Table of Contents
Introduction
Global Ashwagandha Market size is expected to be worth around US$ 480 Million by 2032 from US$ 1,187 Million in 2023, growing at a CAGR of 10.9% during the forecast period from 2024 to 2032. In 2022, North America led the market, achieving over 43.0% share with a revenue of USD 207 Million.
The global ashwagandha market is experiencing substantial growth, driven by increasing consumer interest in natural and herbal supplements. As knowledge about ashwagandha’s health benefits expands, its popularity continues to rise globally.
This surge in demand is bolstered by the growing acceptance of Ayurvedic medicine and the herb’s acclaimed adaptogenic properties, which are touted for their stress-relief benefits. Additionally, the pharmaceutical and nutraceutical industries are expanding their use of ashwagandha, with continued investments in research to discover new applications.
However, the market faces several challenges that could hinder growth. Consumer awareness of ashwagandha’s benefits remains limited, potentially restraining market expansion. Additionally, side effects from incorrect dosages, such as stomach upset and other digestive issues, pose significant concerns. These challenges are exacerbated by a lack of standardization in product quality and risks of contamination with heavy metals, highlighting the need for improved regulatory oversight.
Recent market developments indicate a diversification in the applications and formulations of ashwagandha. While traditionally used in dietary supplements, ashwagandha is increasingly incorporated into the food and beverage sector and is gaining traction in pharmaceuticals for its stress-managing adaptogenic effects. Although powdered forms are still prevalent, there is a growing consumer preference for capsules and liquid extracts, which offer convenience and enhanced perceived efficacy.
Key Takeaways
- The ashwagandha market is projected to grow to USD 1,187 million by 2032, with a robust CAGR of 10.9% from 2022.
- In 2022, the valuation of the ashwagandha market stood at USD 433 million.
- Root products dominate the ashwagandha market, accounting for 97% of global sales.
- The average price of root-based ashwagandha products is approximately USD 18.33.
- Ashwagandha products that combine roots and leaves are priced at an average of USD 18.50.
- The powder form of ashwagandha is anticipated to capture the largest market share by the end of 2022.
- In 2022, the business-to-consumer (B2C) channel led the distribution market for Ashwagandha.
- North America held the highest revenue share in the global ashwagandha market in 2022, at 43.0%.
Ashwagandha Statistics
- Sales Growth: Ashwagandha sales increased by 225.9% in 2021, reaching $92,326,926, up nearly $64 million from 2020.
- Natural Supplements Growth: In the U.S. natural supplements channel, Ashwagandha sales grew by 21% in 2021.
- 2022 Sales: Ashwagandha sales in the U.S. natural supplements market rose by 2% in 2022.
- Mood Support Growth: In 2021, Ashwagandha saw a 33% sales growth in the U.S. natural retail market for mood support.
- Mainstream Sales Spike: In the mainstream MULO sleep supplements category, Ashwagandha sales spiked nearly 4000% in 2020.
- Top Ingredient Rank: Ashwagandha ranked 9th in the top 10 bestselling ingredients for sleep in the natural channel.
- Annual Growth Rate: Sales more than doubled each year since 2018, except for a 45% growth in 2019.
- Mood Support Products: Mood support products, making up 96.2% of Ashwagandha sales, grew by 272.1% in 2021.
- Google Searches: Searches for “Ashwagandha” increased by 70% in 2021.
- Scientific Research: Since 2000, more than 1,300 papers published on Ashwagandha; 159 in 2021 alone.
- Goli Ashwa Gummies: Launched in June 2021, selling 200 bottles per minute, sold out in 10 days.
Effects of Ashwagandha on Stress and Anxiety
- Review of 7 Studies (491 Adults, India): Ashwagandha effective for stress and anxiety over 6-8 weeks.
- Effective Dosages: Optimal benefits observed with 500-600 mg/day doses.
- Florida Study (60 Participants): 225 mg/day or 400 mg/day for 30 days reduced stress, anxiety, depression, and cravings.
- India Study (130 People): 300 mg sustained-release capsule improved stress and sleep quality over 90 days.
- University of Colorado (60 Students): Two 350-mg capsules daily for 30 days enhanced well-being and managed stress.
Effects on Sleep Quality
- 6-Week Study (India): 120 mg/day (Shoden) improved sleep in 72% of participants.
- 8-Week Trial: 600 mg/day (KSM-66) improved sleep quality and reduced sleep onset latency.
- Systematic Review: Ashwagandha improved sleep more at 600 mg/day over 8 weeks.
Tolerability and Side Effects
- General Tolerability: Well tolerated up to 3 months.
- Liver Injury Cases: Five cases of liver injury reported with 450-1,350 mg/day for 1 week to 4 months.
- Thyroid Effects: Small increases in thyroxine levels with 500 mg/day for 8 weeks.
- Thyroid Hormone Changes: 50 participants saw thyroid hormone changes after taking 300 mg twice daily for 8 weeks.
- DHEA-S and Testosterone Increase: 43 overweight men saw an 18% increase in DHEA-S and 14.7% increase in testosterone after 8 weeks.
Emerging Trends
- Increased Demand for Immunity Boosters: The global pandemic has elevated the demand for natural immunity-boosting supplements. Ashwagandha, recognized for its immune-enhancing properties, has seen a surge in popularity, with sales in the herbal supplement market notably increasing in recent years. The forecast predicts continued growth, with the market expected to expand significantly by 2033, driven by its health benefits.
- Growing Popularity in Mental Health: Ashwagandha’s role in mental health, particularly for stress reduction and anxiety relief, is gaining attention. With a rising global awareness and scientific support, it remains a top ingredient in dietary supplements aimed at mood support, stress relief, and cognitive health. This adaptogen is helping to pave the way for the broader category of mood-enhancing herbs.
