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
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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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.
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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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 Key Players:
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.
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