The global ashwagandha extract market size is projected to reach USD 698.0 million in 2023. Over the forecast period, the demand for ashwagandha extracts is expected to rise at a CAGR of 8.1%. By 2033, the global market for ashwagandha extracts is projected to reach USD 1,523.0 million, driven by factors including
| Attributes | Key Insights |
|---|---|
| Estimated Ashwagandha Extract Market Revenue (2023) | USD 698 million |
| Projected Ashwagandha Extract Market Value (2033) | USD 1,523 million |
| Anticipated Growth Rate (2023 to 2033) | 8.1% |
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Global ashwagandha extract sales increased at a 5.9% CAGR between 2018 and 2022. Total market valuation at the end of 2022 reached around USD 643 million. Considering the impact of the pandemic years of 2020 and 2021, the average CAGR reflects the sturdy growth experienced by the overall market.
People worldwide consumed huge amounts of herbal supplements, including ashwagandha, during the COVID-19 pandemic to enhance their immune system and reduce stress. This increased sales of ashwagandha extracts and ashwagandha-based supplements & food products.
| Attributes | Details |
|---|---|
| Ashwagandha Extract Market Size (2018) | USD 512 million |
| Market Value (2022) | USD 643 million |
| Value-based CAGR (2018 to 2022) | 5.9% |
Over the forecast period, global sales of ashwagandha extracts are predicted to rise at an 8.1% CAGR. By 2033, the total market valuation is set to reach USD 1,523 million.
| Attributes | Details |
|---|---|
| Projected Ashwagandha Extract Market Value (2033) | USD 1,523 million |
| Anticipated CAGR (2023 to 2033) | 8.1% |
Growing awareness and acceptance of Ayurvedic medicine will play a key role in boosting the growth of the ashwagandha extract market during the forecast period. People are becoming aware of the potential health benefits of ashwagandha, thereby fueling its demand.
People's interest in preventive healthcare is also snowballing. This, in turn, is expected to fuel sales of ashwagandha extracts and boost the market. Ashwagandha is becoming an ideal ingredient for consumers to reduce stress, boost cognitive function, and improve immunity.
Rising market demand for Ayurvedic adaptogens is further expected to create opportunities for ashwagandha extract companies. Subsequently, the growing usage of withania somnifera in nutraceuticals will likely boost the ashwagandha extract market.
Since ashwagandha extract has traditionally been used to help people lose weight, a handful of them have included it in regular diets as a natural weight control option. It has been established that ashwagandha has advantages for enhancing sleep, which has made it quite popular among individuals who have insomnia.
Growing awareness and demand among senior citizens about the benefits of ashwagandha extracts for joint pain and digestion has attracted the attention of pharmaceutical companies. Companies are also expected to benefit from other advantages of ashwagandha extracts, such as lowering blood sugar and reducing stress levels.
Ashwagandha extract sellers are now targeting parents with children under five years of age as it has nutritional advantages for cognition, immune system support, and more. Several herbal nutrition brands have flooded the retail market with their ashwagandha extract supplements, claiming they boost focus and improve children's brain function.
Though ashwagandha extract is known for its multiple benefits, a potent fragrance has limited its consumption and use in multiple end-use products. Several market players have started supplying it in capsule form to find a way around this challenge. Unlike powder or liquid ashwagandha extract, capsules are also handy and can be consumed without milk, water, or juice as the base.
The negative consequences of ashwagandha extract usage can impede the global market's expansion in the forecast years. Excessive doses of ashwagandha extracts are observed to result in nausea, vomiting, diarrhea, and liver issues, according to experts.
There is also evidence of irritations caused by highly potent ashwagandha extracts in the mucosa lining the intestines, resulting in further digestive issues. This can impact the global ashwagandha extract market growth during the forecast period.
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The table below illustrates an overview of the performance of ashwagandha extract in the three most notably growing markets. India is an established market as the ashwagandha plant is native to the region, while China is focusing on increasing cultivation capacity with favorable climatic conditions.
