Global Ashwagandha Market – Industry Trends and Forecast to 2031

Ashwagandha Market Analysis and Size

Major factors expected to boost the growth of the ashwagandha market in the forecast period are the rise in several industry applications, including aerospace, steel, power, chemicals, and others. Furthermore, the increased resistance to load variations is the benefit of ashwagandha, which is further anticipated to propel the growth of the ashwagandha market.

 Data Bridge Market Research analyzes that the global ashwagandha market is expected to reach USD 128,912.32 thousand by 2031, which is USD 53,538.91 thousand in 2023, registering a CAGR of 11.61% during the forecast period of 2024 to 2031.

The "Powder" segment, classified by form, dominates the ashwagandha market. This is because Ashwagandha is primarily consumed in powdered form, making it the most popular and widely used form for various health and wellness applications.

In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Ashwagandha Market Scope and Segmentation

Market Definition

Ashwagandha is a natural herb that is used for treating a variety of health conditions. It is commonly known as Withania somnifera, also recognized as Indian ginseng, poison gooseberry, and winter cherry has been used from ancient times in many cultures for its health benefits as the Indian ayurvedic system uses Withania somnifera as medicine Rasayana (tonic), particularly as a nerve tonic. Ashwagandha is a medicinal herb that helps to cure various diseases such as cancer, diabetes, and others. The ashwagandha extract proves beneficial for reducing blood sugar levels, improving concentration, enhancing brain functioning, and helping to relieve stress. Thus, the pharmaceutical industry has a high demand for ashwagandha extract.

Global Ashwagandha Market Dynamics

Drivers

• Rapidly Increase in Demand for Ashwagandha Supplements

The ashwagandha market is witnessing a remarkable surge in demand, propelling its rapid growth. The escalating demand for ashwagandha is a key driving force behind the market expansion. It is used in traditional ayurvedic medicine and is gaining immense popularity worldwide. The increasing awareness of ashwagandha's potential health benefits is fuelling its demand on a global scale. Consumers' growing interest in natural and herbal remedies contributes to the rise in ashwagandha's market demand. The pharmaceutical and nutraceutical industries actively incorporate ashwagandha into their products, further boosting the market. The global trend towards wellness and holistic health practices positively impacts the ashwagandha market. Ashwagandha's reputation as an adaptogen, known for its stress-relieving properties, drives its popularity. The expanding consumer base, including traditional users and new adopters, propels the market growth. Market players are investing in research and development to expand the applications of ashwagandha, stimulating market growth.

• Growing Popularity of Ashwagandha due to its Nutritional and Health Benefits

Increasing awareness of the health benefits of ashwagandha among consumers, coupled with its popularity due to its nutritional and health benefits, will boost the market's growth. Ashwagandha offers numerous benefits for the body and brain as it prevents diabetes, boosts brain function, reduces anxiety and stress, and others. It has withanolides which help fight inflammation and tumor growth and act as an anti-cancerous agent as it induces apoptosis of cancer cells. The demand for ashwagandha is increasing among consumers suffering from stress and anxiety as it helps reduce the cortisol level, which is a stress hormone.

Opportunity

• Rapidly Growing Adoption of Ayurvedic Medicines

Ayurveda is an ancient healing system developed in India during the Vedic age. It is one of the world's oldest and most evolved forms of medicine. Not only does it focus on curing diseases, but it also talks about the importance of a healthy lifestyle and behaviour. It helps fight infections while maintaining our original body, attracting people to Ayurveda. Westerners are also increasingly adopting this ancient healing system and trying to learn the ways because not only does it treat diseases, but it also helps in maintaining the natural balance of the body. In addition, people nowadays are aware of the side effects of allopathic medicines, such as constipation, skin rash or dermatitis, diarrhoea, dizziness, drowsiness, dry mouth, headache, and insomnia. Thus, these side effects also enable people to switch to Ayurveda and Ayurveda medicines to maintain their health.

Restraint/Challenge

• Less Awareness Regarding the Benefits of Ashwagandha

The unawareness or less awareness about the availability of ashwagandha products and their nutrition and health benefits among consumers is one factor restraining the growth of the market. As research and development are still ongoing for ashwagandha, there is not much awareness regarding the health benefits of ashwagandha. The lack of knowledge and awareness regarding ashwagandha will restrain the market growth. Innovative programs, publication, promotions, or via social media by manufacturers of food beverages, pharmaceuticals, nutraceuticals, cosmetics, and other industries could increase awareness regarding ashwagandha's nutritional and health benefits. Moreover, ashwagandha is an ayurvedic product and is thus not regulated by governmental bodies, creating consumer concerns. A lack of awareness is expected to restrain the growth of the market.

