Ashwagandha Market - 2023-2030
Global Ashwagandha Market reached US$ 864.12 million in 2022 and is expected to reach US$ 1356.62 billion by 2030, growing with a CAGR of 5.8% during the forecast period 2023-2030.
Consumers are highly adopting the ashwagandha and their products, as the ashwagandha is considered a natural ayurvedic herb from ancient times. It is highly used as adaptogen medicine for stress and anxiety, it also helps to cure various diseases such as cancer, diabetes, and others. Hence, such factors can contribute to driving the global ashwagandha market.
Furthermore, in response to the growing demand for natural supplement products, manufacturing companies are actively creating and introducing innovative products to meet consumer needs. For instance, in April 2023, Southern California-based supplement company- Youtheory updated its portfolios. Ashwagandha + GABA has 100mg of pharma GABA. It is shown to overcome stress and encourage relaxation, without promoting sleepiness.
The sports and nutrition-based ashwagandha supplements and Asia-Pacific region accounted for the largest share of the global ashwagandha market. Ashwagandha is believed to be the Ayurvedic medicine from ancient times. The government and manufacturers also provide some initiatives to expand the market growth.
Dynamics
Increasing Demand for Ashwagandha Supplements
Consumers are highly seeking alternative sources of synthetic drugs, which can significantly help in increasing the demand for ashwagandha as a natural supplement, as their adaptogenic properties help in managing stress and anxiety. Hence, the increasing demand for ashwagandha supplements is propelling the growth of the global ashwagandha market.
Furthermore, the increased demand for ashwagandha-based supplements can help to create opportunities for manufacturers to create innovative products. For instance, in February 2021, LupinLife company launched an ayurvedic energy supplement for men, Be One. It is a 100% aurvedic health and wellness supplement, which contains natural ingredients including ashwagandha.
Increasing Demand for Ayurvedic Medicines
The market for ashwagandha extracts is predicted to grow significantly due to the increasing demand for ayurvedic medicines. These extracts are a natural form of medicine that have been traditionally used in ayurvedic treatments to address various health conditions, including but not limited to acne, anxiety, and cardiovascular diseases.
In addition, the manufacturing companies are launching ayurvedic products of ashwagandha to expand their market sizes. For instance, in January 2024, Hi-Tech Pharmaceuticals launched AshwaPure under the ashwagandha brand, it has the highest concentration of all major roots, and it helps in reducing anxiety, and lowering blood sugar levels, strength, and stamina.
Allergic Reactions
Ashwagandha has many medicinal properties, but it's important to note that some people may be allergic to it. Allergic reactions can vary from mild symptoms like itching and rash to more severe reactions such as swelling and difficulty breathing. This can potentially limit the number of consumers and impact the growth of the market.
Segment Analysisn
The global ashwagandha market is segmented based on type, product type, form, function, distribution channel, application, and region.
Increasing Demand for Natural Sport Nutrition Products
The sports nutrition category holds the largest portion of the global ashwagandha market. The sports supplement industry is increasingly incorporating ashwagandha into various products due to its potential to regulate cortisol levels. This herb can help to assist in managing the stress response associated with intense exercise. Additionally, ashwagandha is gaining attention for its potential contributions to strength and muscle mass improvements, along with a positive impact on cardiovascular health.
Furthermore, as the demand for natural sports supplements is increasing among consumers, manufacturing companies are launching innovative products in their portfolios. For instance, in September 2020, India's sports nutrition brand MuscleBlaze combined the merits of immune and sports nutrition into one product, it launched an ashwagandha-enriched whey protein powder Biozyme Immunity Whey.
Geographical Penetration
Government Initiatives and Product Launches
The Asia-Pacific region shows the dominance in global ashwagandha market, as ashwagandha has been widely used as a medicinal and ayurvedic plant from ancient times in India, consumers in this region are highly adopting these ashwagandha and their based products as it offers various potential health benefits. Hence such cultural inclination toward herbal supplements can help in driving the ashwagandha market.
Furthermore, the regional government is developing new initiatives to meet increasing demand. For instance, in October 2022, the government of India launched the cultivation of the medicinal plant Ashwagandha on a 200-acre plantation in the Dindigul district, India. This project aims to make Dindigul a hub for medicinal plants.
Additionally, the manufacturers of this region are actively supporting the growing demand by developing innovative products. For instance, in December 2021, Wellness Brand Nidra Nutrition, a part of Supercluster Pi launched a product line of stress relief gummies containing 175 mg of Ashwagandha in India.
