Ashwagandha Extract Market - 2023-2030

Ashwagandha Extract Market - 2023-2030

Global Ashwagandha Extract Market reached US$ 628.4 million in 2022 and is expected to reach US$ 1063.6 billion by 2030, growing with a CAGR of 6.8% during the forecast period 2023-2030.

The global ashwagandha extract market has witnessed significant growth and transformations over the years, as consumers are adopting ashwagandha extracts such as leaves, and roots as they contain medicinal properties. It is used in dietary supplements and ayurvedic medicine to ease pain and inflammation, treat insomnia, and boost nutrition, along with other conditions.

In addition, as the popularity of ashwagandha extracts is increasing, manufacturers are introducing different products with health benefits such as sports nutrition, memory, and aging, immune support among others. For instance, in December 2021, Nidra Nutrition launched a product line of stress relief gummies containing 175 mg of Ashwagandha.

The dietary supplements segment accounts for the largest share of the global ashwagandha extracts market. Similarly, the Asia-Pacific region also shows its dominance on world share, as the manufactures in this region are launching innovative products by using ashwagandha extracts to meet the consumer's demand in this region.

Dynamics

Increasing Demand for Ayurvedic Medicines

The growing demand for ayurvedic medicines is expected to propel the market for ashwagandha extracts. Ashwagandha extracts are a natural form of medicine that has been used in traditional ayurvedic treatments for various health conditions such as acne, anxiety, cardiovascular diseases, and many others.

Furthermore, the rising demand for ayurvedic medicines is expected to create opportunities for developing a wide range of ashwagandha extracts in medicines. For instance, in February 2021, LupinLife company launched an ayurvedic energy supplement for men, Be One. It is a 100% Ayurvedic health and wellness supplement, which contains natural ingredients including ashwagandha.

Rising in Health Consciousness Among Consumers

As people become more health-conscious, there is a shift towards ayurvedic herbs like ashwagandha, as they have natural medicinal properties such as anti-inflammatory and antioxidant properties. This herb offers natural medicinal properties including anti-inflammatory and antioxidant benefits. It can help lower cholesterol levels, anxiety, stress, and others. Therefore, the mentioned factors are likely to supplement the growth of the ashwagandha extract market size during the forecast period.

Furthermore, manufacturing companies are introducing innovative ashwagandha products in their portfolios. 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.

Side Effects of Ashwagandha

Although ashwagandha possesses numerous medicinal properties, some individuals may be allergic to Ashwagandha. Allergic reactions can range from mild symptoms such as itching and rash to more severe reactions like swelling and difficulty breathing. It might limit the consumer bases and can impact the growth of the market.

Segment Analysisn

The global ashwagandha extract market is segmented based on product type, category, form, distribution channel, application and region.

Increasing the Demand for Ashwagandha Dietary Supplements

The dietary supplements segment accounts for the maximum share of the global ashwagandha extract market, consumers are ashwagandha adaptogen, which means it may help the body adapt to stress and promote a balanced response to various stressors. Hence, such factors can help contribute to the global ashwagandha extracts market.

In addition, supplement-producing companies are highly focused on developing innovative products with ashwagandha. 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.

Geographical Penetration

Product Launches

Asia-Pacific has been a dominant force in the global ashwagandha extract market and its significance has only grown in the post-2020 era. Ashwagandha has been used as ayurvedic medicine from ancient times in India, as consumers of this region are also highly adopting the ashwagandha extracts for various health conditions, which significantly helps in driving the market growth.

Furthermore, as the consumer demand is high in this region manufacturing companies in this region are investing in developing the ashwagandha market to meet the demand and to increase the revenue generated from this market. For instance, in May 2020, India's manufacturer BodyFirst launched ashwagandha products. Some of the firm's key products are astaxanthin capsules made with clinically tested KSM-66 ashwagandha from Ixoreal Biomed.

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 outbreak of the COVID-19 pandemic has shown a positive impact on the global ashwagandha extracts market. Consumer demand for herbal supplements is increasing, including ashwagandha, as they enhance the immune system and reduce stress. This has increased the sales of ashwagandha extracts and ashwagandha-based supplements & food products.

By Product Type
• Ashwagandha Root
• Ashwagandha Leaf
• Root Mix Products
• Withanolides Content (1% -10%)
• Others

By Category
• Regular
• Full Spectrum

By Form
• Powder
• Capsule
• Pills
• Liquid

By Distribution Channel
• Hypermarket/Supermarket
• Specialty Stores
• Drug Stores & Pharmacies
• Convenience Stores
• Online Retail Channels
• Others

By Application
• Food & Beverages
• Pharmaceutical
• Dietary Supplements
• Sports Nutrition
• 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, a taste and nutrition company acquired U.S.-based Natreon, Inc., a leading supplier of branded Ayurvedic botanical ingredients.
• In December 2021, Glanbia Nutritionals 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.

Why Purchase the Report?
• To visualize the global ashwagandha extract market segmentation based on product type, category, form, 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 extract 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 Extract market report would provide approximately 78 tables, 79 figures and 210 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies