Ashwagandha Extract Market
Ashwagandha Extract Market Forecasts to 2030 - Global Analysis By Type (KSM-66, Sensoril, Hydro-Alcoholic Ashwagandha, Crude Ashwagandha and Other Types), Form, Function, Distribution Channel, Application and By Geography
According to Stratistics MRC, the Global Ashwagandha Extract Market is accounted for $1.1 billion in 2023 and is expected to reach $2.6 billion by 2030 growing at a CAGR of 13.4% during the forecast period. Ashwagandha extract, derived from the roots of the Withania somnifera plant, is an ancient herb used in Ayurvedic medicine. Renowned for its adaptogenic properties, it helps the body manage stress by regulating cortisol levels. It also supports immune function and enhances overall well-being. Rich in antioxidants, it combats inflammation and may improve brain function, memory, and mood. Moreover, Ashwagandha extract may lower blood sugar levels and reduce symptoms of anxiety and depression.
According to the studies, large doses of ashwagandha could cause upset stomach, diarrhoea, and vomiting, liver problems. It may also irritate the intestinal mucosa, leading to other digestive problems.
Market Dynamics:
Driver:
Rising awareness of the health benefits of ashwagandha
As more people become aware of the potential health benefits of ashwagandha, there is a corresponding increase in demand for ashwagandha extract products. Consumers are seeking natural remedies for various health concerns, including stress, anxiety, insomnia, and immune support, among others. Further manufacturers are developing new formulations and delivery methods to make ashwagandha extract more accessible and appealing to consumers. This heightened demand is driving growth in the ashwagandha extract market.
Restraint:
Limited clinical research
Without robust clinical research backing its health claims, ashwagandha extract may struggle to gain credibility among healthcare professionals and consumers. Concerns about product quality, purity, and potential side effects may deter some consumers from purchasing ashwagandha extract supplements. Thus the absence of scientific validation can create skepticism and uncertainty about its effectiveness and safety, hindering widespread adoption and market growth.
Opportunity:
Growing demand for natural and herbal remedies
As consumers increasingly seek natural alternatives to conventional medicines, the demand for herbal supplements like ashwagandha extract has surged. It attracts not only health-conscious individuals but also those seeking relief from specific health concerns, such as stress, anxiety, fatigue, and sleep disturbances. Ashwagandha's reputation as an adaptogenic herb with potential health benefits for stress relief, immune support, and overall well-being aligns well with the preferences of individuals looking for holistic solutions encourage the growth of the market.
Threat:
Potential side effects
The presence of potential side effects may attract regulatory scrutiny from health authorities and regulatory agencies. Concerns about consumer safety may prompt regulatory bodies to impose stricter regulations on ashwagandha extract products, including labeling requirements, dosage restrictions, or even potential bans in certain regions. This can hinder market access and growth for manufacturers and distributors.
Covid-19 Impact
Increased awareness of ashwagandha's adaptogenic properties and its traditional use in Ayurvedic medicine have fueled demand for supplements and extracts. Lockdowns and health concerns have accelerated the shift towards online purchasing channels, driving further market growth. Additionally, research suggesting potential antiviral and immune-modulatory effects of ashwagandha has sparked interest among consumers and researchers alike, contributing to the resilience of the market amidst the pandemic's challenges.
The hydro-alcoholic ashwagandha segment is expected to be the largest during the forecast period
The hydro-alcoholic ashwagandha segment is estimated to have a lucrative growth, as it represents a specific formulation of this herbal extract that may appeal to certain consumers or industries. Hydro-alcoholic extraction is known to yield a concentrated extract with higher potency compared to other extraction methods. This increased potency may appeal to consumers seeking more potent supplements for health benefits which further drives the growth of the market.
