Product Launch Strategy For Ayurvedic Products Post-Pandemic- A Roadmap For European Markets

As per{recent report (Global Ayurvedic Market 2019) published by Industry research, raising awareness with respect to a very healthy lifestyle and increasing preference for herbal or chemical-free products have led to the expansion of the Ayurveda market , that too globally. The market was valued at US$4.5 Billion in 2017 and is expected to reach the US $ 14.9 Billion by 2026 at a CAGR of 16.14%. The global market for complementary and alternative medicine products is forecasted to grow at a CAGR of 18.2% until 2024. The European pharmaceutical market is expected to grow at about 3% per annum. This trend is projected in the coming years and will create opportunities for Ayurvedic product manufacturers. There are several reasons which account for this projected latitude- natural ingredients and mixtures used in nutraceuticals, supplements and natural remedies are not grown in Europe. For a product like a turmeric that is not grown in Europe, South Asian suppliers can take this opportunity and use it for their benefit. There are many such botanical and essential oils that are used in Ayurveda which cannot be found there. Several Europeans, especially the elderly population are rapidly incorporating nutritional supplements in their respective diet in the hope to reduce the negative impact of the chemicals. The lack of availability of these products during these unprecedented times in foreign markets needs a quick eye of the industry’s key players. The belief of consumers has had a shift from “lifestyle up-gradation” to “precaution and prevention”. This research focuses on and identifies the need for Ayurvedic products across cultures in the European market in the current times (January 2021). The paper provides a suggestive roadmap for the launch of a new product in the European market and sustainable strategies to ensure competitive advantage. Risk mitigation strategies with a long term aim have also been discussed.