Portland, OR, Sept. 28, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global ashwagandha extract market generated $864.3 million in 2021, and is expected to reach $2.5 billion by 2031, witnessing a CAGR of 11.4% from 2022 to 2031. The report provides a detailed analysis of changing market trends, top segments, competitive landscape, value chain, and Porter’s Five Forces. This report offers in-depth information for market players, investors, stakeholders, and startups in determining steps to be taken for achieving sustainable growth and competitive advantage in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $864.3 million |
| Market Size in 2031 | $2.5 billion |
| CAGR | 11.4% |
| No. of Pages in Report | 256 |
| Segments covered | Form, Application, Distribution Channel, and Region. |
| Drivers | Increase in demand for natural functional food and drinks |
| Inclination of the people toward healthy lifestyle and rise in spending on healthy and fortified food | |
| Opportunities | Surge in demand from the pharmaceutical industry |
| Aggressive marketing through digital forms for advertising and marketing | |
| Restrains | Strict regulations and lack of research on its usage for availing optimum health benefits |
Covid-19 Scenario:
- The Covid-19 pandemic impacted the ashwagandha extract market positively, owing to the positive health effects of ashwagandha on physical and mental wellbeing. People suffered physical illnesses along with mental health issues during the pandemic. Ashwagandha eases anxiety and stress. So, the demand surged massively.
- The demand for ashwagandha extract increased during the pandemic as people began taking dietary supplements to fulfill nutrient deficiency and build immunity to fight against the coronavirus infection.
- The consumption of functional and fortified food containing natural ingredients increased considerably during the pandemic. This, in turn, raised the sales of ashwagandha extract in business to consumer segment considerably.
- The supply chain disruptions due to lockdown restrictions created a supply-demand gap. This, in turn, led to loss of revenue for some market players. However, the demand and sales are expected to recover post-pandemic as supply chain regulates.
The research provides detailed segmentation of the global ashwagandha extract market based on form, application, distribution channel, and region. The research provides a detailed analysis of segments and sub-segments to determine the highest revenue-generating and fastest-growing segments. Market size and estimations for segments and sub-segments are offered in the study to identify the strategies to be adopted to achieve sustainable growth.
Based on form, the capsules/tablets segment held the largest share in 2021, contributing to nearly half of the total share, and is expected to maintain its leadership status during the forecast period. However, the powder segment is expected to witness the highest CAGR of 12.6% from 2022 to 2031. The report also analyzes the others segment.
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Based on application, the dietary supplements segment accounted for the highest share in 2021, contributing to nearly two-fifths of the global ashwagandha extract market, and is projected to maintain its lead in terms of revenue throughout the forecast period. However, the food and beverages segment is expected to manifest the highest CAGR of 13.0% from 2022 to 2031. The research also analyzed the segments including sports nutrition and others.
Based on distribution channel, the business to consumer segment contributed to the largest market share in 2021, holding around two-thirds of the global market, and is expected to maintain its dominance by 2031. However, the business to business segment is estimated to grow at the fastest CAGR of 11.9% during the forecast period.
Based on region, Asia-Pacific accounted for the highest share in 2021, contributing to nearly half of the total market share, and is estimated to dominate in terms of revenue by 2031. However, Europe is estimated to grow at the highest CAGR of 12.8% during the forecast period. The research also analyzes regions including North America and LAMEA.
The research provides a detailed analysis of leading market players of the global ashwagandha extract market. These players include The Himalaya Drug Company, Emami Limited, Dabur India Ltd., P&G, Kairali Ayurvedic Group, Kerry Group PLC, Patanjali Ayurved Limited, Taos Herb Company, Shree Baidyanath Ayurveda Bhawan Pvt. Ltd., and Unilever PLC.
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The report discusses these key players and outlines various strategies such as expansion, partnerships, new product launches, and others to raise their market penetration and consolidate their position in the global market. The report providers extensive analysis that outlines product portfolio, operating segments, business performance, and key developments by every market player.
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
