included in the Ayurveda services category. The Ayurveda consumer segment accounted for roughly 74% of the market in 2018, with the Ayurveda services segment accounting for the remaining 26%. The international adoption of western herbal and Ayurvedic therapies has increased the opportunities for Ayurveda tourism in India. As a result, several Ayurveda rejuvenation and rehabilitation centres have sprouted up across the country, including in Kerala, Uttarakhand, Goa, and Odisha.

Market potential & Strategy

The scale of the Indian Ayurveda industry and wellness market has been estimated by both the government and the private sector. These are often sporadic and one-time forecasts of the industry's size and future expansion. The Confederation of Indian Industry (CII) claims thatin the year 2016, the overall approximate market size of Indian Ayurveda industry was INR 219.44 billion, which includes both Ayurveda products (ethical, classical, over the counter (OTC), personal care and beauty products) and services (medical, well-being, payor and medical tourism services) (medical, well-being, payor and medical tourism services). As compared to the services sector, the retail market is bigger – INR 166.04 billion (75% of the overall market) (INR 54.86 billion). By 2022, the market is expected to have grown to INR 658.32 billion. By 2022, the Ayurveda market is projected to grow from INR 182.87 billion to INR 585.18 billion, according to another forecast.

The growth of the Ayurveda sector will be fuelled by an ageing population with health issues and an influx of young, health-conscious people. The funding of the Government, focus on quality and standardization, rise in health insurance coverage and Central Government Health Scheme (CGHS) coverage will drive the growth of this sector. The government's ability to promote Ayurveda on international forums would be critical in boosting the sector's growth. The approach of returning back in time for health care and turning to Ayurvedic health, fitness and treatment centres that too amid a situation like that of our age with COVID disrupting millions and billions of life across the globe clearly make Ayurvedic system of treatment a promising industry.

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