The global Ashwagandha Market size reached USD 42.8 Million in 2021 and is expected to register a revenue CAGR of 11.4% during the forecast period, according to latest analysis by Emergen Research. Ashwagandha market revenue growth is driven by factors such as rapid increase in demand for ashwagandha supplements, increasing popularity of ashwagandha owing to its nutritional & health benefits, and surge in demand for ashwagandha in functional food & beverages and pharmaceutical industries. Ashwagandha has been utilized for medicinal reasons in ayurveda and sold as a nutritional supplement in numerous countries throughout ancient periods. It is utilized as a nerve tonic in the Ayurvedic system and provides nutritional advantages including sports nutrition, memory, aging, and immunological support. Ashwagandha is also recommended for weight loss, hence it has been included in the herbal section as a natural weight management remedy. In addition, it has a beneficial effect on the immunological system, while its sales surge in winter, when immunological health is a concern. Moreover, expansion of the ashwagandha market is being driven by worldwide increase in health-consciousness and rising demand for herbal medicines. People have a great conviction in botanical or herbal supplements, which is driving demand for ashwagandha.
Ashwagandha is recognized for its stress-relieving and anti-anxiety qualities. In addition, according to studies, it also appears to reduce cortisol levels. As a dietary supplement, ashwagandha reduces blood sugar levels, increases insulin production, and improves insulin sensitivity in both healthy and diabetic people. Managing blood glucose levels can prevent a variety of health issues such as weight gain, infections, and exhaustion. Moreover, a growing body of research indicates, ashwagandha’s effectiveness in improving duration and quality of sleep in people with insomnia. Ashwagandha is now becoming increasingly popular among athletes.
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Post-COVID environment has increased consumption of ashwagandha tea. These beverages are becoming more popular owing to their immunity-boosting capabilities and health and functional property-enhancing properties. In addition, a major shift to green tea has been noticed, supported by availability of new tastes in green tea category. Kombucha, a fermented tea, is increasingly attracting popularity around the world. Saba Kombucha, an organic Kombucha firm based in Dubai, increased its online sales by 30% and in-store sales by 20%.
The key companies studied in the report are:
NutriBoost B.V, Xi an Sost Biotech Co., Ltd, Aunutra Industries Inc., Himalaya Global Holdings Ltd, Sabinsa, Carrubba, Inc. Herbs Village, Banyan Botanicals, Dabur, and Patanjali Ayurved.
Some Key Highlights From the Report
The powder segment accounted for a significant revenue share in 2021. The powdered form of ashwagandha can also be mixed with liquids, such as water, juice, honey, or milk, to facilitate its rapid absorption by body. Powdered Ashwagandha contains only natural ingredients in its composition and there are no additives or chemicals used in this process. This powder provides body with essential nutrients such as protein, carbohydrates, dietary fiber, vitamin C, and calcium. In addition, calming, revitalizing, and nourishing benefits of this ashwagandha powder have earned it a well-deserved reputation. It has an excellent solubility in water and other liquids and it is very simple to use.
The online retail segment accounted for a moderate revenue share in 2021. Major benefits offered by online purchases of ashwagandha, including availability, convenience, easy direct delivery of goods to doorstep, and a convenient way of payment, among others, are expected to drive expansion of the online segment over the forecast period.
The dietary supplements segment accounted for a significant revenue share in 2021. Dietary supplements are in high demand since they provide consumers with numerous advantages. Dietary supplements are beneficial owing to combination of ingredients included within them. Researchers are witnessing launch of the most significant immunity-boosting chemicals in the market, as importance of a healthy immune system increases. Ashwagandha plant has been utilized to cure a variety of illnesses. Furthermore, extracts of ashwagandha are often available as a dry, filtered powder that may be consumed by mixing it with honey and water.
The Europe market accounted for a moderate revenue share in 2021. Increasing demand for Ayurvedic medications as a treatment for a variety of health conditions, such as arthritis, constipation, insomnia, diabetes, stress, and gastrointestinal difficulties, as well as customer perception of their benefits, are expected to drive market revenue growth. For instance, on 21st August 2021, The AYUSH Ministry collaborated with London School of Hygiene and Tropical Medicine (LSHTM) to perform a study on Ashwagandha for increasing COVID-19 recovery. All India Institute of Ayurveda (AIIA), an independent entity under Ministry of AYUSH and London School of Hygiene and Tropical Medicine (LSHTM) have signed a Memorandum of Understanding (MoU) to undertake clinical trials of Ashwagandha on 2,000 individuals in Leicester, London, and Birmingham.
On 15 October 2021, Tauriga Sciences, Inc., a New York-based, multidisciplinary Life Sciences company, announced that it has begun the production of chewing gum infused with Ashwagandha extract. This proposal will utilize company’s extensive expertise in manufacturing proprietary chewing gums and its constant dedication to the invention while adhering to highest possible moral, safety, and standards of quality.
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Emergen Research has segmented the global ashwagandha market based on type, application, distribution channel, and region:
Type Outlook (Revenue, USD Million; 2019-2030)
Powder
Capsules
Others
Application Outlook (Revenue, USD Million; 2019-2030)
Food & Beverage Industry
Pharmaceutical Industry
Cosmetic & Personal Care Industry
Dietary Supplements
Household
Others
Distributional Channel Outlook (Revenue, USD Million; 2019-2030)
B2B
B2C
Regional Outlook (Revenue, USD Million; 2019-2030)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa
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Key Questions Answered in the Report:
What will be the estimated growth rate of the Ashwagandha market by 2030?
Who are the prominent distributors, vendors, and manufacturers of the market?
What are the driving and restraining factors of the growth of the Ashwagandha market throughout the forecast period?
What are the current and future market trends of the Ashwagandha market?
What are the sales and price analysis of the product by types, applications, and regions?
What are the expected opportunities for the companies and new entrants in the coming years?
The report demonstrates the progress and advancement achieved by the global Ashwagandha market, including the historical analysis and progress through forecast years. The report provides valuable insights to the stakeholders, investors, product managers, marketing executives, and other industry professionals. The report provides an accurate estimation by applying SWOT analysis and Porter’s Five Forces analysis. The report focuses on current and future market growth, technological advancements, volume, raw materials, and profiles of the key companies involved in the market.
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