Make profits, the Ayurveda way

According to ASSOCHAM, the Indian herbal industry is likely to double from Rs 7,500 crore to Rs 15,000 crore by 2015. In this growing phase most of the ayurvedic brands have opted for the franchise route for expansion. Read on to know more about the  current trends and how you can be a part of this fast expanding industry.

Over the years India is known to give high quality ayurvedic products to the world. Inthe medieval  times, ayurvedic practitioners developed a number of medicinal preparations and  surgical procedures for the treatment of various ailments. Now, many brands are exploring the avenues available in this lucrative industry. Ayurvita has more than 60 products for wellness, treatment of various health problems and good health. Dr. Vijay Kushvaha, MD and CEO, Ayurvita Healthcare Pvt Ltd says: “The market studies as well as our experiences have indicated that franchising is beneficial for a company, franchisees and consumers as well. It creates a win-win situation for everyone. For our company the primary benefit is the ability to use other local’s space and expertise to expand the brand and reach out to maximum health seekers more rapidly than we could have. This is the reason we are on the lookout for stable and good franchise partners.”

Current Ayurvedic trends

Established players are pursuing revenue maximisation through product and service diversification and are exploring new global and domestic markets. Franchising is emerging as a popular option for scaling up. The methods of cure related to ayurvedic massages, Panchkarma  therapy, yoga and traditional surgery are catching everyone’s imagination very fast and promise to be the next big thing in the medical and wellness industry. This translates into a huge potential in the market for the different verticals that Ayurveda spans out in times to come. It has the unique advantage of having something to offer for every class of the society. Dr. Baldeep Kour , Chief Medical Director, Deep Ayurveda, says: “The opportunity is really vast as it spans through all the possible verticals like Panchkarma centres, Ayurvedic spas and herbal medicines. Panchkarma centres are growing at a rate never seen. Combined with the recent trends of increasing acceptance of natural

medication, this accounts for a huge potential in the up and coming times for ayurvedic products.” Conversely, Vishwamangal is offering only on their ayurvedic orthopedics franchise opportunity, where all types of joint related disorders like osteoarthritis, rheumatoid arthritis, gout, psoriatic arthritis, etc. are treated with total ayurvedic treatments.

Walking the franchise lane

With the rising familiarity about Ayurveda in India, franchising is definitely on the cards for most of the brands. For Vishwamangal Ayurveda the franchise route is the only way which helps to get connected with unknown locations. This is the key feature which is making most of the brands to franchise their businesses. Deep Ayurveda has decided to partner progressive and modern entrepreneurs across the country through a collaborative programme. The objective is to fuel growth by leveraging the synergies between the retail expertise of Deep Ayurveda and the entrepreneurial spirit and effort of the select entrepreneurs who are "Partners in Progress" with Deep Ayurveda.

What’s in store for entrants?

Ayurveda has a brilliant future in India as a business proposition due to the ever increasing demand for natural therapies. This huge demand is driven due to various factors like the stressful work culture, exhaustive lifestyle, the endless quest for peace, and growing ailments with less healthy environment. Today, people are on a constant run for serenity and are ready to splurge for the services that can offer them the same in a natural way, which leads to Ayurveda posing a welcome break for all.  Vishwamangal plans to elaborate business globally. Currently, the brand has two clinics, each in Ahmednagar and Pune and third franchise is in the process in Mumbai. Vishwamangal plans to expand up to ten by December 2014. The brand has opted for a FOFO model (Franchise Owned Franchise Operated.) The location used must be owned or rented for three years by the franchisee. On the other hand, Deep Ayurveda plans to expand its centres in Amritsar, Ludhiana, Patiala, Jalandhar by this financial year end and also devices to open Panchkarma centres in other major cities of north India and abroad in next two years.  Ayurvita has more than 28 franchise centres throughout India. Five more projects are in the pipeline in Delhi NCR, Uttar Pradesh, North-eastern India and West Bengal. Ayurvita plans to establish around 30 more franchise across the globe by year end.  

The acceptance factor

Ayurveda has already carved a niche for itself in the medical sector. People in India and across the world are now becoming aware of this unique, time tested science of Ayurveda. Local and global investors have started taking Ayurveda seriously. Agreeing to this Dr. Snehalkumar Rahane, CEO, Vishwamangal Ayurveda says: “According to WHO, ayurvedic medicinal plant market which was 60billion in 2004 will touch 5trillion by the year 2050. The Ayurveda market is succeeding in both domestic and global markets.” However, presenting a different viewpoint, Dr Kushvaha says: “Due to many reasons, Ayurveda lost its foothold as mainstream medicine in India. Knowledge available is also in disordered form. People are now ignorant about the actual science of Ayurveda. Mistakenly, it is considered to be synonymous with home remedies. Besides, Allopathy has not only dominated Ayurveda but also all other streams of alternative medicine. Despite such negative factors, we usually come across people seeking solace in Ayurveda. Yes, there are people who are seeking Ayurveda assistance for various chronic illnesses. For us, that’s a great beginning.

Ayurveda is no longer a new concept. We can only wait for the time when more brands will tap into this ancient Indian science, expanding through franchising and giving a larger momentum to this industry. 

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