Meanwhile, the popularity of ashwagandha extracts in the United Kingdom, similar to most Western countries, is rising due to the growing preference of customers for organic or plant-based food ingredients.
| Countries | CAGR (2023 to 2033) |
|---|---|
| United Kingdom | 5% |
| India | 8% |
| China | 5% |
The United Kingdom’s ashwagandha extract market is projected to expand at a CAGR of 5% during the forecast period. This is attributable to the rising interest in natural and herbal products.
People in the United Kingdom and other nations in Europe have a high belief in dietary supplements made of plants or natural herbs. This is expected to uplift the demand for ashwagandha extracts and other herbal products during the assessment period.
Key players in the United Kingdom are also successfully targeting other regional markets in Europe with their practical approach to natural product science. This will improve the United Kingdom’s ashwagandha extract market share through 2033.
As per the latest ashwagandha extract market analysis, China is expected to remain a key market for herbal medicinal products, including ashwagandha extracts, through 2033. It will likely register a CAGR of 5% during the assessment period.
Leading China-based pharmaceutical companies are constantly looking for unique and rare ingredients to improve their brand value in the international market. Hence, China, with a huge agricultural base, is expected to encourage its farmers to increase the production of ashwagandha and strengthen the regional sectors.
India is anticipated to hold a sizable portion of the global ashwagandha extract market during the forecast period. Sales of ashwagandha extracts in India are projected to soar at a CAGR of 8% through 2033. This is due to the growing awareness of the health benefits of withania somnifera extract (winter cherry extract).
Ashwagandha is considered an essential medicinal plant in India, and several local businesses have been involved in its extraction and use for ages. Through educational campaigns and financial incentives, the Government of India is actively encouraging the commercialization of several Ayurvedic medications, including ashwagandha and its extracts.
With growing interest in holistic and traditional healing practices, there is an increased acceptance and demand for Ayurvedic medications, including ashwagandha, in India. This is expected to fuel sales of ashwagandha extracts in the nation.
The United States currently holds around one-fourth of the total ashwagandha extract sales achieved worldwide. Over the forecast period, demand for ashwagandha extracts in the United States is set to rise steadily.
Several factors are expected to drive growth in the United States ashwagandha extract market. These include rising usage of ashwagandha in stress & anxiety management, growing health & wellness trends, and increasing interest in herbal & Ayurvedic supplements.
As the prevalence of depression and anxiety rises in the United States, people are turning to natural solutions such as ashwagandha. This herbal ingredient is known for its adaptogenic properties and can help the body to cope with stress and anxiety.
Japan’s ashwagandha extract market is poised to exhibit healthy growth during the assessment period. This is due to the rising adoption of ashwagandha extracts in food & beverage products, the growing geriatric population, and the increasing acceptance of Ayurvedic medications.
Amid the rising geriatric population, there is a surging demand for health and wellness products in Japan. Ashwagandha, with its potential anti-aging properties, is appealing to this demographic, thereby fostering the growth of the ashwagandha extract market in Japan.
The section below shows the powdered ashwagandha extract segment dominating the global market. It is projected to account for a market share of 78% in 2023.
Based on application, the dietary supplement segment is predicted to hold a prominent value share of 33% in 2023. By sales channel, the drug stores & pharmacies segment will likely hold a market share of 25% in 2023.
| Attributes | Details |
|---|---|
| Top Form | Powder |
| Market Share in 2023 | 78% |
With a market share of around 78% in 2023, the powdered form of ashwagandha extract is expected to dominate the global market. This can be attributed to the rising preference for powdered ashwagandha due to its cost-effectiveness and longer shelf life.
The powdered form is being highly adopted by people as it is easier to store and consume. It is also cheaper than liquid ashwagandha, making it ideal for people seeking cost-effective herbal products.
The liquid ashwagandha segment, on the other hand, is expected to thrive at a healthy CAGR through 2033. This is because commercial buyers prefer ashwagandha extracts in liquid form as it makes it easier for further processing of the product.
| Attributes | Details |
|---|---|
| Top Application Type | Dietary Supplement |
| Market Share in 2023 | 33% |
A greater volume of the ashwagandha extracts produced around the world is consumed as a dietary supplement. As a result, the dietary supplement application segment is expected to hold a market share of 33% in 2023.
Growing knowledge of several medicinal properties of ashwagandha has resulted in a higher intake of its root extracts as a dietary and nutrition supplement. It has become a key ingredient in dietary supplements because of its potential health benefits, including reducing stress and anxiety and improving male fertility.
