The global ashwagandha extract market size is projected to exhibit strong growth prospects on account of the increasing demand for ashwagandha extract from the pharmaceutical sector, finds Fortune Business Insights™ in its report, titled “Ashwagandha Extract Market, 2021-2028”.
Ashwagandha is a medicinal herb that helps to cure various diseases such as cancer, diabetes, and others. The ashwagandha extract proves beneficial for reducing the blood sugar levels, improves concentration, enhances brain functioning, and helps to relieve stress. Thus, there is a high demand for ashwagandha extract from the pharmaceutical industry, which is projected to fuel the growth of this market during the forecast period.
However, the lack of awareness among the people about the benefits of ashwagandha is anticipated to impede the growth of this market.
There has been a surging demand for ashwagandha extract from the medical and pharmaceutical sectors even during the ongoing COVID-19 pandemic. Hence, this pandemic has no major impact on the growth of this market.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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On the basis of type, the market is classified into capsule, liquid, and powder. Based on application, this market is divided into sports nutrition, dietary supplements, and others. By distribution channel, the market has been grouped into hospital pharmacy, retail pharmacy, and online pharmacy. In terms of geography, the market has been segregated into North America, Europe, Asia Pacific, Latin America,and the Middle East & Africa.
The report contains a rigorous study of all factors and trends driving and shaping the size, share, and revenue of the market. Further, the report supplies a microscopic examination of the hindrances obstructing the growth of the market, as well as provides a careful analysis of the market segments. Additionally, a detailed assessment of the competitive landscape and regional prospects of the market are also incorporated into the report.
Increasing Demand for Natural Dietary Supplements to Bolster Market Growth
The ashwagandha possesses numerous medicinal properties that are necessary for the well-being of human health. Hence, the ashwagandha extract is also used in natural dietary supplements and sports nutrition, which is expected to propel the growth of this market. Further, ashwagandha can also prove useful for the treatment of anxiety, depression, and other mental conditions of human body, which has led to a surging demand for this product across several regions.
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Increasing Research and Development Activities related to Ashwagandha to Boost the North America Market Growth
North America region is projected to expand speedily in the ashwagandha extract market share on account of the increasing research and development activities related to ashwagandha in this region.
Asia Pacific region is expected to witness substantial growth in this market due to the risingawareness about the benefits of ashwagandha in this region.
Increasing Production Capabilities to Animate Competition
The prominent companies in the ashwagandha extract market are focusing on increasing their production capabilities across various regions of this market owing to a high demand for ashwagandha from the pharmaceutical industry worldwide. This has resulted in the increasing competition among key companies which will enable them to widen their business operations and broaden their market footprint.
August 2019: Arjuna Natural in partnership with NutriScience launched a highly potential ashwagandha extract Shoden. The product was launched due to excessive demand by consumers.
List of Key Players Covered in the Ashwagandha Extract Market Report:
- Naturalin Bio-Resources Co., Ltd
- Phyto Life Sciences P. Ltd
- Quad Lifesciences Pvt Ltd
- IDEAL NATURAL EXTRACT
- Taos Herb Company
- Life Extension
- Xian Sgonek Biological Technology Co., Ltd
- Arjuna Natural Ltd.
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