- Expansion in the Pharmaceutical Industry: The pharmaceutical sector is increasingly incorporating ashwagandha due to its diverse medicinal properties, including anti-inflammatory and antioxidant effects. The market for ashwagandha extracts is thriving, with significant growth projected in North America, a major market for these products. The expansion is fueled by the herb’s established therapeutic benefits and growing consumer preference for natural remedies.
- Rising Use in Food and Beverages: Ashwagandha is becoming a common ingredient in functional foods and beverages, such as teas, energy drinks, and nutrition bars. Innovations in product formulations are making it easier to include ashwagandha in a variety of consumable products. Gummies, bars, and beverages, in particular, are experiencing high growth in popularity, as they meet consumer demand for health-enhancing ingredients in convenient forms.
- Sustainability and Organic Products: There is a noticeable shift towards sustainable and organic cultivation of ashwagandha. Consumers are increasingly seeking organic products, reflecting a broader trend towards environmentally responsible and health-conscious choices in supplements and natural products.
- Vegan and Plant-Based Diets: The trend towards vegan and plant-based diets has contributed to the increased popularity of ashwagandha in dietary supplements. Ashwagandha is frequently featured in vegan health products, aligning with the growing consumer interest in plant-based wellness solutions.
Use Cases
- Dietary Supplements: Ashwagandha is renowned for its stress-reducing effects, primarily due to its ability to regulate cortisol levels. It’s used in supplements that aim to improve sleep, reduce stress, and enhance overall well-being. Its use is particularly noted for promoting relaxation and combating insomnia, making it a valuable component in dietary supplements aimed at mental and physical health.
- Pharmaceutical Applications: In the pharmaceutical realm, Ashwagandha’s anti-inflammatory and antioxidant properties are leveraged. It shows potential in supporting treatments for conditions like arthritis and may help in reducing inflammation and enhancing immune function. Research into its anticancer properties is also gaining interest, which underscores its importance in medical formulations.
- Functional Foods and Beverages: Ashwagandha is increasingly included in functional foods and beverages to enhance health benefits. These products aim to improve energy levels and cognitive function, often found in herbal teas and health supplements that target well-being through natural ingredients.
- Cosmetic Products: The antioxidant properties of Ashwagandha make it a popular choice in the cosmetics industry, where it is used in products aiming to improve skin health and anti-aging properties. Its use in topical applications capitalizes on its potential to enhance skin vitality and combat the physical signs of aging.
- Sports Nutrition: For athletes and fitness enthusiasts, Ashwagandha offers benefits in enhancing physical performance and muscle recovery. Its role in improving muscle strength and reducing recovery time makes it a favored ingredient in sports nutrition supplements, catering to those looking to optimize physical performance and recovery.
Key Player Analysis
- Carrubba, Inc.: Specializing in botanical extracts, Carrubba, Inc. has expanded into the Ashwagandha market, applying its extensive experience in natural plant extracts. Their Ashwagandha extract is sourced from the Withania somnifera root, known for its anti-stress, anti-inflammatory, and immune-boosting properties. This extract is used in various personal care products, such as shampoos and skincare items, showcasing Carrubba’s dedication to incorporating high-quality, natural ingredients into their offerings.
- Himalaya Global Holdings Ltd.: A major player in the Ashwagandha sector, Himalaya offers products under the Himalaya Organic Ashwagandha line, including root powder and extracts in caplet form. These products are promoted for their stress resistance, relaxation, and emotional balance benefits, featuring certified organic ingredients to ensure purity and safety. Himalaya’s approach combines traditional Ayurvedic practices with modern scientific validation, aiming to deliver accessible wellness solutions globally.
- Medikonda Nutrients: Recognized for its premium herbal extracts, Medikonda Nutrients focuses on high-quality Ashwagandha production. Serving the nutraceutical, cosmetics, and food and beverage sectors, the company adheres to strict USDA organic farming standards and conducts rigorous third-party testing to ensure product safety and purity. With growing global demand for natural remedies, Medikonda is well-positioned to supply the market with its top-tier Ashwagandha extracts.
- Bioprex Labs: Since 1993, Bioprex Labs has been a notable force in the Ashwagandha market, particularly for their high-quality, standardized herbal extracts. Specializing in Ashwagandha root products, the company focuses on bioavailability and efficacy, catering primarily to the health supplement and nutraceutical industries. With modern production facilities and stringent quality controls, Bioprex Labs meets the increasing consumer demand for effective, natural herbal remedies.
- AuNutra Industries Inc.: AuNutra Industries stands out in the Ashwagandha market by prioritizing high-quality botanical ingredients. The company’s production facilities adhere to GMP, ISO-9000, and Kosher standards, utilizing steam and ozone sterilization to produce non-irradiated ingredients. This commitment to quality makes AuNutra a preferred supplier across nutraceutical, functional food, and cosmetic industries.
- Herbal Creations: Engaging actively in the Ashwagandha market, Herbal Creations offers a variety of extracts, including powders and capsules, aimed at the health supplements and pharmaceutical sectors. Sourcing its Ashwagandha from North-Western and Central India, the company emphasizes organic quality and combines traditional Ayurvedic wisdom with modern health trends, responding to the global demand for holistic health solutions.
Conclusion:
The global ashwagandha market is poised for significant growth, driven by increasing consumer demand for natural health solutions and the herb’s adaptogenic benefits. Despite facing challenges such as limited consumer awareness and product standardization issues, the market benefits from diverse applications in pharmaceuticals, dietary supplements, and food and beverage industries.
Continued research and innovation, along with a shift towards sustainable and organic products, are likely to fuel the expansion of the ashwagandha market. With robust growth projections and a solid presence in various sectors, ashwagandha remains a key player in the natural supplements industry.
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