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Ashwagandha is a medicinal herb found in regions of Asia and Africa. The medicinal herb has been known for its various properties such as helping in reducing stress & anxiety, lower sugar level, and other health benefits. Ashwagandha extract are extensively used by pharmaceutical and biotechnology industries for research activities in the development of drug. Moreover, the extract is also being used in the dietary supplements to promote nutrition and wellness of the person. Awareness among the population and demand for herbal medicines is anticipated to increase the market value of the ashwagandha extract.
The major factor driving the global market is the availability of medicinal properties from the plant for health benefits such as helps reduce blood sugar levels, stress & anxiety, increase muscle mass & strength, and many others. This has led to the increase of sales of products for research activities & medicinal consumption by the population.
On the flip side, owing to lesser awareness about the benefits of the product as well as lack of reach in the developing as well as under-developing nations is anticipated to restrict the growth of the market.
Key Market Driver -
Medicinal benefits of ashwagandha plant leading to increase sales of the product
Key Market Restraint -
Limited reach of the product in many parts of the world
By type, the market is segmented capsule, liquid, and powder. Based on application, the global market is categorized into health products and drug. Based on distribution channel, the ashwagandha extract market is segmented into hospital pharmacy, retail pharmacy, and online pharmacy.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The major companies in the global cell surface markers market report includes, 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, and others.
The global ashwagandha extract market has been segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America followed by Europe dominated the global market in 2019, owing to the rise in R&D activities related to ashwagandha so as to increase the potential benefits of the product for various applications. However, increasing awareness of the benefits of the products and demand for natural dietary supplements and drugs in Asia Pacific is likely to accelerate the growth of the market in this region. This along with presence of major players in countries such as India, and other emerging nations to promote the sales of the ashwagandha products. Latin America and Middle East & Africa are projected to register a comparatively lower CAGR owing to lack of reach of products in the countries.
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