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Rapidly growing adoption of ayurvedic medicine is a key factor driving ashwagandha market revenue growth
— Emergen Research
VANCOUVER, B.C., CANADA, June 20, 2023/EINPresswire.com/ — 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.
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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.
Key Points Covered in This Section:
Regional contribution
Estimated revenue generation
Vital data and information about the consumption rate in all the leading regional segments
An expected rise in market share
Forecast growth in the overall consumption rate
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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.
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.
Competitive Landscape:
The latest study provides an insightful analysis of the broad competitive landscape of the global Ashwagandha market, emphasizing the key market rivals and their company profiles. A wide array of strategic initiatives, such as new business deals, mergers & acquisitions, collaborations, joint ventures, technological upgradation, and recent product launches, undertaken by these companies has been discussed in the report. The report analyzes various elements of the market’s competitive scenario, such as the regulatory standards and policies implemented across the industry over recent years.
Key participants include 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.
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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
The report also offers regional level analysis and market estimation for the regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Regional Outlook of Ashwagandha Market:
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
Italy
France
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
U.A.E.
South Africa
Rest of MEA
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Additional information offered by the report:
Along with a complete overview of the global Ashwagandha market, the report provides detailed scrutiny of the diverse market trends observed on both regional and global levels.
The report elaborates on the global Ashwagandha market size and share governed by the major geographies.
It performs a precise market growth forecast analysis, cost analysis, and a study of the micro- and macro-economic indicators.
It further presents a detailed description of the company profiles of the key market contenders.
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