• Side Effects of Ashwagandha

The side effects associated with the consumption of ashwagandha may hamper the market's growth. 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. Moreover, according to the studies, ashwagandha is not recommended during pregnancy as it can cause distress to the fetus. In addition, there are no standards for using ashwagandha as its an ayurvedic herb and not regulated by any governmental authority. Due to poor regulations, ashwagandha could contain some harmful contaminants such as heavy metals and others. According to the National Centre for Complementary and Integrative Health, some ayurvedic products may contain mercury, lead, and arsenic, which can harm human health.

This  ashwagandha market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the ashwagandha market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In December 2021, Dabur India Limited launched a slew of ayurveda-backed preventive healthcare and personal hygiene products in response to the COVID-19 pandemic. The company has also ramped up production of its existing range to ensure uninterrupted supplies of its healthcare and medicine products
• In November 2021, Glanbia Nutritionals partnered with Ixoreal Biomed to optimize its ashwagandha extract, KSM-66, using Nutrashield technology. Nutrashield is a microencapsulation technology that can protect the botanical extract from off-notes and increase product inclusion rates. This partnership provided customers with a powerful ingredient solution for their ready-to-mix powders, ready-to-drink beverages, chewable gummies, and effervescent

Global Ashwagandha Market Scope

The ashwagandha market is segmented on the basis of on type, product type, withanolides content, category, form, function, and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• KSM-66
• Sensoril
• Hydro-Alcoholic Ashwagandha
• Crude Ashwagandha

 Product Type

• Ashwagandha Root Product
• Ashwagandha Leaf Products
• Ashwagandha Leaf and Root Mix Product

Withanolides Content

• 1% Withanolides
• 2% Withanolides
• 2.5% Withanolides
• 5% Withanolides
• 10% Withanolides
• Others

Category

• Regular
• Full Spectrum

Form

• Powder
• Capsule
• Liquid

Function

• Improved Stamina
• Improved Immunity
• Overall Wellbeing
• Reduced Anxiety and Stress
• Brain Health
• Muscle Strength
• Others

Application

• Food & Beverages
• Pharmaceutical
• Dietary Supplements
• Sports Nutrition
• Others

Global Ashwagandha Market Regional Analysis/Insights

The ashwagandha market is analyzed and market size insights and trends are provided on basis of on type, product type, withanolides content, category, form, function, and application as referenced above.

The countries covered in the ashwagandha market report are U.S., Canada, Mexico, Germany, U.K. France, Spain, Belgium, Russia, Netherland, Italy, Turkey, Switzerland, Sweden, Denmark, Norway, Finland, rest of Europe, India, China, Japan, Australia, South Korea, Singapore, Thailand, Indonesia, Taiwan, Hong Kong, Malaysia, New Zealand, Philippines, rest of Asia-Pacific, Brazil, Argentina, rest of South America, U.A.E., Saudi Arabia, South Africa, Egypt, Qatar, Kuwait, Bahrain, Oman, Israel, and rest of Middle East and Africa.

North America is expected to dominate the market due to many product launches in the region's major markets and increasing consumer awareness. There is rising awareness and demand for plant-based products, including ashwagandha, as consumers seek alternatives to conventional pharmaceuticals. Asia-Pacific is expected to grow with the highest CAGR due to increased awareness about ashwagandha's potential health benefits and a cultural inclination toward herbal supplements in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure growth Installed base and New Technology Penetration

The ashwagandha  also provides you with detailed market analysis for every country growth in expenditure for capital equipment, installed base of different kind of products for ashwagandha market, impact of technology using life line curves and changes in regulatory scenarios and their impact on the ashwagandha market. The data is available for historic period 2010-2020.

Competitive Landscape and Global Ashwagandha Market Share Analysis     

The ashwagandha market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies focus related to global ashwagandha market.

Some of the major players operating in the ashwagandha market are:

• KSM66 Ashwagandha (Ixoreal Biomed) (U.S.)
• Sami-Sabinsa Group (India)
• Dabur India Limited (India)
• Himalaya Wellness Company (India)
• Swanson (U.S.)
• Zanducare (A Subsidiary of Emami Ltd.) (India)
• Patanjali AyurvedIndia
• Herbochem (India)
• Apex International (India)
• Kerry Group plc (Ireland)
• KAIRALI AYURVEDIC PRODUCTS PRIVATE LIMITED (India)
• Bioprex Labs (India)
• Natreon Inc. (U.S.)
• Medikonda Nutrients (India)
• Carrubba Inc. (U.S.)
• Organic India Pvt. Ltd. (India)
• Zoic Pharmaceuticals (India)
• Creative Enzymes (U.S.)
• Aunutra Industries Inc. (U.S.)

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