Shilajit Market Size, Share and Trends 2024 to 2034

Shilajit Market Size and Forecast 2024 to 2034

The global shilajit market size is worth around USD 191.50 billion in 2024 and is anticipated to reach around USD 454.60 billion by 2034, growing at a notable CAGR of 9.03% from 2024 to 2034. The shilajit market growth is attributed to increasing consumer awareness of natural health supplements and expanding applications of shilajit in wellness and fitness products.

Shilajit Market Key Takeaways

• Asia Pacific dominated the global market with the largest market share of 62% in 2023.
• North America is projected to host the fastest growing during the forecast period.
• By form, the powder segment contributed the highest market share in 2023.
• By form, the capsules/tablets segment is expected to grow at a CAGR of 9.43% during the forecast period.
• By application, the sexual health segment captured the biggest market share in 2023.
• By application, the anti-aging segment is anticipated to grow with a significant CAGR during the forecast period.
• By distribution channel, the offline segment captured the biggest market share of 81% in 2023.
• By distribution channel, the online segment is projected to expand rapidly during the forecast period.

Impact of Artificial Intelligence (AI) on the Shilajit Market

Based on data, artificial intelligence algorithms evaluate trends, improve production line efficiency, or predict demand with extreme precision in the shilajit market. Organizations use AI in the development of individual and targeted marketing techniques that assist in the creation of better customers. AI advances product research in a way of discovering new applications and ensures that only quality products that meet the consumers’ demands are developed.

Furthermore, supply chain management with the help of AI reduces operating dysfunctionalities, curtails costs, and fulfills efficiency to enhance the overall profit. These advancements not only promote the innovative front but also enhance competitiveness globally, marking a tremendous evolution of the shilajit market structure of globalization.

Asia Pacific Shilajit Market Size and Growth 2024 to 2034

The Asia Pacific shilajit market size is exhibited at USD 118.73 billion in 2024 and is projected to be worth around USD 284.13 billion by 2034, growing at a CAGR of 9.11% from 2024 to 2034.

Asia Pacific dominated the global shilajit market in 2023, due to the high utilization of shilajit in ayurvedic and natural remedies for ailments.  A high level of awareness indicates the growing recognition of traditional medicine, including practices like Ayurveda, yoga, and other indigenous health methods, in India. This leads to the high demand by the region’s practices many raw materials are available and a large network of traditional medicine practitioners. Furthermore, the new disposable income and shifting consumer inclination for natural products over chemical medications further contribute to the demand for the herb in the urban populace of countries including China and India.

• A survey conducted by the Ministry of Ayush in India from July 2022 to June 2023 revealed that awareness of Ayush practices is widespread across the country. The survey showed that over 86% of urban residents and 87–99% of rural residents are knowledgeable about Ayush practices and their benefits.

North America is projected to host the fastest-growing shilajit market in the coming years, owing to the growing interest in natural supplement consumption and boosting a healthy life. The increase in the use of holistic medicines especially among the youths and generations X and Y corresponds with shilajit’s health benefits that include anti-aging, and energy boosting. Furthermore, shilagit supplements are easily available through e-commerce websites in the region.

• The 2023 report from the Council for Responsible Nutrition (CRN) highlights the mainstream acceptance of dietary supplements among Americans. Data from the 2023 CRN Consumer Survey on Dietary Supplements shows that 74% of U.S. adults use dietary supplements, with 55% categorized as ‘regular users,’ emphasizing their integral role in promoting health and wellness in daily life.

Market Overview

The shilajit market is expected to grow rapidly over the forecast period across the global sectors mainly driven by the increasing use of natural health supplements. Shilajit is a natural mineral pitch that is recommended for its curative ability and is rapidly progressing to be favored by consumers. This improves energy levels mental health, and strong bone health and joint function. A similar trend is expected to boost the growth rate in the future, especially in North American and Asia Pacific nations.

Asia Pacific dedicated itself to demand traction with more demand growth expected in the subsequent years as the shilajit market growth rates rose. Furthermore, the increasing consciousness towards holistic and organic approaches for health improvement across the developed economy further boosted the demand for shilajit.

• According to the 2024 report by Apex Hospitals, research indicates that individuals adhering to a plant-based diet are less likely to develop chronic illnesses, including heart disease.