On the other hand, its use in the preparation of different condiments, such as ashwagandha teas or energy drinks, is poised to boost the food & beverage segment. Hence, a robust CAGR has been predicted for the food & beverages segment for the assessment period.
| Attributes | Details |
|---|---|
| Top Sales Channel Type | Drug Stores & Pharmacies |
| Market Share in 2023 | 25% |
As per the latest findings, drug stores and pharmacies are estimated to contribute to about one-fourth of the total ashwagandha extract sales worldwide. This is because drug stores and pharmacies are often perceived as more trustworthy and credible sources for health and wellness products, such as ashwagandha extracts.
Drug stores and pharmacies also carry standardized herbal supplement brands that have undergone quality control testing. As a result, people prefer to purchase herbal products such as ashwagandha extract from these sales channels.
The market dynamics, however, are anticipated to change soon, with the online sales channel segment growing at a faster rate for sales of ingredients prepared from ashwagandha extracts. Multiple advantages of online retail channels are attracting consumers to these sales channels.
The overall market is somewhat consolidated as a sizable volume of ashwagandha extract supply comes from India and other countries in South Asia. However, the companies involved in the processing, packaging, and marketing of ashwagandha extracts are relatively distributed worldwide.
The growing adoption of ashwagandha cultivation in Asia, Africa, and Latin America is expected to diversify the market in the forecast period. Further, the support of the e-commerce sector in extending the sales channel for end-use products of ashwagandha extracts could play a greater role.
Key ashwagandha extract manufacturers and suppliers are expanding their offerings to meet growing end-user demand. They are also employing strategies such as partnerships, distribution agreements, acquisitions, and alliances to expand their footprint.
Recent Developments in Ashwagandha Extract Market:
| Attribute | Details |
|---|---|
| Estimated Market Value (2023) | USD 698 million |
| Projected Market Value (2033) | USD 1,523 million |
| Expected Growth Rate (2023 to 2033) | 8.1% CAGR |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value and Units for Volume |
| Key Regions Covered | North America; Latin America; Europe; Middle East & Africa; East Asia; South Asia and Oceania |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, Spain, Italy, France, United Kingdom, Russia, China, India, Australia & New Zealand, GCC Countries, and South Africa |
| Key Segments Covered | Form, Application, Sales Channel, and Region |
| Key Companies Profiled |
Himalaya Herbal Healthcare (Himalaya Global Holdings Ltd.); Organic India PVT Ltd.; Nature’s Way (Dr. Willmar Schwabe GmbH & Co. KG); NOW Foods Co.; Banyan Botanicals Corporation; Swanson Health Products Inc.; Solgar Inc.; Paradise Herbs & Essentials Inc.; Nature’s Answer Inc. (Bio Botanica Inc.); Solaray Inc. (Nutraceutical International Corporation); Planetary Herbals Co. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The global ashwagandha extract market size is estimated to reach USD 698 million in 2023.
Global ashwagandha extract demand is predicted to rise at an 8.1% CAGR through 2033.
The ashwagandha extract market value is expected to total USD 1,523 million in 2033.
The United States accounts for around 21% of total consumption globally.
India’s ashwagandha extract market is poised to expand at an 8% CAGR through 2033.
One kg of ashwagandha costs around 500 to 800 rupees in India.
India is the leading producer of ashwagandha.
| Estimated Market Size 2024 | USD 345.6 million |
|---|---|
| Projected (2034) Market Size | USD 758.7 million |
| Value CAGR (2024 to 2034) | 8.2% |
| Market Size (2024) | USD 93,886.3 million |
|---|---|
| Market Forecast Value (2034) | USD 194,859.4 million |
| Market Projected Growth Rate (2024 to 2034) | 7.6% CAGR |
| Market Value in 2023 | USD 16.7 billion |
|---|---|
| Market Value in 2033 | USD 23.6 billion |
| Growth Rate (2023 to 2033) | 3.5% CAGR |
| Market CAGR (2023 to 2033) | 6.5% |
|---|---|
| Market Valuation (2023) | USD 3.5 billion |
| Market Valuation (2033) | USD 7.3 billion |
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