Mumbai: Yoga guru Baba Ramdev’s brainchild Patanjali is all set to face competition as spiritual guru Sri Sri Ravi Shankar will foray into the retail ayurveda products sector by opening 1,000 stores.
The founder of the Art of Living Foundation, Sri Sri Ravi Shankar, will open about 1,000 ‘Sri Sri Tatva’ stores that will sell ayurveda retail products like toothpastes, detergents, ghee and cookies.
Spearheaded by the Rs 10,000 crore-company Patanjali, there has been a surge in demand for ayurveda and herbal products in India. “People have now accepted ayurvedic products in their daily lives, and we believe our brand offerings are different compared to those of existing players,” Tej Katpitia, chief executive of Sri Sri Ayurveda (SSA) Trust told the Economic Times.
Sri Sri Ravi Shankar’s company has already been selling health drinks, soaps, spices for a while now but will now expand its portfolio by including food and home categories. The company will make over 300 products at its three manufacturing units in India.
The company targets to open its first store in September and around 50 stores by November. “The aim is to have a billion dollar business in the next few years,” said Gaurav Marya, chairman of Franchise India Holdings, that is providing the company with franchise partners.
According to a study by TechSci Research, the India Ayurvedic products market is projected to grow at a rate of 16 per cent during 2016-2021.