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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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.
Major Key Companies Involved:
The players operating in the global ashwagandha extract industry have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report The Himalaya Drug Company, Dabur India Ltd., Emami Limited, Kairali Ayurvedic Group, P&G, Patanjali Ayurved Limited, Kerry Group PLC, Shree Baidyanath Ayurveda Bhawan Pvt. Ltd., Taos Herb Company and Unilever PLC.
Regional Analysis:
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 market for functional, dietary supplement, and sports nutrition products based on ashwagandha is expanding in the European region for a number of reasons, including the large spending power of consumers and economic stability. North America ashwagandha extract market is expanding as a result of increased consumer awareness of the advantages of food products containing ashwagandha increase in use across a variety of end-use applications, including sports nutrition, weight management, clinical nutrition, heart health, and others.
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According to the ashwagandha extract market demand, on the basis of form, the capsules/tablets segment was the highest contributor to the market this is majorly attributed to convenience provided by the capsules/tablets forms as it can be easily consumed. Ashwagandha is well tolerated; pills and capsules do a better job of masking its distinct odor than extracts and powders. Thus, people majorly prefer to buy capsules/tablets of ashwagandha than other forms.
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.
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There has been an upsurge in the user base of different social media platforms and other types of internet websites, owing to the large scale distribution of internet services across the world. This user base consists of children, teenagers, middle aged as well as the elderly population. Considering this, most of the engaged stakeholders in the ashwagandha extract market are moving on to digital forms for advertising and marketing.
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