There’s immense scope for India to become world’s manufacturing hub for Ayurvedic, herbal products

Butterfly Ayurveda is an organization engaged in the research, development, manufacturing, and marketing of Ayurvedic products. It offers a niche range of products such as Ayulvedic teas, herbal infusions, Ayurvedic medicines, and herbal supplements, as well as an Ayurveda-inspired bakery. Their entire product range is focused on helping people with lifestyle-related ailments. In 2022, Butterfly Ayurveda Pvt Ltd became a wholly-owned subsidiary of Health Care Energy Foods Pvt Inc engaged in manufacturing and supply of energy foods to the government. Akshi Khandeval, who founded Butterfly Ayurveda in 2014, in an interview with Bizz Buzz, talks about her journey

What prompted you to return to India considering Ayurveda is popular in the US?

At the time of my return to India, I had not considered Ayurveda as a stepping stone in my career, instead I was focused on microfinance, and did multiple stints in the field across different parts of India within the scope of operations and research. It was during my study and training in dance in later years that I took to Ayurveda, and realized it as a fulfilling opportunity for myself to take it forward and transform it into a business.

How is Ayurveda different from Allopathy and how effective is it when compared to Ayurveda?

Allopathy treatment is symptomatic, and relies on synthetic drugs to treat specific symptoms of a disease or a health issue. Ayurveda, has a holistic approach and its treatment is asymptomatic, with the ability to treat the root cause of the health issue, and the cure the ailment.

What is your narrative on Ayurveda for the Indian market?

Ayurveda, the science of life, prevalent in India since the pre-Buddhist era, has gained more popularity in recent years, both in India and around the world. It lays the foundation for our everyday healthy routine, our diet (that comes from the Indian kitchens), and gives us a holistic understanding of our being that consists of the body, mind and soul. It utilizes the combination of herbal remedies, massage, natural treatment methods and lifestyle changes, practice of Yoga and meditation to prevent and treat illnesses. As the world increasingly turns towards natural and sustainable forms of healthcare, Ayurveda is poised to play a prominent role.

What are your revenue streams?

We are engaged in the research, development, manufacturing, and marketing of Ayurvedic products. We offer a niche range of products that include Ayurvedic teas, herbal infusions, Ayurvedic medicines, and herbal supplements. We also have an Ayurveda-inspired bakery that develops freshly baked cookies and cakes. We have a multifaceted revenue generating model.

Online: Apart from selling our product range on our website www.butterflyayurveda.com, we are also present on e-commerce sites, like Amazon, Flipkart, Ayurvedamegastore, 1mg, Kind Life, Myupchar, Mystore and more, etc. where customers buy products directly.

Offline: Our Ayurvedic teas, herbal infusions and cookies are sold to selected distributors, restaurants, hoteliers, wellness centers and dieticians while Ayurvedic medicines and supplements to chemists, pharmacies and doctors.

Third party manufacturing: We also generate revenue through manufacturing for third parties, and offer white labeling and private labeling options and also cater to institutional orders for hotels, corporate houses, festive gifting and government orders.

Walk-in store: We also have a walk-in store with our product ranges at the Global Business Park, wherein customers often walk in and pick up their favorite products.

How would you describe the international market as compared to the Indian market?

The international market for Ayurveda has been growing rapidly and an increasing number of people around the world are seeking natural and holistic forms of healthcare. Ayurvedic products and services have gained widespread popularity in the European and the American markets, especially post Covid. In 2017, the global Ayurvedic market was valued at $4.57 billion and by 2026 and is expected to reach $14.62 billion, growing at a CAGR of 16.14 per cent through the forecast period as per a report by Invest India. This upward trend shows that there is immense scope for India to reinstate itself and become the manufacturing hub for Ayurvedic and Herbal products of the world, and emerge as a strong market leader.

What is the nature of your agreement with the Indian government?

