Major players in the ashwagandha extract market are Taos Herb Company, Phyto Life Sciences P. Ltd., Quad Lifesciences Pvt. Ltd., Ideal Natural Extract, Life Extension, Arjuna Natural Ltd., Sabinsa Corp, Naturalin Bio-Resources Co Ltd., Kerry Group, Ixoreal Biomed Pvt Ltd., Umalaxmi Organics Pvt Ltd., OmniActive Health Technologies Limited, Unicorn Natural Products Pvt Ltd., Carrubba Inc., and Botanic Healthcare Pvt Limited.
The global ashwagandha extract market is expected to grow from $0.58 billion in 2022 to $0.65 billion in 2023 at a compound annual growth rate (CAGR) of 13.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The ashwagandha extract market is expected to reach $1.01 billion in 2027 at a CAGR of 11.5%.
The ashwagandha extract market consists of sales of ethanolic extracts, alkaloids, steroidal lactones.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
Asia-Pacific was the largest region in the ashwagandha extract market in 2022. The regions covered in ashwagandha extract report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of ashwagandha extract are immunity health, stress and anxiety, weight loss and general health.Immune health refers maintenance of a healthy immune system that protects the body from outside invaders.
The various forms involved are powder, capsules, or tablets, others which are sold by a business to business, business to consumer distribution channels and used for sports nutrition, food and beverages, dietary supplements and others.
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.
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.
In April 2022, Kerry Group, an Ireland-based provider of functional and nutritional solutions, acquired Natreon, Inc for an undisclosed amount.Through this acquisition, Kerry expands its ProActive Health portfolio of branded ingredients, allowing the company’s technology growth.
Natreon, Inc is a US-based developer and marketer of ayurvedic products.
The countries covered in the ashwagandha extract market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the chain or as part of other products.
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