The reduced anxiety and stress segment is expected to have the highest CAGR during the forecast period
The reduced anxiety and stress segment is anticipated to witness the highest CAGR growth during the forecast period, as awareness about the link between stress and various health issues grows, more consumers are seeking natural remedies to manage stress and anxiety. Ashwagandha, with its reputation as an adaptogen, becomes an attractive option for individuals looking for natural stress-relief solutions. This expansion of the consumer base can lead to increased sales and market growth.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period. Ashwagandha is a traditional Ayurvedic herb that has been used for centuries to treat a variety of health conditions. With the growing popularity of natural and organic products, consumers in the Asia Pacific region are becoming increasingly aware of the potential health benefits of ashwagandha. These benefits include reducing stress and anxiety, improving sleep quality, boosting immunity, and increasing energy levels. This trend is expected to drive the demand for ashwagandha extract products in the region.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, due to extensive awareness about using ayurvedic herbs medicines including ashwagandha extract and acceptance by the large population in the region. People are beginning to discover ayurveda as a sister science of yoga. Increasing consumer awareness and growing demand for ayurvedic medicines products in the region is expected to gain a major traction in the market. Furthermore, growing demand for sports nutrition and dietary supplement in the U.S. is likely to boost the growth of the North America ashwagandha extract market during the forecast period.
Key players in the market
Some of the key players in the Ashwagandha Extract Market include Apex International, Banyan Botanicals Corporation, Dabur India Limited, Himalaya Herbal Healthcare, Kerry Group plc, KSM66 Ashwagandha, Medikonda Nutrients, Natreon Inc, Nature's Answer Inc., NOW Foods Co., Organic India PVT Ltd., Paradise Herbs & Essentials Inc., Patanjali AyurvedIndia, Planetary Herbals Co., Sami-Sabinsa Group, Solaray Inc., Solgar Inc., Swanson Health Products Inc. and Zoic Pharmaceuticals
Key Developments:
In March 2024, Banyan Botanicals and other companies in the natural products sector will collaborate to establish data on the greenhouse gas emissions associated with the agricultural production of herbs.
In January 2024, Kerry completes acquisition of science-backed branded botanical extract company Natreon. The branded ingredients in Natreon’s portfolio are protected by a wide range of U.S. and foreign patents and supported by a total of 52 clinical studies which support the efficacy of their health benefits.
In January 2024, Tata Consumer Products Ltd (TCPL) announced that it would acquire 100% of Organic India's equity shares. The acquisition will include TCPL's purchase of Capital Foods, the owner of Organic India and Ching's Secret, and Smith & Jones.
Types Covered:
• KSM-66
• Sensoril
• Hydro-Alcoholic Ashwagandha
• Crude Ashwagandha
• Other Types
Forms Covered:
• Capsule
• Powder
• Liquid
Functions Covered:
• Improved Immunity
• Improved Stamina
• Reduced Anxiety and Stress
• Overall Wellbeing
• Muscle Strength
• Brain Health
• Other Functions
Distribution Channels Covered:
• Business to Consumer (B2C)
• Business to Business (B2B)
• Other Distribution Channels
Application Covered:
• Traditional Medicine (Ayurveda)
• Dietary Supplements
• Foods & Beverages
• Pharmaceuticals Industry
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Ashwagandha Extract Market, By Type