Competitive Landscape
The major global players in the market include Baldwa Group, Sami-Sabinsa Group, Dabur India Ltd, Himalaya Wellness Company., Swanson, Patanjali Ayurved Limited, Kerry Group plc, KAIRALI AYURVEDIC PRODUCTS PRIVATE LIMITED, Bioprex Labs, and Medikonda Nutrients.
COVID-19 Impact Analysis
The pandemic had brought a significantly positive impact on the global ashwagandha market. Due COVID-19 virus, the pandemic, and the lockdown situation and restrictions have caused stress and anxiety among consumers the coronavirus also affected the immune system of the patients. Ashwagandha helps in enhancing the immune system, this has increased the demand for the ashwagandha market.
Additionally, during COVID-19 consumers widely started adopting natural and ayurvedic products which has raised the demand for the usage of ashwagandha for various herbal and medicinal products to treat anxiety and other issues, this has raised the sales of ashwagandha and ashwagandha-based products.
By Type
• KSM-66
• Sensoril
• Hydro-Alcoholic Ashwagandha
• Crude Ashwagandha
By Product Type
• Ashwagandha Root
• Ashwagandha Leaf
• Root Mix Products
• Withanolides Content (1% -10%)
• Others
By Form
• Powder
• Capsule
• Pills
• Liquid
By Function
• Improve Stamina
• Improve Immunity
• Overall Wellbeing
• Reduces Anxiety and Stress
• Brain Health
• Muscle Strength
• Others
By Distribution Channel
• Hypermarket/Supermarket
• Specialty Stores
• Drug Stores & Pharmacies
• Convenience Stores
• Online Retail Channels
• Others
By Application
• Food & Beverages
• Sports & Nutrition
• Pharmaceutical
• Others
By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Russia
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa
Key Developments
• In April 2022, Kerry Group PLC, the taste and nutrition company, announced it had completed the acquisition of U.S.-based Natreon, Inc., a leading supplier of branded Ayurvedic botanical ingredients. The acquisition significantly expands Kerry’s leadership position and ProActive Health's portfolio of science-backed branded ingredients which includes ashwagandha, and others furthering the company’s technology growth.
• In December 2021, Glanbia Nutritionals PLC partnered with Ixoreal Biomed Inc. to optimize its KSM-66 Ashwagandha, highly concentrated root extract with NutraShield Technology, to provide functional and application dosage improvements.
• In September 2022, Nutriventia launched sustained-release Prolanza ashwagandha, the pharmacokinetic study concluded that Prolanza had a higher rate of bioavailability and absorption, and a longer shelf-life than another well-known ingredient.
Why Purchase the Report?
• To visualize the global ashwagandha market segmentation based on type, product type, form, function, distribution channel, application, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of ashwagandha market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.
The global ashwagandha market report would provide approximately 86 tables, 94 figures and 210 Pages.
Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies
- 1. Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Objective and Scope of the Report
- 2. Definition and Overview
- 3. Executive Summary
- 3.1. Snippet by Type
- 3.2. Snippet by Product Type
- 3.3. Snippet by Form
- 3.4. Snippet by Function
- 3.5. Snippet by Distribution Channel
- 3.6. Snippet by Application
- 3.7. Snippet by Region
- 4. Dynamics
- 4.1. Impacting Factors
- 4.1.1. Drivers
- 4.1.1.1. Increasing Demand for Ashwagandha Supplements
- 4.1.1.2. Increasing Demand for Ayurvedic Medicines
- 4.1.2. Restraints
- 4.1.2.1. Allergic Reactions
- 4.1.3. Opportunity
- 4.1.4. Impact Analysis
- 5. Industry Analysis
- 5.1. Porter's Five Force Analysis
- 5.2. Supply Chain Analysis
- 5.3. Pricing Analysis
- 5.4. Regulatory Analysis
- 5.5. DMI Opinion
- 6. COVID-19 Analysis
- 6.1. Analysis of COVID-19
- 6.1.1. Scenario Before COVID
- 6.1.2. Scenario During COVID
- 6.1.3. Scenario Post COVID
- 6.2. Pricing Dynamics Amid COVID-19
- 6.3. Demand-Supply Spectrum
- 6.4. Government Initiatives Related to the Market During Pandemic
- 6.5. Manufacturers Strategic Initiatives
- 6.6. Conclusion
- 7. By Type
- 7.1. Introduction
- 7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 7.1.2. Market Attractiveness Index, By Type
- 7.2. KSM-66*
- 7.2.1. Introduction
- 7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 7.3. Sensoril
- 7.4. Hydro-Alcoholic Ashwagandha
- 7.5. Crude Ashwagandha
- 8. By Product Type
- 8.1. Introduction
- 8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 8.1.2. Market Attractiveness Index, By Product Type
- 8.2. Ashwagandha Root*
- 8.2.1. Introduction
- 8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 8.3. Ashwagandha Leaf
- 8.4. Root Mix Products
- 8.5. Withanolides Content (1% -10%)
- 8.6. Others
- 9. By Form
- 9.1. Introduction
- 9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Form
- 9.1.2. Market Attractiveness Index, By Form
