Global Ashwagandha Extract Market Size, Share, Opportunities, And Trends By Type (Ashwagandha Extract 1.5%, Ashwagandha Extract 2.5%, Ashwagandha Extract 5%, Other), By Application (Sports Nutrition, Food & Beverages, Dietary Supplements, Other), And By Geography - Forecasts From 2023 To 2028

The ashwagandha extract market is projected to show steady growth during the forecast period.

Ashwagandha, also commonly known as Indian Winter Cherry or Indian Ginseng, is one of the most important herbs in Indian Ayurvedic Medicine. It was commonly used in the form of Rasayana (tonic). Ayurveda is a natural system of medicine that originated in India more than 300 years ago. It is the internal purification process that is followed by a specialized diet, herbal remedies, massage therapy, meditation, and yoga. Ayurveda is based on the idea that disease is caused due to the imbalance of the mind and body. It has been used for promoting the youthful state of physical and mental health and providing stress relief and happiness amongst consumers. These remedies are taken by young children as tonics, and by middle-aged and the elderly to increase longevity. It has proven to provide a wide variety of health benefits, which include protection from adaptogenic/ stress-induced activities. It has been a very popular herb in Ayurveda, where its roots, leaves, and seeds are used in Ayurvedic and Unani medicines. The roots have properties that can treat rheumatic pain, nervous disorders, inflammation of joints, and epilepsy. Dried roots are used as a tonic with properties that can treat hiccups, colds, and coughs, as a sedative, for female disorders, in care of senile debility, ulcers, and many others. The leaves are used for inflammation and swellings and the leaf juice is known to be used for conjunctivitis, Bark decoction is consumed for asthma relief and applied locally to bed sores. Ashwagandha and its extracts are used for the consumption of herbal tea, powders, tablets, and syrups.

Introduction:

Ashwagandha extract is the concentrated form of the ashwagandha herb. It is derived from the root or the leaves of the ashwagandha plant and is made into a powdered extract, water-based or oil-based extract. The several benefits that ashwagandha provides include lower blood sugar, promoting the death of tumor cells and being effective against cancer cells, reducing stress and anxiety, and reducing depression. The herb has been widely used for relief from health effects that occur from stress-induced activities.

Market Drivers:

• Health benefits: The ashwagandha herb is known for having several health benefits, which include stress relief, promoting the death of tumor cells, improved sleep, enhanced cognitive abilities, and helping in the reduction of depression among people. As the shift towards plant-based food increases due to the increase in demand for healthy diet-based products, it will fuel the growth of ashwagandha extract supplements which provide health and mind benefits.
• Government incentives: Government incentives help increase the production and innovation of ashwagandha. As of September 2021, The National Medicinal Plant Board (NMPB), and the Ministry of AYUSH had launched a campaign that promoted the cultivation of medicinal plants throughout the country. This is a part of the Azadi Ka Amrit Mahotsav.  A total of 7500 medicinal plants were distributed to 75 farmers with a target cultivation of 75000 saplings, which includes plant species such as Indian Ginseng (Ashwagandha), Night-flowering Jasmine (Parijat), Margosa Tree (Neem), Golden Apple (Bel), and Indian Blackberry (Jamun). Incentives such as these provide a significant boost to the production of ashwagandha and will fuel the ashwagandha extract market growth.

Key Players:

• Herbochem: A company that is known for exporting and supplying natural products. These include plant extracts, phytochemicals, herbal extracts, protein hydrolysate, and nutraceutical ingredients to the food and beverage, pharmaceuticals, and health and cosmetic industries.
• KSM-66 Ashwagandha (Ixoreal Biomed): Ixoreal is an ashwagandha production company known for its only product, dubbed KSM-66 Ashwagandha. KSM-66 is a full-spectrum ashwagandha extract with the highest concentration of all major root-only extracts available in the market and took 14 years of R&D to develop and refine.
• Sabina Corporation: A research-based multinational health science company that is a leader in the production of nutraceuticals, cosmeceuticals, standardized herbal extracts, speciality chemicals, probiotics, and fine chemicals. These are commonly used in the nutritional, pharmaceutical, cosmetic, and food industries.

Regional Analysis:

Asia Pacific is expected to witness significant growth in the ashwagandha extract market during the forecasted period of 2024-2029. The factors that propel the growth of the market are government incentives and ayurvedic practices. In 2021, the Indian government promoted the cultivation of several plant species that contain medicinal properties, which includes Indian Ginseng (Ashwagandha). This provided the necessary boost to increase the production of ashwagandha and other several medicinal plant species, which will propel the ashwagandha extract market in this region.

Market Developments:

• December 2021: Ixoreal Biomed Inc. and Glanbia Nutritionals announced their partnership to optimize the KSM-66 Ashwagandha, which is a highly concentrated root extract. It is the only product of Ixoreal Biomed, with NutraShield technology, which improved the functional and application dosage and allowed for a higher ashwagandha inclusion rate.
• April 2022: Kerry, one of the leading taste and nutrition companies, announced their completed acquisition of Nutreon Inc., a leading ayurvedic botanical ingredients producer. The acquisition expanded Kerry’s leading position and also the ProActive Health portfolio of science-baked branded ingredients. This further increased development in the company’s technology and enabled it to penetrate the Ashwagandha market.
• September 2022: Nutriventia has launched a new ashwagandha product that provides stress relief, dubbed Prolanza. This nutraceutical product has been proven to provide stress management and was created with the innovative sustained-release ashwagandha nutraceutical ingredient extract for the supplement formulation. Its innovative release pattern enables it to provide its clinical benefits for a longer duration of time in just a single dose.

Segmentation:

• By Type:
  • Ashwagandha Extract 1.5%
  • Ashwagandha Extract 2.5%
  • Ashwagandha Extract 5%
  • Other
• By Application:
  • Sports Nutrition
  • Food & Beverages
  • Dietary Supplements
  •  Other
• By Geography:
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others