AHMEDABAD : Steady domestic demand and brighter prospects in the exports market have been attracting more players in the ayurvedic medicines sector in the state. Gujarat Food and Drug Control Administration (FDCA) has approved 335 new ayurvedic medicine plants in the last four years. In the last financial year, 47 plants were approved in the state, and industry experts believe that the export demand will grow further due to growing acceptance of ayurveda.
Gujarat FDCA commissioner H G Koshia said, “We have approved 335 new ayurvedic medicine plants in the state since April 2019. In Covid year 2020-21, the state registered 150 new plants; the number dropped to 25 in 2021-22.
Now again, in 2022-23, we have approved 47 new plants for ayurvedic medicines.
There has been steady demand for alternative medicines and with the state and the central governments promoting ayurveda, new investments have been coming in.”
According to sources, a small ayurvedic medicine plant requires an investment of at least Rs 3-5 crore. “Gujarat has an established pharma industry and the ecosystem for the ayurveda sector has gained tremendous strength. This is the reason many new companies are setting up their base in the state,” said an ayurvedic medicine manufacturer.
Hardik Ukani, the president of Gujarat Ayurved Aushadh Manufacturers Association (GAAMA), said, “The demand for ayurvedic medicines has increased since Covid because of increased awareness in India and abroad. Pharmaceutical companies are also foraying into the sector because of good demand. According to the data, India’s Ayush exports amounted to $1.09 billion in 2014, which has increased to more than $1.60 billion. These medicines, herbs and extracts account for nearly 80% of the Ayush exports.”
He added that Gujarat-based ayurvedic medicine manufacturers contribute around 28% of the country’s total ayurveda exports.
“We are getting bullish on the exports market because we have been witnessing an average 8% growth rate in exports for the last few years. Ayurvedic medicines are fast gaining acceptance not only for disease prevention but also treatment. So, the demand will remain high,” he added.