HR turned entrepreneur Shreedha Singh is on a mission to bring Ayurvedic products to every home of the nation and all across the globe through her new venture The Ayurveda Company. She speaks to us about the idea behind the brand and the market trends that have been in TAC’s favour.
India as a nation has been blessed with ancient wisdom and knowledge in all aspects of life. For eons Indians had utilized our knowledge of Ayurveda, an ancient science and healthcare sector. However, with modernization and ingress of western medicine, we lost touch with this ancient science.
Butgood things cannot remain hidden for too long; the same happened with Ayurveda. Over the past few years there has been an upsurge in people’s interest in Ayurvedic products. This trend was a massive upswing during the Covid-19 crisis. Consumers today actively seek Ayurvedic products. However it is easier said than done. Available products often fall under two categories, premium but expensive and affordable but low-quality.
HR turned entrepreneur Shreedha Singh also noticed this pattern. She explains, “The Ayurveda market in India has been growing exponentially. For the longest time, the divide between mass Ayurveda & premium Ayurveda has polarized the audience. Within the section of the audience that is aware of Ayurveda could either choose mass ayurvedic products, which didn't match the quality expectations, or premium Ayurvedic products, which were not affordable for the masses.”
A natural course of action for her was to formulate a brand that would bridge the gap between premium and massy personal care Ayurvedic products. Along with her husband ParamBhargava, she founded The Ayurveda Company in 2021. The brand creates concerned led & concern orientedhigh-quality Ayurvedic products at affordable price points for the masses.
“We are innovating Ayurveda for the masses, bringing them closer to every home of the nation and all across the globe. This way, we bring solutions from the dusted pages of Ayurveda to Gen Z &millennials, creating a connection with the 3000-year-old science of life,” adds Shreedha
Vision Driven by Personal Experience
But TAC isn’t Shreedha’s first tryst with Ayurveda. In 2019 the husband wife duo had founded Khadi essentials. Both the brands, Khadi Essentials and T.A.C are a result of the duo’s personal connection with Ayurveda.
Shreedha reminisces about the time when Ayurveda first came into her life, “When I shifted to Gurugram, amidst the hectic lifestyle and work, I got a chronic skin problem known as Hives. After trying every possible solution offered by Allopathy, Ayurveda came to my rescue.”
While living in the south of India, the duo closely understood the essence of Ayurveda, the grace & simplicity it holds and the power to simplify any health-related troubles.
While Ayurveda is a beautiful concept yet the struggle is the time and effort it demands. Consumers have also moved away from this ancient science and suffer from a weakened belief system in Ayurveda's effectiveness.
Growing up Millennialshave had a distant relationship with Ayurveda. T.A.C intends to introduce the coming generations to the life-changing habits & benefits that Ayurveda imparts, break the cumbersome imagery of Ayurveda and give a resolve to the biggest pain point of customers, Ayurveda’s efficacy and time it takes to give the results.
“Param& I wanted to bring out this Science of Life for the masses at the right price points in the highest quality, to make it available for everyone so that people can adopt Ayurveda in their everyday lives easily.” She further explains, “We knew that Ayurveda can be broadened further and made available for everyone. With Ayurveda, it is not just the external solutions, but had to be holistic, hence T.A.C was born.”
Burgeoning Market&Changing Consumer Habits
Shreedha and Param’s mission to popularize Ayurveda among the younger population is built on careful market analysis. The Indian beauty & wellness market has been on an upswing lately and the Ayurvedic beauty & wellness market is a subset of the same. The larger beauty, personal care, health & wellness market is overall valued at $30 billionand is growing at a CAGR of 16 percent. Within that, the market for Ayurvedicproducts is currently worth close to $7 billion. This sector is growing much faster than the larger beauty & wellness market at the rate of 21 percent CAGR.
“In the coming decade the Ayurvedic health and wellness category will see a lot of traction,” believes Shreedha.
This impending growth has come as a result of Indian consumers’ evolving buying habits. While the older generation had no accessibility to new-age products, today’s consumers are spoilt for choices. Shreedha explains, “The fact that people now talking about it as a big transition shows that it is front stage as compared to the older counterparts who would never talk about it.”
She further explains how trends have evolved and impacted market growth. Today consumers have increased trust in virtual payments and plastic money. There is also ease of access to make the purchase from where ever you are with several options being available.
With Internet adoption consumers are also exposed to content 24*7. This brings increased awareness and prompts them to experiment with new brands. Influencer led marketing and celebrities endorsing products has also made new-age products more relatable to a wider consumer base. These factors are collectively creating a positive impact on the respective category’s growth.
Growth Journey Ahead
T.A.C is establishing itself in the Indian D2C FMCG Ayurvedicproduct market. Within a few months of being in the market, TAC has become an omnichannel format brand evolving from being an E-commerce exclusive format.
“There has been a consistent growth of 25%-30% at month-on-month basis in the last 15 months of T.A.C’s inception. At this point, the market share is still small as we’ve just started this journey. Currently, we would be at 0.1% of the overall Ayurveda market which is $7 billion,” says Shreedha with confidence. The brand had raised a seed fund of about $3 million from AzimPremji’s Wipro Consumer Care Ventures in March 2022.
TAC also raised series A funding in November. The round was initiated by actress Kajal Aggarwal and was worth close to $15 million. Speaking about the brand’s future plans Shreedha says, “In the next 3-5 years, we expect to create a larger market for the portfolio & acquire a sizeable chunk of 10% in the Ayurveda market of the country."