The global ashwagandha extract market value will expand from US$ 698 million in 2023 to US$ 1,523 million by 2033. Over the assessment period, sales of ashwagandha extracts are anticipated to surge at a robust CAGR of 8.1%.
Demand in the market remains high for powdered ashwagandha extracts. This is due to the multiple benefits of powdered ashwagandha extracts, including their cost-effectiveness and extended shelf life.
Several factors will drive the global ashwagandha extract market growth through 2033. These include growing demand for natural and herbal products and increasing awareness about the health benefits of ashwagandha.
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Though scientific inquiry and commercialization of the ashwagandha plant are in the early stages, the extract obtained from its roots has already affected a profitable market. The demand for ashwagandha extracts in food & beverage, pharmaceutical, nutraceutical, cosmetic, and other emerging sectors is expected to strengthen the market through 2033.
General ignorance regarding the nutritional and health advantages of ashwagandha or its availability in extract form is expected to remain a critical constraint for market players. However, the growing acceptance of the product in popular culture and its frequent mention in social media channels is anticipated to increase its demand dramatically.
“The growing inclination of citizens, particularly in North America and Europe, toward organic and natural herbal products is expected to create opportunities for the ashwagandha extract market. The retail market for ashwagandha extracts is highly brand-recognizable, with premium or famous vendors achieving higher sales in most of the regions,” – says Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.).
Key Takeaways from the Global Ashwagandha Extract Market Study Report
- The global market for ashwagandha extracts is set to total US$ 1,523 million in 2033.
- Based on form, the powdered ashwagandha extract segment is set to account for a revenue share of 78% in 2023.
- By application, the dietary supplement segment will likely hold a prominent value share of 33% in 2023.
- The United States currently holds around one-fourth of the total ashwagandha extract sales achieved worldwide.
- Ashwagandha extract demand in the United Kingdom is set to rise at a 5% CAGR through 2033.
- Sales in India are projected to expand at an 8% CAGR from 2023 to 2033.
- China is set to register a CAGR of 5% CAGR through 2033.
Competitive Landscape of Ashwagandha Extract Market and Recent Industry Developments
The overall market is highly concentrated in countries across the Asia Pacific, with a handful of multinational pharmaceutical and natural herbal companies having a greater share of the global revenue. Key companies are concentrating on introducing novel products into the market to boost their sales. They are also implementing strategies such as collaborations, agreements, and acquisitions.
Recent Developments by Leading Ashwagandha Extract Companies:
- Glanbia Nutritionals Company and Ixoreal Biomed Inc. collaborated in November 2021 to enhance their ashwagandha extract production capacity through the application of Nutrashield technology. They have aimed to utilize this microencapsulation technique to improve the incorporation rate of their ashwagandha extract, KSM-66. It was also adopted to supply commercial users with a potent ashwagandha extract solution for making effervescent, chewable gummies, ready-to-mix powders, and packaged drinks.
- Withania somnifera, or sustained-release ashwagandha, was introduced by India-based herbal company Nutriventia in September 2022. This new product with 600 mg of Prolanza sustained release capsules containing 30 mg of withanolides was demonstrated to have better absorption over competing products.
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The study incorporates compelling insights on the ashwagandha extract market based on form (powder and liquid), application (dietary supplements, traditional medicine (Ayurveda), foods and beverages, and others), and sales channel (business-to-business (B2B), the business-to-consumer (B2C) [hypermarkets or supermarkets, specialty stores, drug stores and pharmacies, convenience stores, online retail channels], and other sales channels) across several regions.
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