Ashwagandha Extract Market Size, Scope & Growth Report, 2032
Ashwagandha Extract Market Size, Scope & Growth Drivers 2024-2032

Ashwagandha Extract Market Share, Size, Trends, Industry Analysis Report, By Type (Immunity Health, Stress and Anxiety, Weight Loss, General Health); By Form; By Application; By Distribution Channel; By Region; Segment Forecast, 2024 - 2032

  • Published Date:Feb-2024
  • Pages: 116
  • Format: PDF
  • Report ID: PM4602
  • Base Year: 2023
  • Historical Data: 2019-2022

Report Outlook

Global ashwagandha extract market size was valued at USD 704.89 million in 2023. The market is anticipated to grow from USD 774.47 million in 2024 to USD 1,666.18 million by 2032, exhibiting the CAGR of 10.0% during the forecast period.

Market Overview

The traditional use of Ashwagandha for multiple purposes, specifically in promoting immunity, health, weight loss, stress, and anxiety, is significantly driving the demand for ashwagandha extract in the marketplace. The uptick in the number of people opting for Ayurvedic medicine is exhibiting tremendous growth opportunities for the ashwagandha extract market. The rising population interest in mitigating deadly viruses and diseases by promoting their immunity power is likely to boost the ashwagandha extracts market size growth.

Ashwagandha Extract Market Size

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The ashwagandha extract market analysis encompasses various aspects related to the production, distribution, and consumption of Ashwagandha (Withania somnifera) extracts. This is derived from ashwagandha root extracts and leaves of the ashwagandha plant and is known for its adaptogenic properties, which are believed to provide several health benefits. The market scope includes, but is not limited to, the following aspects:

Moreover, ashwagandha extract is gaining utility in the food industry, driven by its enormous potential to improve sleep quality. The market trends cover different forms of ashwagandha extracts, such as ashwagandha extracts powder, capsules, liquid extracts, and others.

Ashwagandha extract is used in various industries, including pharmaceuticals, nutraceuticals, cosmetics, and food and beverages. The market scope would consider the diverse applications of Ashwagandha Extract across these industries.

Furthermore, the end-user industries for ashwagandha extract include pharmaceutical companies, dietary supplement manufacturers, cosmetic product developers, and food and beverage companies.

However, the lower awareness of ashwagandha extract among the population and the higher familiarity with chemical-based medicines are expected to restrain the growth of the market during the forecast period.

Growth Drivers

Rising research studies focusing on the extraction process of Ashwagandha

The growing research studies engaging deeply into the Ashwagandha extract properties and extraction mechanisms are showcasing enormous ashwagandha extracts market opportunities. Research studies focusing on the extraction process of Ashwagandha aim to develop more efficient methods that can yield higher quantities of extracts while maintaining their quality. This increased efficiency in extraction processes contributes to meeting the growing demand for Ashwagandha extracts in the market.

By studying the extraction process, researchers aim to identify optimal conditions and techniques that result in extracts with enhanced potency, purity, and bioavailability. Improved quality of Ashwagandha extracts ensures better efficacy and consumer satisfaction, driving their demand in various applications. 

The growing innovations using ashwagandha extract

The growing innovations in the utilization of Ashwagandha extract are acting as significant growth drivers for the Ashwagandha Extract market. These innovations involve exploring novel applications, formulations, and delivery methods to enhance the versatility and effectiveness of Ashwagandha extract.

Innovations in processing and formulation have led to the development of various product forms such as capsules, powders, liquid extracts, and topical applications. This diversification caters to consumer preferences and facilitates easy incorporation into different industries such as pharmaceuticals, nutraceuticals, cosmetics, and food and beverages.

The incorporation of Ashwagandha extract into functional foods and beverages is a notable innovation. Beverage manufacturers, for example, may introduce Ashwagandha-infused drinks, teas, or health beverages, capitalizing on the adaptogenic properties of the herb.

Restraining Factors

The side effects of ashwagandha extract

The existence of fewer clinical studies expressing the potential use of ashwagandha extract among the population is likely to limit the demand for it in the global market. Furthermore, the adverse effects of excess consumption of ashwagandha extracts, such as diarrhea, nausea, vomiting, and others, are expected to hamper the growth of the ashwagandha extract during the study period.

Report Segmentation

The market is primarily segmented based on type, form, application, distribution channel and region.

By Type

By Form

By Application

By Distribution Channel

By Region

  • Immunity Health
  • Stress And Anxiety
  • Weight Loss
  • General Health
  • Powder
  • Capsules Or Tablets
  • Liquid
  • Other Forms
  • Dietary Supplements
  • Traditional Medicine (Ayurveda)
  • Foods and Beverages
    • Herbal Teas
    • Energy Drinks
    • Smoothies
    • Protein Powders
    • Functional Beverages
    • Snacks
    • Dairy and Yogurt Products
    • Infused Water
    • Other Items
  • Other Applications
  • Business to Business (B2B)
  • Business to Consumer (B2C)
    • Hypermarkets or Supermarkets
    • Specialty Stores
    • Drug Stores and Pharmacies
    • Convenience Stores
    • Online Retail Channels
  • Other Sales Channels
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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By Type Analysis

Stress and anxiety segment expected to witness the highest CAGR during the forecast period.   

The stress and anxiety segment is projected to witness a higher CAGR during the forecast period, mainly driven by the prevalence of its use in the marketplace for the management of stress and anxiety. The significant rise in research studies exploring their potential in treating stress and anxiety is likely to propel ashwagandha extracts market demand in the coming years, driven by the rising number of people suffering from stress due to workplace pressure.

