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A recent report published by Allies Market Research has revealed that the global ashwagandha extract market is expected to reach $2.5 billion by 2031. It had generated $864.3 million in 2021. The market is expected to witness a CAGR of 11.4% in the coming years. 

According to the report, the demand for ashwagandha surged during the Covid-19 pandemic. People suffered physical illnesses along with mental health issues during the pandemic. Ashwagandha has positive health effects on physical and mental well-being, leading to a massive surge in the demand for ashwagandha as people began taking dietary supplements to fulfil nutrient deficiency and build immunity to fight against the virus.

While it was the capsules/tablets segment that held the largest share in 2021, contributing to nearly half of the total share, the powder segment is expected to witness the highest growth rate in the coming years. While nearly two-fifths of the consumers used it as dietary supplements in 2021, it will be henceforth become a part of the food and beverages segment, as per the report.

Based on region, Asia-Pacific accounted for the highest share in 2021, contributing to nearly half of the total market share, and is estimated to dominate in terms of revenue by 2031. However, Europe is estimated to grow at the highest CAGR of 12.8% during the forecast period. This is despite several European countries, including the UK, expressing concern over the safety of Ashwagandha. 

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