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
Ashwagandha Extract Market size was valued at USD 704.89 billion in 2023. The market is anticipated to grow from USD 774.47 in 2024 to USD 1,666.18 by 2032, exhibiting the CAGR of 10.0% during the forecast period.
Market Overview
Ashwagandha has several applications traditionally , specifically in promoting immunity health, weight loss, stress, and anxiety, driving the demand for ashwagandha extract in the global marketplace. The significant 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 market growth.
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- For instance, in July 2023, a study published in Springer Link focused on reviewing the properties of Ashwagandha among healthy adults and found that it is safe, has the potential to regulate hormones, and has anti-inflammatory and antioxidant effects.
Moreover, ashwagandha extract is gaining utility in the food industry, driven by its enormous potential to improve sleep quality. For instance, in April 2023, Welchem Pharmaceutical, a Singapore-based company, introduced a new product under the Miriqa brand name, a day-and-night dual sleep and energy supplement. These initiatives are anticipated to bolster the demand for ashwagandha extract in the long run.
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 opportunities for the global market. For instance, a 2023 study focused on reviewing the advancements in ashwagandha extraction techniques.
Additionally, ashwagandha extract is registering adoption in the healthcare product manufacturing is likely to facilitate significant demand for them in the coming years. For instance, in March 2024, Bio-K Plus announced the expansion of its product portfolio with the addition of new product, Extra Stress Support with Sensoril, which is made up of ashwagandha extract.
The growing innovations using ashwagandha extract
The prevalence of pharmaceutical and beauty company developments in the marketplace is positively influencing the growth of the ashwagandha extract market. For instance, in December 2023, Selena Gomez’s Rare Beauty unveiled a new range of beauty products, which includes a fragrance mist, hand cream, aromatherapy pen, and body lotion. This body lotion is made up of peach flower extract, niacinamide, and ashwagandha extract.
Moreover, most of the consumers are showing preferences to the healthy beverages in the global market after the COVID-19 outbreak. The ability to enhance immunity power by the ashwagandha extract is anticipated to drive new growth opportunities in the coming years. For instance, in September 2023, Rowdy Mermaid introduced new beverage to its offering, good mood soda with the addition of 200mg ashwagandha extract.
Restraining Factors
The side effects of ashwagandha extract are likely to hinder market growth
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 extract, 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.
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By Form |
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By Distribution Channel |
By Region |
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By Type Analysis
Stress and anxiety segment is likely to register the highest growth
The stress and anxiety segment is projected to grow at a higher CAGR during the study period. This is 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 its demand in the coming years, due to the rising number of people suffering from stress due to workplace pressure.
The immunity and health segment led the market with a substantial revenue share in 2023. This is 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
Powder segment accounted for the largest market share in 2023
The powder segment accounted for the largest market share in 2023 and is likely to retain its market position throughout the forecast period, owing to the higher rate of convenience associated with the ashwagandha extract in packaging and new product formulations. The rising number of restaurants offering health food can accompany powdered forms of ashwagandha extract in their smoothies and other products. This trend in a way propelling the new product launches in the marketplace. For instance, in February 2024, The Absorption Company announced the launch of two powdered supplements, Erewhon, and organic grocer. It has the primary ingredient as ashwagandha extract.
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 capsule forms of ashwagandha extract in the next few years.
By Application Analysis
Dietary supplements segment held the significant market revenue share in 2023
The dietary supplements segment held a significant market share in revenue in 2023, which was highly accelerated due to the continuous rise in interest in natural medicines compared to conventional medications. This transition is anticipated to exhibit certain demand for ashwagandha extract during the forecast period. Furthermore, growing development of new health supplements is significantly fueling the ashwagandha extract adoption. For instance, in June 2023, Steadfast Nutrition introduced product range with the four supplements, L-Carnitine, Nitromax, Ashwagandha, and Apple Cider Vinegar.
Regional Insights
Asia Pacific Region registered the largest share of the global market in 2023
The Asia Pacific region received the global market with the largest market share in 2023 and is projected to continue its position over the study period. The growth of the segment market can be largely influenced by the presence of countries with the traditional use of ashwagandha in several applications, specifically in India and China.
According to the article published in 2023, the demand for ashwagandha in India is 7000 tonnes though the domestic production is 1500 tonnes. This trend is likely to support ashwagandha extract market growth in the coming years.
The North America region is expected to be 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
Rising product launches will drive market expansion
The ashwagandha extract market 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. For instance, in 2023, Nutrigum introduced a mental health-focused supplement to the Essentials Series gummies, aiming to promote mental health among consumers by incorporating B5, B6, B12, D3, and ashwagandha extract.
Some of the major players operating in the global market include:
- Banyan Botanicals Corporation (US)
- Himalaya Herbal Healthcare (India)
- Nature's Answer Inc. (US)
- Nature's Way (US)
- NOW Foods Co. (US)
- Organic India PVT Ltd. (India)
- Paradise Herbs & Essentials Inc. (US)
- Planetary Herbals Co. (US)
- Solaray Inc. (US)
- Solgar Inc. (US)
- Swanson Health Products Inc. (US)
Recent Developments in the Industry
- In 2023, a study published in the Journal of Ethnipharmacology conducted a randomized, placebo-controlled, and double-blind study focused on finding the properties of Ashwagandha and okra extracts. This study concluded that they have the potential to promote bowel functioning and lower constipation.
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
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Report Attributes |
Details |
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Market size value in 2024 |
USD 774.47 million |
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Revenue forecast in 2032 |
USD 1,666.18 million |
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CAGR |
10.0% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
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Segments covered |
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Regional scope |
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Competitive Landscape |
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Report Format |
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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
