North America Ashwagandha Market, By Type (KSM-66, Sensoril, Hydro-alcoholic Ashwagandha, Crude Ashwagandha, Others), 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), Category (Regular, Full Spectrum), Form (Powder, Capsule, Liquid), Function (Improved Stamina, Improved Immunity, Overall Wellbeing, Reduced Anxiety and Stress, Brain Health, Muscle Strength), Application (Food & Beverages, Pharmaceutical, Dietery Supplements, Sports Nutrition, Others), Country (U.S., Canada, Mexico) Industry Trends and Forecast To 2029.
Market Analysis and Insights: North America Ashwagandha Market
The ashwagandha market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the market is growing with a CAGR of 12.2% in the forecast period of 2022 to 2029 and is expected to reach USD 39.20 million by 2029. Rising demand for ayurvedic medicines as a cure to various health ailments including constipation, arthritis, stress, diabetes, insomnia and gastrointestinal issues thus acts as driver for the ashwagandha market growth.
Ashwagandha is a natural herb, which is used for treating 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 such as Indian ayurvedic system uses withania somnifera as medicine Rasayana (tonic), particularly since a nerve tonic. Ashwagandha is considered an effective ingredient for maintaining the vitality and rejuvenation and boosting general health.
The leaves and root of this short herb have versatile medicinal values. It is used for various kinds of disease processes and especially as a nervine tonic of herbal extracts or herbal powders. ashwagandha is a medicinal herb that helps to cure various diseases such as cancer, diabetes, and others. The ashwagandha extract proves beneficial for reducing the blood sugar levels, improves concentration, enhances brain functioning, and helps to relieve stress. Thus, there is a high demand for ashwagandha extract from the pharmaceutical industry.
Rising demand for ayurvedic medicines as a cure to various health ailments including constipation, arthritis, stress, diabetes, insomnia and gastrointestinal issues and high awareness about their benefits among consumers is largely expected to boost growth in the North America ashwagandha market. The major restraint which is impacting the North America ashwagandha market negatively are lack of awareness amongst people regarding benefits of ashwagandha which are restraining the growth in the North America ashwagandha market.
The ashwagandha market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. to understand the analysis and the ashwagandha market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Ashwagandha Market Scope and Market Size
The ashwagandha market is segmented on the base of based on type, product type, withanolides content, category, form, function and application. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of type, the North America ashwagandha market is segmented into KSM-66, sensoril, hydro-alcoholic ashwagandha, crude ashwagandha, and others. In 2022, KSM-66 is expected to dominate the North America ashwagandha market owing its effective helath benefits resulted in its adoption by various application such as food & beverages, and pharmaceuticals, and ongoing clinical trials on KSM-66 ashwagandha.
- On the basis of product, the North America ashwagandha market is segmented into ashwagandha root product, ashwagandha leaf products and ashwagandha leaf and root mix product. In 2022, ashwagandha root product is expected to dominate the North America ashwagandha market, owing to its growing use of ashwagandha roots in various functional food and supplements.
- On the basis of withanolides content, the North America ashwagandha market is segmented into 1% withanolides, 2% withanolides, 2.5% withanolides, 5% withanolides, 10% withanolides and others. In 2022, 5% withanolides segment is expected to dominate the North America ashwagandha market owing as they are helpful in reducing various diseases such as reducing swelling and inflammation, postpartum pain, skin diseases, and amongst others.
- On the basis of category, the North America ashwagandha market is segmented regular and full spectrum. In 2022, full spectrum segment is expected to dominate the North America ashwagandha market owing to their ability to improve an individual's resistance towards stress and thereby improves self-assessed quality of life.
- On the basis of form, the North America ashwagandha market is segmented into powder, capsule and liquid. In 2022, powder segment is expected to dominate the North America ashwagandha market, as powder is directly extracted from ashwagandha market and is widely used in various application owing to ease of application during production.
- On the basis of function, the North America ashwagandha market is segmented improved stamina, improved immunity, overall wellbeing, reduced anxiety and stress, brain health and muscle strength. In 2022, reduced anxiety and stress segment is expected to dominate the North America ashwagandha market owing to rising number of cases of anxiety and stress due to changing lifestyle.
- On the basis of application, the North America ashwagandha market is segmented into food & beverages, pharmaceutical, dietery supplements, sports nutrition and others. In 2022, dietery supplements segment is expected to dominate the North America ashwagandha market, as ashwagandha helps in weight management and also increase efficiency of the body during workouts and exercise.
Ashwagandha Market Country Level Analysis
The ashwagandha market is analyzed and market size information is provided by the country, type, product type, withanolides content, category, form, function and application as referenced above.
The countries covered in the North America ashwagandha market report are U.S., Canada, and Mexico.
- In North America, U.S. is expected to dominate the market owing to growing health awareness amongst people.
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 such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Growing Strategic Activities by Major Market Players to Enhance the Awareness for Ashwagandha is Boosting the Market Growth of Ashwagandha market.
The ashwagandha market also provides you with detailed market analysis for every country growth in particular market. Additionally, it provides the detail information regarding the market players’ strategy and their geographical presence. The data is available for historic period 2012 to 2020.
Competitive Landscape and Ashwagandha Market Share Analysis
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, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to ashwagandha market.
The major companies which are dealing in the ashwagandha are Ixoreal Biomed (KSM66 Ashwagandha), Bioprex Labs, Medikonda Nutrients, Greenjeeva, Aunutra Industries Inc., Sabinsa, Carrubba INC, Creative Enzymes, Simply By Nature Ltd., Natreon Inc, Herbochem, HERBAL CREATIONS, and amongst others. among other domestic players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many contract and agreement are also initiated by the companies’ worldwide which are also accelerating the ashwagandha market.
- In November, 2019, Carrubba INC partnered with Biesterfeld for the distribution of aromatic and botanic extracts product in Brazil. This partnership helps the company in extending their distribution network in European region.
Collaboration, product launch, business expansion, award and recognition, joint ventures and other strategies by the market player is enhancing the company footprints in the ashwagandha market which also provides the benefit for organization’s profit growth.