Ashwagandha Extract Market 2024-2033: Production Analysis, Segmentation, Key Drivers And Top Players

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 growth in the historic period can be attributed to traditional ayurvedic medicine use, growing interest in herbal supplements, stress and anxiety management trends, research on health benefits, expansion of 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%. The growth in the forecast period can be attributed to rising demand for adaptogens, integration into functional foods and beverages, continued interest in mental health and cognitive function, innovations in product formulations, fitness and performance enhancement applications, expansion of aging population.. Major trends in the forecast period include awareness of adaptogenic properties, product innovation and formulation, market expansion in western countries, collaborations and partnerships, regulatory developments..

Market Overview -
Ashwagandha extract refers to the root extract of the plant Ashwagandha (Withania somnifera). It is used in dietary supplements and ayurvedic medicine to ease pain and inflammation, treats insomnia, and boost nutrition, along with other conditions.

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The Surge In Ayurvedic Medications Propelling Growth In The Ashwagandha Extract Market
The growing demand for ayurvedic medications is expected to propel the growth of the ashwagandha extract market going forward. Ayurveda is a system of natural health care that originated in the ancient Vedic times of India. It focuses on bodily equilibrium and uses diet, herbal therapy, and yogic breathing. Ashwagandha extract is used as an ayurvedic medicine to treat many health conditions like acne, anxiety, cancer, cardiovascular diseases, and others. Therefore, the growing demand for ayurvedic medications will increase the demand for Ashwagandha extract. For instance, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations responsible for international public health, in 2022, around 80% of the world's population is estimated to use traditional medicine. Furthermore, according to the Research and Information System for Developing Countries (RIS) report, an agency of the Government of India, the turnover of the Indian Ayurvedic industry in 2021 is USD 18.1 billion, and the market size has grown by 17% between 2014-2020. Despite a drop-in economic activity in 2020 owing to the pandemic, the industry is expected to reach $20.6 billion in 2021 and $23.3 billion in 2022. Hence, the growing demand for ayurvedic medications is driving the growth of the ashwagandha extract market.

Competitive Landscape -
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. .

Product Innovations Transforms The Market
Product innovations are a key trend gaining popularity in the ashwagandha extract market. Major companies operating in the ashwagandha extract market are focused on developing new solutions to increase their share in the market. For instance, in September 2022, Nutriventia, an India-based health and wellness company, launched a sustained-release Prolanza ashwagandha. Prolanza, the new-age Ashwagandha root-only extract, provides all-day support for stress management. The innovative release pattern of Prolanza enables it to exert its clinical benefits for a prolonged duration with a single daily dose.

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Key Segments -
The ashwagandha extract market covered in this report is segmented -
1) By Type: Immunity Health, Stress And Anxiety, Weight Loss, General Health
2) By Form: Powder, Capsules Or Tablets, Other Forms
3) By Distribution Channel: Business To Business, Business To Consumer
4) By Application: Sports Nutrition, Food And Beverages, Dietary Supplements, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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