Global Ashwagandha Market is Segmneted By Type (KSM-66, Sensoril, Hydro-Alcoholic Ashwagandha, Crude Ashwagandha), By Product Type (Ashwagandha Root, Ashwagandha Leaf, Root Mix Products, Withanolides Content (1% -10%) , Others), By Form (Powder, Capsule, Pills, Liquid), By Function (Improve Stamina, Improve Immunity, Overall Wellbeing, Reduces Anxiety and Stress,Brain Health, Muscle Strength, Others),By Distribution Channel (Hypermarket/Supermarket, Specialty Stores, Drug Stores & Pharmacies, Convenience Stores, Online Retail Channels, Others), By Application (Food & Beverages, Sports & Nutrition, Pharmaceutical, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024 - 2031
Market Size
Global Ashwagandha Market reached US$ 864.12 million in 2022 and is expected to reach US$ 1356.62 million by 2031, growing with a CAGR of 5.8% during the forecast period 2024-2031.
Consumers are highly adopting the ashwagandha and their products, as the ashwagandha is considered a natural ayurvedic herb from ancient times. It is highly used as adaptogen medicine for stress and anxiety, it also helps to cure various diseases such as cancer, diabetes, and others. Hence, such factors can contribute to driving the global ashwagandha market.
Furthermore, in response to the growing demand for natural supplement products, manufacturing companies are actively creating and introducing innovative products to meet consumer needs. For instance, in April 2023, Southern California-based supplement company- Youtheory updated its portfolios. Ashwagandha + GABA has 100mg of pharma GABA. It is shown to overcome stress and encourage relaxation, without promoting sleepiness.
The sports and nutrition-based ashwagandha supplements and Asia-Pacific region accounted for the largest share of the global ashwagandha market. Ashwagandha is believed to be the Ayurvedic medicine from ancient times. The government and manufacturers also provide some initiatives to expand the market growth.
Market Scope
| Metrics | Details |
| CAGR | 5.8% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Type, Product Type, Form, Function, Distribution Channel, Application, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | North America |
| Largest Region | Asia-Pacific |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and Other key Insights. |
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Market Dynamics
Increasing Demand for Ashwagandha Supplements
Consumers are highly seeking alternative sources of synthetic drugs, which can significantly help in increasing the demand for ashwagandha as a natural supplement, as their adaptogenic properties help in managing stress and anxiety. Hence, the increasing demand for ashwagandha supplements is propelling the growth of the global ashwagandha market.
Furthermore, the increased demand for ashwagandha-based supplements can help to create opportunities for manufacturers to create innovative products. For instance, in February 2021, LupinLife company launched an ayurvedic energy supplement for men, Be One. It is a 100% aurvedic health and wellness supplement, which contains natural ingredients including ashwagandha.
Increasing Demand for Ayurvedic Medicines
The market for ashwagandha extracts is predicted to grow significantly due to the increasing demand for ayurvedic medicines. These extracts are a natural form of medicine that have been traditionally used in ayurvedic treatments to address various health conditions, including but not limited to acne, anxiety, and cardiovascular diseases.
In addition, the manufacturing companies are launching ayurvedic products of ashwagandha to expand their market sizes. For instance, in January 2024, Hi-Tech Pharmaceuticals launched AshwaPure under the ashwagandha brand, it has the highest concentration of all major roots, and it helps in reducing anxiety, and lowering blood sugar levels, strength, and stamina.
Allergic Reactions
Ashwagandha has many medicinal properties, but it's important to note that some people may be allergic to it. Allergic reactions can vary from mild symptoms like itching and rash to more severe reactions such as swelling and difficulty breathing. This can potentially limit the number of consumers and impact the growth of the market.
Market Segment Analysis
The global ashwagandha market is segmented based on type, product type, form, function, distribution channel, application, and region.
Increasing Demand for Natural Sport Nutrition Products
The sports nutrition category holds the largest portion of the global ashwagandha market. The sports supplement industry is increasingly incorporating ashwagandha into various products due to its potential to regulate cortisol levels. This herb can help to assist in managing the stress response associated with intense exercise. Additionally, ashwagandha is gaining attention for its potential contributions to strength and muscle mass improvements, along with a positive impact on cardiovascular health.
Furthermore, as the demand for natural sports supplements is increasing among consumers, manufacturing companies are launching innovative products in their portfolios. For instance, in September 2020, India's sports nutrition brand MuscleBlaze combined the merits of immune and sports nutrition into one product, it launched an ashwagandha-enriched whey protein powder Biozyme Immunity Whey.
Top of Form
Market Geographical Share
Government Initiatives and Product Launches
The Asia-Pacific region shows the dominance in global ashwagandha market, as ashwagandha has been widely used as a medicinal and ayurvedic plant from ancient times in India, consumers in this region are highly adopting these ashwagandha and their based products as it offers various potential health benefits. Hence such cultural inclination toward herbal supplements can help in driving the ashwagandha market.
Furthermore, the regional government is developing new initiatives to meet increasing demand. For instance, in October 2022, the government of India launched the cultivation of the medicinal plant Ashwagandha on a 200-acre plantation in the Dindigul district, India. This project aims to make Dindigul a hub for medicinal plants.
Additionally, the manufacturers of this region are actively supporting the growing demand by developing innovative products. For instance, in December 2021, Wellness Brand Nidra Nutrition, a part of Supercluster Pi launched a product line of stress relief gummies containing 175 mg of Ashwagandha in India.
Competitive Landscape
The major global players in the market include Baldwa Group, Sami-Sabinsa Group, Dabur India Ltd, Himalaya Wellness Company., Swanson, Patanjali Ayurved Limited, Kerry Group plc, KAIRALI AYURVEDIC PRODUCTS PRIVATE LIMITED, Bioprex Labs, and Medikonda Nutrients.
COVID-19 Impact Analysis
The pandemic had brought a significantly positive impact on the global ashwagandha market. Due COVID-19 virus, the pandemic, and the lockdown situation and restrictions have caused stress and anxiety among consumers the coronavirus also affected the immune system of the patients. Ashwagandha helps in enhancing the immune system, this has increased the demand for the ashwagandha market.
Additionally, during COVID-19 consumers widely started adopting natural and ayurvedic products which has raised the demand for the usage of ashwagandha for various herbal and medicinal products to treat anxiety and other issues, this has raised the sales of ashwagandha and ashwagandha-based products.
Key Developments
- In April 2022, Kerry Group PLC, the taste and nutrition company, announced it had completed the acquisition of U.S.-based Natreon, Inc., a leading supplier of branded Ayurvedic botanical ingredients. The acquisition significantly expands Kerry’s leadership position and ProActive Health's portfolio of science-backed branded ingredients which includes ashwagandha, and others furthering the company’s technology growth.
- In December 2021, Glanbia Nutritionals PLC partnered with Ixoreal Biomed Inc. to optimize its KSM-66 Ashwagandha, highly concentrated root extract with NutraShield Technology, to provide functional and application dosage improvements.
- In September 2022, Nutriventia launched sustained-release Prolanza ashwagandha, the pharmacokinetic study concluded that Prolanza had a higher rate of bioavailability and absorption, and a longer shelf-life than another well-known ingredient.
Why Purchase the Report?
- To visualize the global ashwagandha market segmentation based on type, product type, form, function, distribution channel, application, and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of ashwagandha market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global ashwagandha market report would provide approximately 86 tables, 94 figures and 210 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