Butterfly Ayurveda has NIFTEM (National Institute of Food Technology Entrepreneurship and Management) on their advisory board to provide technical support in research and new product development. Furthermore, Butterfly Ayurveda has established manufacturing capabilities approved by the State department of Ayush, which comes under the Ministry of AYUSH, and also by the FSSAI authority. In 2022, Butterfly Ayurveda became a wholly owned subsidiary of HealthCare Energy Foods Pvt Ltd (HCEPL being a holding company) engaged in manufacturing and supply of energy foods to the government.

How sustainable is Ayurveda in India

Ayurveda has been a part of India’s cultural and medical heritage for thousands of years and continues to be a sustainable healthcare system in the country even today. Ayurveda emphasizes the use of resources such as medicinal plants and herbs for internal healing, preventing illnesses and maintaining wellness through lifestyle changes and natural remedies. It promotes a culture of self care and its remedies and practices are still followed in the Indian households, making it highly sustainable and relevant in the Indian context. The establishment of wellness centers, yoga shalas and celebration of International Yoga Day India has become a significant contributor to the sustainability of Ayurveda, as they offer a platform for promoting the principles of Ayurveda, making it more accessible to people seeking alternative healing methods, and fostering the growth of the Ayurvedic industry.

Ayurveda has been recognized by the government of India as an important form of alternative medicine, efforts are being put to promote evidence-based research in Ayush systems through Ayush research councils and erstwhile also integrate it into modern medical practice to provide holistic and effective care. To do this the finance ministry of India has increased the total allocation of budget to Ayush Ministry by 20 per cent to Rs 3647 crores in 2023.

How big do you reckon is the Indian market?

The Ayurvedic market has undergone tremendous growth post Covid-19 pandemic. As per a report by the Global Wellness Institute, the global wellness industry is now worth over $4.5 trillion and alternative healing practices like Ayurveda are a big part of it. In India, as per IMARC, the Ayurvedic products market size reached Rs 626 billion in 2022 and is expected to reach Rs 1,824 billion by 2028, exhibiting a CAGR of 19.3 per cent during 2023-2028. The Covid uncertainties made us value the importance of a healthy mind and body. The rising awareness among the masses has caused a massive shift in consumer trends and preferences towards herbal teas, infusions and Ayurvedic health supplements.

What is the nature of your product portfolio? How do you plan to expand it?

Our Ayurvedic products are: Ayurvedic teas and herbal infusions - our Ayurvedic teas are tailor-made for an individual’s Doshic body constitution, health requirements and to balance the Tridoshas. Our herbal infusions are 100 per cent natural, pure herbal blends to be consumed for relaxation, rejuvenation and alleviate lifestyle related ailments.

Ayurvedic medicines and herbal supplements - our medicines and herbal supplements include herbal extract-based capsules, decoction-based syrups, Ayurvedic massage oil and skincare gel. These help treat and prevent lifestyle-related problems.

Ayurvedic cookies - Designed to help balance the Tridoshas and satiate the taste buds, our cookies are made with 100 per cent natural ingredients like whole grain flours, brown sugar, jaggery, cow's ghee and suitable herbs, nuts and seeds. We also have gluten free and vegan options.

Ayurveda inspired Cakes - Our Ayurveda inspired cakes are made using ingredients like ghee, freshly milled multigrain flours, brown sugar, homemade nut butters and purees and can be customized as per vegetarian, vegan or gluten free too.

We envision Butterfly Ayurveda as a world-wide household Ayurvedic brand that promotes healthy living and healthy eating for all. To do this we plan on opening our own outlets, which bring together all of our offerings under one roof and enable the customers to experience the brand as a whole.

What is your export strategy?

Butterfly Ayurveda has supplied its products more particularly, its herbal tea range and customized powder range to clients in the US and Europe. It has also catered to multiple individual customer orders across different parts of the world. We have entered into agreements with international distribution networks within South East Asia and Europe, and are looking to join hands with more channel sales partners, and distribution networks to increase our outreach worldwide, and enhance our business.