Ayurvedic personal care and beauty brand The Ayurveda Co has revealed plans for a broad expansion of its brick-and-mortar retail presence in the Mena region.
The Ayurveda Co sees a significant growth opportunity in the region after recently entering Dubai, Indian Retailer Bureau reported.
The Ayurveda Company’s co-founder, Param Bhargava, told Indian Retailer Bureau: “The current market size of Ayurvedic wellness products in India stood at Rs 626 billion in 2022, showcasing the growing opportunity within the sector.
“In alignment with the Ayush Sector Vision 2047, we aim to be a torchbearer of Ayurvedic principles, making them accessible and relevant to the modern world. Our products and initiatives are centred around holistic wellness, guided by Ayurveda’s wisdom.”
The Ayurvedic brand will use the Rs 100 crore fund, raised in a Series A funding round to expand its offline presence in the Middle East in in March.
The Ayurveda Co specialises in direct-to-customer retail and registered 500 per cent revenue growth from March to October 2022. The business expects to reach breakeven by March 2024 and is eyeing profitability in the 2025 financial year.
“As our local and global presence expands, we steadfastly uphold our dedication to honouring local regulations and preferences, fuelled by an overarching aspiration to establish T.A.C as a renowned Ayurvedic emblem, disseminating the timeless wisdom of Ayurveda to a worldwide audience,” added Mr Bhargava.
According to Market Watch, the Middle East region accounts for about five per cent market share of the global Ayurvedic market
The global Ayurvedic market size was valued at $5304.25 million in 2022 and is expected to expand at a compound annual growth rate of 11.89 per cent, reaching $10408.51 million by 2028, Industry Research Biz finds.
