Ashwagandha Extract Global Market Report 2024

The ashwagandha extract market size has grown rapidly in recent years. It will grow from $0.65 billion in 2023 to $0.73 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%. The historical growth of ashwagandha extract can be attributed to its traditional use in Ayurvedic medicine, increasing interest in herbal supplements, trends in stress and anxiety management, ongoing research on its health benefits, and the broader expansion of the natural health and wellness market.

The ashwagandha extract market size is expected to see rapid growth in the next few years. It will grow to $1.15 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. In the forecast period, the growth of ashwagandha extract is expected to be driven by an increasing demand for adaptogens, their integration into functional foods and beverages, sustained interest in mental health and cognitive function, innovations in product formulations, applications in fitness and performance enhancement, and the expansion of the aging population. Notable trends in the forecast period include a growing awareness of adaptogenic properties, ongoing product innovation and formulation enhancements, market expansion into Western countries, strategic collaborations and partnerships, and developments in regulatory frameworks.

The escalating demand for ayurvedic medications is anticipated to serve as a significant driver propelling the growth of the ashwagandha extract market. Ayurveda, an ancient health care system originating from Vedic times in India, emphasizes natural balance and incorporates herbal therapy, dietary practices, and yogic breathing. Ashwagandha extract, a prominent element in ayurvedic medicine, finds application in treating various health conditions such as acne, anxiety, cardiovascular diseases, among others. The surge in the demand for ayurvedic medications globally, estimated at around 80% of the world's population by the World Health Organization in 2022, signifies an increasing preference for traditional medicine. Moreover, data from the Research and Information System for Developing Countries (RIS) report a substantial growth in the Indian Ayurvedic industry, reaching a turnover of USD 18.1 billion in 2021, with a projected market size of $23.3 billion in 2022. This surging demand for ayurvedic remedies continues to drive the ashwagandha extract market forward.

The heightened interest in natural and organic products is poised to be another influential factor driving the growth of the ashwagandha extract market. Consumers' increasing preference for natural and organic goods, produced using natural components and processes, has led to the prominence of ashwagandha as a vital element in these products across various sectors. Notably, in March 2023, data from Australian Organic Ltd. indicated a 3.6% surge in organic product adoption within households, accounting for an additional 565,000 households embracing organic products, totaling 9 million homes. This increase demonstrates consumers' inclination toward organic goods, with 37% of organic buyers elevating their household's organic food consumption. As ashwagandha is a common ingredient in natural and organic products, this growing demand for natural and organic goods is bolstering the ashwagandha extract market.

Innovative product developments stand out as a key trend driving growth within the ashwagandha extract market. Major companies in this sector are actively focusing on crafting new solutions to augment their market share. For instance, in September 2022, Nutriventia, an India-based health and wellness company, introduced Prolanza ashwagandha, a sustained-release extract designed to provide day-long support for stress management. This innovative release mechanism ensures prolonged clinical benefits with a single daily dose, signifying the trend towards advanced formulations in ashwagandha extracts to meet evolving consumer needs.

Prominent companies within the ashwagandha extract market are prioritizing product innovations, notably focusing on introducing organic gummies. Organic gummies represent a form of gummy candies or supplements crafted from organic ingredients, often derived from plant extracts or other natural sources. A notable illustration is the August 2023 launch by Himalaya Wellness Company, an India-based pharmaceutical and personal care entity, unveiling their Ashwagandha Organic Gummies, a novel supplement format. These plant-based organic ashwagandha gummies feature clinically researched KSM-66 ashwagandha root extract. Designed to offer a flavorful daily dose, these gummies are aimed at providing energy and stress reduction support by aiding adrenal function, regulating cortisol levels, enhancing sleep quality, and promoting relaxation. Infused with organic cane sugar and organic tapioca syrup, these gummies boast a delightful blackberry flavor while notably catering to vegan preferences, free from gelatin commonly found in many gummy vitamins.

In April 2022, Kerry Group, an Ireland-based provider specializing in functional and nutritional solutions, successfully acquired Natreon Inc in an undisclosed transaction. This strategic acquisition further enriches Kerry's ProActive Health portfolio, leveraging a broader spectrum of branded ingredients and fostering technological advancements within the company. Natreon Inc., a US-based entity, is recognized for its development and marketing of ayurvedic products, aligning well with Kerry's pursuit of expanding its product offerings in the health and wellness domain. This acquisition showcases Kerry's commitment to fortify its presence in the ayurvedic products segment while leveraging Natreon Inc.'s expertise to enhance its ProActive Health portfolio with innovative offerings.

Major companies operating in the ashwagandha extract market report are Taos Herb Company, Phyto Life Sciences Pvt. Ltd., Quad Lifesciences Pvt. Ltd., Ideal Natural Extract, Life Extension, Arjuna Natural Extracts Ltd., Sabinsa Corporation, Naturalin Bio-Resources Co. Ltd., Kerry Group, Ixoreal Biomed Pvt. Ltd., Umalaxmi Organics Pvt. Ltd., OmniActive Health Technologies Limited, Unicorn Natural Products Ltd., Carrubba Inc., Botanic Healthcare, Aunutra Industries Inc., Natreon Inc., Himalaya Global Holdings Ltd., NutriBoost B.V., Organic India, Simply by Nature Ltd., Venkatesh Food Industries, Vidya Herbs, Xi'an Sost Biotech Co. Ltd., NutraGenesis LLC, Nature's Velvet Lifecare, Medikonda Nutrients, Penn Herb Company, Emami Ltd.

Asia-Pacific was the largest region in the ashwagandha extract market in 2023. The regions covered in the ashwagandha extract market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ashwagandha extract market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of ashwagandha extract applications include immunity health, stress and anxiety management, weight loss, and general health. Immune health focuses on maintaining a robust immune system to protect the body from external threats. The extract is available in various forms such as powder, capsules, or tablets, and is distributed through business-to-business and business-to-consumer channels. It finds applications in sports nutrition, food and beverages, dietary supplements, and other sectors.

The ashwagandha extract market research report is one of a series of new reports that provides ashwagandha extract market statistics, including ashwagandha extract industry global market size, regional shares, competitors with ashwagandha extract market share, detailed ashwagandha extract market segments, market trends, and opportunities, and any further data you may need to thrive in the ashwagandha extract industry. This ashwagandha extracts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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