Most commonly known as Ashwagandha, also recognized as Indian ginseng, poison gooseberry, and winter cherry has been used from ancient times in many cultures for its health benefits such as Indian Ayurvedic system uses Withania somnifera as medicine Rasayana (tonic), particularly since a nerve tonic.
The rise in demand for dietary supplements has been driving the withania somnifera market. The market has not yet reached to high widespread acceptance, but the increasing consumer awareness and increasing trust in herbal/botanical supplements have unquestionably cemented the growth of withania somnifera. The withania somifera market is growing at a rapid pace with growing demand for natural products.
The wide spread popularity of Withania somnifera has led to manufacturers introducing different products with health benefits such as sports nutrition, memory, and aging, immune support among others. Ashwagandha can be used in weight management program and thus has picked up in the herbal segment as natural weight management remedy.
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Withania Somnifera market Global Market Trends and Market Drivers:
The growth of herbal healthcare market remains persistent due to its appeal as healthy and safe to use products. The sedentary lifestyle among people is creating an ever increasing demand for health and wellness promoting supplements. Withania somnifera with its natural, little to no side effect USP has gained attention by consumers looking for a natural weight management remedy and also for the general tonic for brain. The high valued trust on Ayurvedic preparation in western countries has attracted the Ayurvedic manufacturers to sell their withania somnifera products worldwide. The concreted faith among consumers of Ayurvedic products backed by the information available globally is expected to fuel the growth of withania somnifera market. The popularity of ashwagandha has been observed by recent product launches such as “Amul Memory Milk” by Gujarat Cooperative Milk Marketing Federation (GCMMF, Indian Dairy manufacturing company) which uses Ashwagandha in its sterilized homogenized flavored toned milk and marketed as the memory enhancer.
Withania Somnifera Market Segmentation
Withania Somnifera market is segmented by form, application, distribution channel and region. By form, it is segmented as dry root, powder, and liquid extract. The use of conventional dry form has been widely accepted in certain cultures, but the availability of different dosage forms such as capsule formulation being more popular in use due to its convenience, and therefore the powdered form is expected to endure its steady growth rate. Also, factors like increasing health awareness and availability of quick information online are expected to supplement the growth of the powder segments.
By application, the withania somnifera market is segmented into three main applications; dietary supplement, cosmetic and beverages. The use of dietary supplements has seen a rise in demand in developed economies such as the U.S. where the population has a heightened trust in an herbal and botanical supplement. The use of withania Somnifera is gaining high popularity in regions of South East Asia. A supply driven demand has contributed to the market development where manufacturers are constantly innovating new products for varies applications, cosmetic applications are one such example where the benefits of withania somnifera are portrayed for growth in cosmetic industry.
By distribution channel, withania somnifera market is segmented as; Direct sales and indirect sales. The indirect segment is further sub segmented into; specialty stores, modern trade, online retail and other retail formats.
By region the withania somnifera market is segmented into Asia Pacific, North America, Japan, Western Europe and the Middle East. Most traditional natural supplements such as Ayurvedic (Indian traditional medicine) are now highly accepted by the western world.
The European Region with its proactive research for natural products approach has eyed this segments and successfully gained popularity, with countries such as Germany has one of the largest investment in botanicals research. The withania somnifera market is also expected to growth in these regions during the forecast period.
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Some of the global market players manufacturing Withania somnifera include; Himalaya Global Holdings Ltd., AuNutra Industries Inc., Amax NutraSource, Inc., Carrubba Inc., Sabinsa Corporation, Banyan Botanicals among others. The key players are focusing on developing natural products for attaining growth in withania somnifera market.