5.1 Introduction
5.2 KSM-66
5.3 Sensoril
5.4 Hydro-Alcoholic Ashwagandha
5.5 Crude Ashwagandha
5.6 Other Types
6 Global Ashwagandha Extract Market, By Form
6.1 Introduction
6.2 Capsule
6.3 Powder
6.4 Liquid
7 Global Ashwagandha Extract Market, By Function
7.1 Introduction
7.2 Improved Immunity
7.3 Improved Stamina
7.4 Reduced Anxiety and Stress
7.5 Overall Wellbeing
7.6 Muscle Strength
7.7 Brain Health
7.8 Other Functions
8 Global Ashwagandha Extract Market, By Distribution Channel
8.1 Introduction
8.2 Business to Consumer (B2C)
8.2.1 Hypermarkets or Supermarkets
8.2.2 Specialty Stores
8.2.3 Drug Stores & Pharmacies
8.2.4 Convenience Stores
8.2.5 Online Retail Channels
8.3 Business to Business (B2B)
8.4 Other Distribution Channels
9 Global Ashwagandha Extract Market, By Application
9.1 Introduction
9.2 Traditional Medicine (Ayurveda)
9.3 Dietary Supplements
9.4 Foods & Beverages
9.5 Pharmaceuticals Industry
9.6 Other Applications
10 Global Ashwagandha Extract Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Apex Internationa
12.2 Banyan Botanicals Corporation
12.3 Dabur India Limited
12.4 Himalaya Herbal Healthcare
12.5 Kerry Group plc
12.6 KSM66 Ashwagandha
12.7 Medikonda Nutrients
12.8 Natreon Inc
12.9 Nature's Answer Inc.
12.10 NOW Foods Co.
12.11 Organic India PVT Ltd.
12.12 Paradise Herbs & Essentials Inc.
12.13 Patanjali AyurvedIndia
12.14 Planetary Herbals Co.
12.15 Sami-Sabinsa Group
12.16 Solaray Inc.
12.17 Solgar Inc.
12.18 Swanson Health Products Inc.
12.19 Zoic Pharmaceuticals
List of Tables
1 Global Ashwagandha Extract Market Outlook, By Region (2021-2030) ($MN)
2 Global Ashwagandha Extract Market Outlook, By Type (2021-2030) ($MN)
3 Global Ashwagandha Extract Market Outlook, By KSM-66 (2021-2030) ($MN)
4 Global Ashwagandha Extract Market Outlook, By Sensoril (2021-2030) ($MN)
5 Global Ashwagandha Extract Market Outlook, By Hydro-Alcoholic Ashwagandha (2021-2030) ($MN)
6 Global Ashwagandha Extract Market Outlook, By Crude Ashwagandha (2021-2030) ($MN)
7 Global Ashwagandha Extract Market Outlook, By Other Types (2021-2030) ($MN)
8 Global Ashwagandha Extract Market Outlook, By Form (2021-2030) ($MN)
9 Global Ashwagandha Extract Market Outlook, By Capsule (2021-2030) ($MN)
10 Global Ashwagandha Extract Market Outlook, By Powder (2021-2030) ($MN)
11 Global Ashwagandha Extract Market Outlook, By Liquid (2021-2030) ($MN)
12 Global Ashwagandha Extract Market Outlook, By Function (2021-2030) ($MN)
13 Global Ashwagandha Extract Market Outlook, By Improved Immunity (2021-2030) ($MN)
14 Global Ashwagandha Extract Market Outlook, By Improved Stamina (2021-2030) ($MN)
15 Global Ashwagandha Extract Market Outlook, By Reduced Anxiety and Stress (2021-2030) ($MN)
16 Global Ashwagandha Extract Market Outlook, By Overall Wellbeing (2021-2030) ($MN)
17 Global Ashwagandha Extract Market Outlook, By Muscle Strength (2021-2030) ($MN)
18 Global Ashwagandha Extract Market Outlook, By Brain Health (2021-2030) ($MN)
19 Global Ashwagandha Extract Market Outlook, By Other Functions (2021-2030) ($MN)
20 Global Ashwagandha Extract Market Outlook, By Distribution Channel (2021-2030) ($MN)
21 Global Ashwagandha Extract Market Outlook, By Business to Consumer (B2C) (2021-2030) ($MN)
22 Global Ashwagandha Extract Market Outlook, By Hypermarkets or Supermarkets (2021-2030) ($MN)
23 Global Ashwagandha Extract Market Outlook, By Specialty Stores (2021-2030) ($MN)
24 Global Ashwagandha Extract Market Outlook, By Drug Stores & Pharmacies (2021-2030) ($MN)
25 Global Ashwagandha Extract Market Outlook, By Convenience Stores (2021-2030) ($MN)
26 Global Ashwagandha Extract Market Outlook, By Online Retail Channels (2021-2030) ($MN)
27 Global Ashwagandha Extract Market Outlook, By Business to Business (B2B) (2021-2030) ($MN)
28 Global Ashwagandha Extract Market Outlook, By Other Distribution Channels (2021-2030) ($MN)
29 Global Ashwagandha Extract Market Outlook, By Application (2021-2030) ($MN)
30 Global Ashwagandha Extract Market Outlook, By Traditional Medicine (Ayurveda) (2021-2030) ($MN)
31 Global Ashwagandha Extract Market Outlook, By Dietary Supplements (2021-2030) ($MN)
32 Global Ashwagandha Extract Market Outlook, By Foods & Beverages (2021-2030) ($MN)
33 Global Ashwagandha Extract Market Outlook, By Pharmaceuticals Industry (2021-2030) ($MN)
34 Global Ashwagandha Extract Market Outlook, By Other Applications (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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