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:
On the basis of application, ashwagandha can be segmented as:
- Food & Beverage Industry
- Pharmaceutical Industry
- Cosmetic & Personal Care Industry
- Dietary Supplements
- Household (Retail)
On the basis of distribution channel, the ashwagandha can be segmented as:
- Hypermarkets / Supermarkets
- Specialty Store
- Modern Trade
- Online Retail
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.
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