Withania somnifera, a nightshade-family fruiting plant commonly known as winter cherry, is known as ashwagandha in Sanskrit. Similar to tomatillos and ground cherries, ashwagandha produces little orange berries in papery husks. Although ashwagandha berries are technically edible, the dried root is the component of the plant that is most in demand. For thousands of years, ayurvedic therapy has relied on the withanolides, which are natural steroids found in ashwagandha root. The ashwagandha extract market was valued at $864.30 million in 2021, and is estimated to reach $2.5 billion by 2031, growing at a CAGR of 11.4% from 2022 to 2031.
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The players operating in the global ashwagandha extract industry have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report The Himalaya Drug Company, Dabur India Ltd., Emami Limited, Kairali Ayurvedic Group, P&G, Patanjali Ayurved Limited, Kerry Group PLC, Shree Baidyanath Ayurveda Bhawan Pvt. Ltd., Taos Herb Company and Unilever PLC.
According to the ashwagandha extract market demand, on the basis of form, the capsules/tablets segment was the highest contributor to the market this is majorly attributed to convenience provided by the capsules/tablets forms as it can be easily consumed. Ashwagandha is well tolerated; pills and capsules do a better job of masking its distinct odor than extracts and powders. Thus, people majorly prefer to buy capsules/tablets of ashwagandha than other forms.
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