- 9.2. Powder*
- 9.2.1. Introduction
- 9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 9.3. Capsule
- 9.4. Pills
- 9.5. Liquid
- 10. By Function
- 10.1. Introduction
- 10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Function
- 10.1.2. Market Attractiveness Index, By Function
- 10.2. Improve Stamina*
- 10.2.1. Introduction
- 10.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 10.3. Improve Immunity
- 10.4. Overall Wellbeing
- 10.5. Reduces Anxiety and Stress
- 10.6. Brain Health
- 10.7. Muscle Strength
- 10.8. Others
- 11. By Distribution Channel
- 11.1. Introduction
- 11.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 11.1.2. Market Attractiveness Index, By Distribution Channel
- 11.2. Hypermarket/Supermarket*
- 11.2.1. Introduction
- 11.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 11.3. Specialty Stores
- 11.4. Drug Stores & Pharmacies
- 11.5. Convenience Stores
- 11.6. Online Retail Channels
- 11.7. Others
- 12. By Application
- 12.1. Introduction
- 12.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 12.1.2. Market Attractiveness Index, By Application
- 12.2. Food & Beverages*
- 12.2.1. Introduction
- 12.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 12.3. Pharmaceutical
- 12.4. Sports Nutrition
- 12.5. Others
- 13. By Region
- 13.1. Introduction
- 13.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
- 13.1.2. Market Attractiveness Index, By Region
- 13.2. North America
- 13.2.1. Introduction
- 13.2.2. Key Region-Specific Dynamics
- 13.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 13.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 13.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Form
- 13.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Function
- 13.2.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 13.2.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 13.2.9. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 13.2.9.1. U.S.
- 13.2.9.2. Canada
- 13.2.9.3. Mexico
- 13.3. Europe
- 13.3.1. Introduction
- 13.3.2. Key Region-Specific Dynamics
- 13.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 13.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 13.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Form
- 13.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Function
- 13.3.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 13.3.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 13.3.9. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 13.3.9.1. Germany
- 13.3.9.2. UK
- 13.3.9.3. France
- 13.3.9.4. Italy
- 13.3.9.5. Russia
- 13.3.9.6. Rest of Europe
- 13.4. South America
- 13.4.1. Introduction
- 13.4.2. Key Region-Specific Dynamics
- 13.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 13.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 13.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Form
- 13.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Function
- 13.4.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 13.4.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 13.4.9. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 13.4.9.1. Brazil
- 13.4.9.2. Argentina
- 13.4.9.3. Rest of South America
- 13.5. Asia-Pacific
- 13.5.1. Introduction
- 13.5.2. Key Region-Specific Dynamics
- 13.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 13.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 13.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Form
- 13.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Function
- 13.5.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 13.5.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 13.5.9. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 13.5.9.1. China
- 13.5.9.2. India
- 13.5.9.3. Japan
- 13.5.9.4. Australia
- 13.5.9.5. Rest of Asia-Pacific
- 13.6. Middle East and Africa
- 13.6.1. Introduction
- 13.6.2. Key Region-Specific Dynamics
- 13.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 13.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 13.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Form
- 13.6.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Function
- 13.6.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 13.6.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 14. Competitive Landscape
- 14.1. Competitive Scenario
- 14.2. Market Positioning/Share Analysis
- 14.3. Mergers and Acquisitions Analysis
- 15. Company Profiles
- 15.1. Baldwa group*
- 15.1.1. Company Overview
- 15.1.2. Product Portfolio and Description
- 15.1.3. Financial Overview
- 15.1.4. Key Developments
- 15.2. Sami-Sabinsa Group
- 15.3. Dabur India Ltd
- 15.4. Himalaya Wellness Company.
- 15.5. Swanson
- 15.6. Patanjali Ayurved Limited
- 15.7. Kerry Group plc
- 15.8. KAIRALI AYURVEDIC PRODUCTS PRIVATE LIMITED
- 15.9. Bioprex Labs
- 15.10. Medikonda Nutrients.
- LIST NOT EXHAUSTIVE
- 16. Appendix
- 16.1. About Us and Services
- 16.2. Contact Us
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