Further, the market segmentation includes immunity and health segment accounted for the substantial revenue share in 2023, largely attributable to its ability to assist people in advancing immunity power. The recent outbreak of COVID-19 emphasized the need to improve immunity power, boosting the need for healthy food items and natural herbs, including ashwagandha extract. The existence of clinical studies revealing the immunity potential of ashwagandha extract is projected to stimulate its demand in the coming years.

By Form Analysis

The powder segment accounted for the largest market share in 2023

In 2023, the powder segment accounted for the largest market share, owing to the higher rate of convenience associated with the ashwagandha extract in packaging and new product formulations. The rising number of restaurants offering healthy food can accompany powdered forms of ashwagandha extract in their smoothies and other products.

The capsules or tablets segment is expected to grow at the fastest rate over the next few years on account of the increasing adoption of Ayurvedic and Unani medicinal systems around the world. The surge in the number of companies offering healthcare supplements for several purposes, driven by specified doses, is projected to boost tablet forms of ashwagandha extract in the next few years.

By Application Analysis

The dietary supplements segment held a significant market revenue share in 2023

The dietary supplements segment held a significant share in revenue in 2023 due to the continuous rise in interest in natural medicines compared to conventional medications. This transition is anticipated to exhibit a certain demand for ashwagandha extract during the forecast period. The food and beverage segment is predicted to register growth in the foreseeable future, driven by the rising adoption of healthy drinks and food items in the marketplace.

Regional Insights

Asia Pacific Region accounted for the largest market share in 2023

In 2023, the Asia Pacific region accounted for the largest market share and is projected to continue its position over the study period. India is poised to claim a significant share of the global ashwagandha extract market in the coming years. This upward trajectory can be attributed to the escalating awareness surrounding the health benefits associated with Withania somnifera extract, commonly known as winter cherry extract.

Ashwagandha holds a vital place in India's medicinal plant profile, with local enterprises actively engaging in its extraction and utilization for generations. The Government of India, recognizing its significance, is proactively endorsing the commercialization of various Ayurvedic medications, including those derived from ashwagandha, through educational initiatives and financial support. The increasing enthusiasm for holistic and traditional healing approaches has led to a heightened acceptance and demand for Ayurvedic remedies in India, with ashwagandha standing out prominently. This surge in interest is expected to propel the sales of ashwagandha extracts across the nation.

North America region expected to witness the fastest CAGR during the forecast period.

Furthermore, the North American region is expected to witness the fastest-growing region with a healthy CAGR during the projected period, owing to the growing demand for stress- and anxiety-relieving medication in the region. In 2021, after the incidence of the pandemic, around 47% of Americans witnessed a significant rise in stress levels. This trend necessitates effective medications to relieve extreme stress levels, contributing to the significant demand for ashwagandha extract in the marketplace.

Key Market Players & Competitive Insights

The ashwagandha extract market report is characterized by moderate fragmentation and is anticipated to witness significant competition due to several players' presence along with the rising product innovations utilizing ashwagandha extract.

Some of the major players operating in the global market include:

  • Banyan Botanicals Corporation
  • Himalaya Herbal Healthcare
  • Nature's Answer Inc.
  • Nature's Way
  • NOW Foods Co.
  • Organic India PVT Ltd.
  • Paradise Herbs & Essentials Inc.
  • Planetary Herbals Co.
  • Solaray Inc.
  • Solgar Inc.
  • Swanson Health Products Inc.

Recent Developments in the Industry

  • In April 2023, the Clean Label Project granted certification to Nutriventia Limited for its two branded ingredients, Prolanza ashwagandha and TurmXTRA.

Report Coverage

The ashwagandha extract market report emphasizes on key regions across the globe to provide better understanding of the product to the users. Also, the report provides market insights into recent developments, trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.

The report provides detailed analysis of the market while focusing on various key aspects such as competitive analysis, type, form, application, distribution channel, and their futuristic growth opportunities.

Ashwagandha Extract Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 774.47 million

Revenue forecast in 2032

USD 1,666.18 million

CAGR

10.0% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD million and CAGR from 2024 to 2032

Segments covered

  • By Type
  • By Form
  • By Application
  • By Distribution Channel
  • By Region

Regional scope

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Competitive Landscape

  • Ashwagandha Extract Market Share Analysis (2023)
  • Company Profiles/Industry participants profiling includes company overview, financial information, product/service benchmarking, and recent developments

Report Format

  • PDF + Excel

Customization

Report customization as per your requirements with respect to countries, region and segmentation.

Delve into the intricacies of Ashwagandha Extract Market in 2024 through the meticulously compiled market share, size, and revenue growth rate statistics by Polaris Market Research Industry Reports. Uncover a comprehensive analysis that not only projects market trends up to 2032 but also provides valuable insights into the historical landscape. Immerse yourself in the depth of this industry analysis by acquiring a complimentary PDF download of the sample report.

 

FAQ's

The Ashwagandha Extract Market report covering key segments are on type, form, application, distribution channel and region.

Ashwagandha Extract Market Size Worth $1,666.18 Million By 2032

Ashwagandha Extract Market exhibiting the CAGR of 10.0% during the forecast period.

Asia Pacific is leading the global market

key driving factors in Ashwagandha Extract Market are Rising research studies focusing on the extraction process of Ashwagandha