Global Ashwagandha Market By Product Type (Ashwagandha Root Product, Ashwagandha Leaf Products, Ashwagandha Leaf and Root Mix Product), By Form (Powder, Capsule, Liquid), By Application (Food and Beverages, Pharmaceutical, Dietary Supplements, Sports Nutrition, Others), By Distribution Channel (B2B, B2C), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032.

Report Overview

In 2022, the global ashwagandha market was valued at US$ 433 Mn and expected to grow US$  1,187 Mn in 2032. Between 2023 and 2032, this market is estimated to register the highest CAGR of 10.9%.

Ashwagandha is a widely used natural herb to treat various health issues, commonly known as Withania somnifera. Ashwagandha has been proven to be an effective ingredient in maintaining vitality, rejuvenation, and general health. Ayurvedic medicines are increasingly sought to treat various health conditions, such as diabetes, constipation, and arthritis. Consumer awareness about their benefits is also increasing. Because of its widespread use in treating and preventing many health conditions, the pharmaceutical market is expected to grow at the fastest rate. It has been shown to reduce the growth of lung, breast, and colon cancer cells and also lower cortisol levels.

Global Ashwagandha Market

By Product Analysis

The high commercial potential gained for ashwagandha root products. Overall 97% of global Ashwagandha sale is optimized by root products and the average cost of ashwagandha products manufactured from roots is higher (USD 18.33) than other products made by a mixture of roots and leaves (USD 18.50). Customers are eager to pay a maximum cost for root products. Additionally, The leaf products also placed an important value in the global ashwagandha market.

By Form Analysis

The market is segmented based on forms, such as powder, capsule, and liquid. The Powder segment is expected to hold the largest market share of the global ashwagandha market by 2022 and is projected to maintain this position during the forecast period (2023-2032). The use of ashwagandha extract powder has increased in food and beverages, pharmaceutical, and other industries, as well as sports nutrition. Ashwagandha powder is highly soluble and has a long shelf life. Therefore, Ashwagandha producers plan to increase their production of powdered ashwagandha. As a result, the market for powdered ashwagandha extract is growing.

By Distribution Channel Analysis

Based on the distribution channel analysis, the global ashwagandha market is segmented into B2B and B2C. The segment B2C dominated the market in 2022 and is also anticipated to have the fastest growth during the forecast period (2023-2032). Urban and semi-urban populations prefer outlets, specialty stores, and hypermarkets/supermarkets due to the easy accessibility of products. As a result, the ashwagandha extract market is seeing a rise in stores that significant players like Ayurvedic shops own. This segment is characterized by a variety of products that are tailored to the needs of customers. These retail stores also offer a variety of brands in each product form, giving consumers more choices to choose the ashwagandha extract product they want. These factors all contribute to the overall growth of the ashwagandha extract industry.

Key Market Segments

By Product Type

• Ashwagandha Root Product
• Ashwagandha Leaf Products
• Ashwagandha Leaf and Root Mix Product

 By Form

• Powder
• Capsule
• Liquid

By Application

• Food and Beverages
• Pharmaceutical
• Dietary Supplements
• Sports Nutrition
• Others

By Distribution Channel

• B2B
• B2C

Drivers

Increasing demand for herbal remedies

Ashwagandha has seen a rise in demand for herbal remedies. Although ashwagandha has seen a rise in popularity globally due to customer trust in herbal/botanical products and increased customer awareness, it is still not widely accepted. The ashwagandha industry is expanding rapidly with the rising demand for natural products. The market is expected to grow because of the rising demand for herbal remedies.

High sales for ashwagandha during winter

Ashwagandha sales are high in winter when immune health is at its peak. Ashwagandha can be used as a multipurpose herb, a good stimulant, a stress reliever, a rejuvenator, and an immune booster. Ashwagandha’s market is expanding due to the global rise in health-conscious consumers.

Restraints

Side effects of ashwagandha

Consuming large amounts of ashwagandha can lead to several health problems, including nausea, diarrhea, and gastrointestinal upset. This could be due to direct irritation to the intestinal mucosa, which may hinder the market’s growth.

Opportunity

Increased product launches and greater trust in ayurvedic products

By increased use of organic products which directly resulted in increase market value for herbal products. Increasing demand for health-boosting nutrients in consumers is a result of their rising healthy lifestyles. Ashwagandha products has gaining popularity among those proples whose searching for a natural product acts in losing weight and also work as general tonic for CNS with its Unique Selling Property characters such as pure and delivering as minimum to less danger.  Ayurvedic medicines have such a high reputation in Western countries, ayurvedic producers have been lured into marketing their ashwagandha products around the globe. As a result, market growth is expected to be strong due to consumer trust in ayurvedic medicines.

COVID-19 Analysis

COVID-19 Caused a Positive Impact on the Global Ashwagandha Market During the Pandemic Period.

In 2022, the market for ashwagandha extract was positively affected by the COVID-19 outbreak. Its positive effects on mental and physical well-being were the main reason for this. COVID-19 saw both mental and physical illnesses. As a result, people started to adopt healthier lifestyles and eat functional, fortified foods with natural ingredients. The above factors led to increased sales of ashwagandha extract during the COVID-19 period.

Regional Analysis

North America Dominates the Global Ashwagandha Market During the Forecast Period

In 2022, North America dominated the market with the highest revenue share of 43.0%.and is expected to continue its dominance throughout the forecast period. North America saw a significant increase in its ashwagandha market share in 2022, due to increased awareness and acceptance of ayurvedic herbal medicines by most of the populace. Ayurveda is becoming a more popular science than yoga, with several health benefits. Therefore, the market is predicted to grow due to increasing consumer awareness and demand for ayurvedic medicine products. In addition, the market for North America ashwagandha extract is expected to grow due to the increasing demand in the U.S. for sports nutrition and dietary supplements.

Key Regions and Countries Covered in this Report:

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Market Share & Key Players Analysis

The key players dominating the global ashwagandha market have gained various growth strategies to spread their market share, improve profitability, and constantly compete in the market. Listed below are some of the most prominent global ashwagandha market key industry players.

Market Key Players:

• Carrubba, Inc.
• Himalaya Global Holdings Ltd
• Medikonda Nutrients
• Bioprex Labs
• Aunutra
• HERBAL CREATIONS
• com
• Herbochem
• Patanjali Ayurved

Recent Developments

• In 2019, Carrubba Inc. and Biesterfeld have partnered to distribute Botanic and Aromatic Extracts in Brazil. This partnership allows the company to expand its distribution network across Europe.

 Report Scope