The global ayurvedic food market is expected to post a CAGR of close to 14% during the period 2018-2022, according to the latest market research report by Technavio.
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Technavio predicts the global ayurvedic food market to post a CAGR of close to 14% by 2022 (Graphic: Business Wire)
A key factor driving the growth of the market is the increasing a number of product launches. The rise in demand for ayurvedic food products in various countries has resulted in product innovation in the ayurvedic food sector. Vendors are actively launching new and innovative products to attract customers. Therefore, the global ayurvedic food market has been witnessing an increased number of new and innovative product launches over the past decade. For instance, the Baidyanath Ayurved company launched its new range of Ayurvedic teas in the Indian market. Also, Hindustan Unilever Limited launched its ayurvedic breakfast mixes under the brand name Lever Ayush in the Indian market. Therefore, with such product launches the market is expected to boost the growth of the global ayurvedic food market, during the forecast period.
This market research report on the global ayurvedic food market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the growing popularity of the vegan diet as one of the key emerging trends in the global ayurvedic food market:
Global ayurvedic food market: Growing popularity of vegan diet
Over the past decade, consumer preferences have shifted from the consumption of meat-based food products to vegan food products. An increasing number of consumers are adopting vegan diets for the health benefits of vegan, herbs, and plant-based foods and to support animal rights. Veganism has transformed into a lifestyle and is looked upon as a healthy clef. This has a positive impact on the adoption and purchase of ayurvedic foods such as teas, fruit juices, snacks, and dried fruits. In the US, which is the largest turmeric-based beverages market, the vegan population increased by nearly 500% from 2014 to 2017. In 2017, approximately 6% of the US population were vegan. In the UK, the number of vegan consumers has increased by 360% between 2010 and 2015. Therefore, with such an increase of the vegan population, the growth of the ayurvedic food market is expected to have a positive outlook during the forecast period.
“Apart from the growing popularity of the vegan diet, another major factor boosting the growth of the market is the rising e-commerce and online retailing. The average amount of money spent online per transaction and the number of transactions that take place online are on the rise globally. Therefore, the increase in the number of internet users is contributing to the growth of this channel, thereby increasing the growth of the global ayurvedic food market,” says a senior analyst at Technavio for research on food.
Global ayurvedic food market: Segmentation analysis
This market research report segments the global ayurvedic food market by product (ayurvedic food in solid form and ayurvedic food in liquid form) and geographical regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2017 with a market share of over 69%, followed by EMEA and Americas respectively. However, during the forecast period, the Americas is expected to register the highest incremental growth of close to 2%.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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