Ashwagandha: Market Outlook

Ashwagandha, is a winter cherry, Indian ginseng, poison gooseberry, has been used in many countries from ancient times for its health benefits as the Indian Ayurvedic system uses ashwagandha a tonic medicine, particularly as a tonic nerve. Ashwagandha's widespread popularity has led companies to launch numerous items that have nutritional benefits such as memory, sports nutrition, and aging, immune support, and others. Ashwagandha can also be used in the weight loss system and has thus been collected as a natural weight control solution in the herbal section.

Ashwagandha increases sales in winter when immune health is a concern. Ashwagandha as a multifunctional herb that can be classified as an immunity booster, a supplement to energy, a rejuvenating, stress buster. The increase in health-conscious people all over the globe driving ashwagandha market growth.

The rising demand for herbal remedies has propelled the market for ashwagandha. Growing customer consciousness and growing trust in herbal/botanical supplements have certainly cemented the growth of ashwagandha, but the industry has not yet achieved widespread acceptance. The market for ashwagandha is rising rapidly with increasing demand for natural products.

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The Sedentary Lifestyle Among People Triggering the Growth of Ashwagandha Market

Surge in demand for herbal healthcare continues persistence because of its appeal to use items as organic. The sedentary lifestyle amongst people is generating a-increasing demand for nutrients that promote health and wellness. Ashwagandha with its pure, minimal to no risk factor USP has gained recognition by consumers who are searching for a natural weight loss solution and also for the general tonic for brain.

Recent product launches such as "Amul Memory Milk" by the Gujarat Cooperative Milk Marketing Federation using Ashwagandha in its medicated homogenized flavoured toned milk, have observed the importance of ashwagandha and are being marketed as the memory enhancer. Ayurvedic manufacturers have been attracted to market their ashwagandha products worldwide by the highly valued trust on Ayurvedic preparations in western countries. It is anticipated that concrete trust among customers of Ayurvedic goods, backed by the knowledge available worldwide, expected to boost the growth of the market for ashwagandha.

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Ashwagandha: Market Segmentation

On the basis of form, ashwagandha can be segmented as:

  • Powder
  • Capsules
  • Others

On the basis of application, ashwagandha can be segmented as:

  • Food & Beverage Industry
  • Pharmaceutical Industry
  • Cosmetic & Personal Care Industry
  • Dietary Supplements
  • Household (Retail)
  • Others

On the basis of distribution channel, the ashwagandha can be segmented as:

  • B2B
  • B2C
    • Hypermarkets / Supermarkets
    • Specialty Store
    • Modern Trade
    • Online Retail
    • Others

Ashwagandha Market: Key Players

Some of ashwagandha's global market players include; Xi'an Lyphar Biotech, NutriBoost B.V., Xian Sost Biotech, AuNutra Industries Inc., Himalaya Global Holdings Ltd., Amax NutraSource, Inc., Sabinsa Company, Carrubba Inc., Herbs Village and Banyan Botanicals among others. The main players are focused on developing natural products to achieve growth in the market of ashwagandha. To enhance their global reach, these players engage in product launches, mergers & acquisitions, and alliances.

  • In 2012, The Himalaya acquired by First Natural Brands Ltd. For enhance their global reach. Himalaya is a major distributor of consumer goods, including natural food stores, spa treatment centres, organic supermarkets and regional high street retailers.

Ashwagandha Market: Regional Outlook

Asia Pacific expected to be the global market leader. India is expected to retain the region's greatest market share. Ashwagandha is an essential Ayurvedic medicinal herb. The use of ashwagandha is becoming highly common in South East Asian countries.  A demand generated by supply has led to the advancement of the market where organizations are constantly driving innovation of new products for varied applications, cosmetic applications were an such instance where the advantages of ashwagandha are presented for growth in the cosmetics and personal care industry.

Through its pragmatic approach to natural product science, the European Region has targeted these segments and gained recognition effectively, through countries like Germany having one of the highest investments in botanicals research. Within these regions, the demand for ashwagandha is also expected to rise over the forecast period.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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