Ayurvedic Herbal Extract Market to Reach $68.6 Billion Globally by 2032 at 5.2% CAGR: Allied Market Research

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Jan 09, 2024, 10:30 ET

The rising popularity of herbal medicine and the increase in consciousness about health & wellness among people are anticipated to drive the growth of the global ayurvedic herbal extract market during the forecast period. The Asia-Pacific region is projected to hold the majority of the market share by 2032.

WILMINGTON, Del., Jan. 9, 2024 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Ayurvedic Herbal Extract Market by Type (Ashwagandha, Ajwain, Bramhi, Ginseng, Cardamom, Cumin, Basil, Neem, Licorice Root, Turmeric, Rosemary, Others), by Application (Food and Beverages, Personal Care and Cosmetics, Pharmaceutical and Nutraceutical, Animal Feed): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global ayurvedic herbal extract market generated $41.5 billion in 2022, and is anticipated to generate $68.6 billion by 2032, rising at a CAGR of 5.2% from 2022 to 2032.

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Prime Determinants of Growth

The rising preference for natural products with less minimal side effects in the cosmetic and medical sectors and the growing awareness regarding the adverse effects associated with synthetic therapies are the factors expected to drive the growth of the global ayurvedic herbal extract market in the forecast period from 2022 to 2032. However, the high production costs and the shortage of raw materials for herbal products may hamper the ayurvedic herbal extract market growth in the coming future. On the contrary, a global shift towards natural and holistic wellness solutions and the technological advancements for herbal extraction are expected to offer remunerative opportunities for the expansion of the ayurvedic herbal extract market during the forecast period.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2022–2032
Base Year	2022
Market Size in 2022	$41.5 billion
Market Size in 2032	$68.6 billion
CAGR	5.2 %
No. of Pages in Report	290
Segments covered	Type, Application, and Region
Drivers	• Growing popularity of herbal medicine • Rising global demand for natural and plant-based products • Increase in consciousness about health & wellness
Opportunities	• Favorable regulatory frameworks in numerous countries • A rise in R&D activities is contributing to innovations in extraction techniques • Technological advancements, such as improved extraction methods and analytical techniques
Restraints	• High production costs

COVID-19 Scenario

The outbreak of the COVID-19 pandemic had a significant impact on the growth of the global ayurvedic herbal extract market. Lockdowns, restrictions, and disruption in supply chain impacted the sourcing of raw materials, which hindered production processes. While the demand for immune-boosting ayurvedic products increased and other segments saw a temporary decline as health & wellness became a top priority for consumers during the pandemic.

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Moreover, the pandemic led to an increase in awareness related to the importance of immune health, which led to a surge in demand for ayurvedic herbal extracts known for their immune-boosting properties. This created new opportunities within the industry.

Type: Ashwagandha Sub-segment to Flourish Immensely by 2032

The ashwagandha sub-segment of the global ayurvedic herbal extract market accounted for the largest share of 14.1% in 2022 and is expected to grow at a CAGR of 8.41% during the forecast period. This is mainly due to the increased demand for dietary supplements and the growing awareness regarding the medicinal and nutritional benefits of ashwagandha. In addition, increased consumer awareness about personal health & wellness is a significant factor driving the sub-segment's growth during the forecast period. Moreover, the global demand for ashwagandha is being driven by increasing awareness regarding its potential health benefits.

Application: Personal Care and Cosmetics Sub-segment to Observe Significant Growth by 2032

The banks sub-segment of the global market accounted for the highest share of 30.8% in 2022 and is projected to witness significant growth during the forecast period. This is mainly because consumers are increasingly prioritizing beauty and skincare products that align with their wellness values. Ayurvedic herbal extracts emerge as a driving force in response to the increasing demand for natural and sustainable ingredients. These extracts cater to the desire for efficacy and tap into the broader trend of embracing eco-friendly alternatives in the personal care and cosmetics industry.

Region: Asia-Pacific Market to be the Most Dominant

The ayurvedic herbal extract market in the Asi-Pacific region accounted for the largest share of 42.7% in 2022 and is predicted to grow at a the highest CAGR of 6.18% during the forecast period. This growth is mainly due to the wide availability of herbal plants in the region, the therapeutic effect of herbal products, the age-old tradition of people using natural herbs, and the adoption of healthy lifestyle after pandemic. Countries in Asia-Pacific, such as India and China are the leading exporters of some of the world's most valuable extracts, such as ashwagandha, curcumin, kale, and others. Moreover, Japan and China have long been among the region's leading nutraceutical marketplaces.

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Leading Players in the Ayurvedic Herbal Extract Market:

Nexira
Vidya Herbs Pvt. Ltd.
Dermapharm AG
Kalsec Inc.
MartinBauer
Synthite Industries Ltd.
Blue Sky Botanics
The Biolandes Group
International Flavors & Fragrances Inc.
Döhler GmbH

The report provides a detailed analysis of the key players of the global ayurvedic herbal extract market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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