Shilajit Market Growth Factors

• Increasing popularity of plant-based supplements: Rising interest in vegan and plant-based wellness products fuels demand for shilajit as a natural dietary supplement.
• Growing focus on stress management: shilajit’s adaptogenic properties appeal to consumers seeking holistic stress and anxiety solutions in modern lifestyles.
• Expanding geriatric population: Aging populations, particularly in developed countries, drive demand for shilajit’s anti-aging and bone health benefits.
• Rising demand for preventive healthcare: Consumers emphasize proactive health management, leveraging shilajit for its immune-boosting and detoxifying properties.
• Advancements in extraction techniques: Innovations in shilajit purification and standardization improve product quality and expand its therapeutic applications.
• The proliferation of health and wellness apps: Mobile platforms promoting personalized wellness programs increase awareness and accessibility of shilajit-based products.
• Collaborations with fitness and sports brands: Partnerships between nutraceutical companies and fitness brands enhance the visibility of shilajit for energy and endurance benefits.

Market Scope

Market Dynamics

Driver

Increasing consumer awareness of health benefits

Increasing consumer awareness of the health benefits associated with shilajit is projected to drive market growth. The minerals, fulvic acid, and antioxidants found in this compound provide numerous medical benefits. Biotin is widely used in dietary supplements, the utilization of natural and organic supplements propels its usage, especially in developed countries.

Consumers rely on social media and online platforms to get information on the benefits of using it in their dietary regimens. Consumer trends leaning towards herbal medicine, by timely scientific discovery endorsing its effectiveness, add to the product’s versatile client base. Furthermore, sales of organic and traditional supplements in developed countries including North America and Europe have risen steadily.

• According to the 2023 report by the WHO, over 80% of the global population across more than 170 of the 194 WHO member states currently utilize traditional medicine, including practices such as herbal medicine, yoga, Ayurveda, acupuncture, and acupressure.

Consumer awareness of shilajit benefits

Restraint

Quality control and standardization issues

Inadequate quality control measures and lack of standardization across products are likely to impede the shilajit market growth. Shilajit's effectiveness relies on purity kind of which is a common problem in the current market, cases of adulteration and mislabelling are often encountered. Raw material qualification is another problem where laboratories face issues of reliability through a failure to authenticate the source and components of materials. Consumers within the developed regions prefer products that are certified and of good quality. This is hampered by the fact that the market lacks clear quality standards. This problem is most pronounced in countries that have relatively low levels of quality assurance and control.

Opportunity

Spurring research and development activities

Spurring research and development activities are expected to create immense opportunities for the players competing in the shilajit market. Multinational governments and many other private organizations are actively exploring shilajit’s benefits in chronic diseases including osteoporosis, fatigue, and aging. In 2021, the top five R&D-performing economies were identified as the United States, China, Japan, Germany, and South Korea.  Furthermore, the increasing incidence of clinical trials guarantees the efficiency and safety of the products based on shilajit.

• A study by the National Center for Science and Engineering Statistics (NCSES) highlights that global R&D spending reached USD 2.5 trillion in 2022, marking significant growth from USD 1 trillion in 2005 and USD 555 billion in 1996.

Form Insights

The powder segment held a dominant presence in the shilajit market in 2023, due to the ease of consumption. Traditional herbal products, such as the herbal powder of shilajit have achieved considerable market popularity due to the trend of the global use of natural products for medical purposes. Consumers are developing a preference for probiotics and other personalized health products. People are using shilajit in powdered form by dissolving it in water, drinks, milk, and smoothies. Moreover, the advantages of this format stemmed from the extended shelf life and comparatively lower cost when compared to other formats.

The capsules/tablets segment is expected to grow at the fastest rate in the shilajit market during the forecast period of 2024 to 2034. According to the information sourced at the U.S. National Institutes of Health (NIH) in 2024, there was strong evidence that consumers preferred to take dietary supplements encapsulated because of their convenience, easy portion control, and portability. Encapsulated shilajit is widely used in North America and Europe where people like products tasteless and odorless and that easily fit into their busy schedules. Furthermore, the ongoing research aimed at enhancing formulations for enhanced health-related effects of shilajit.

Application Insights

The sexual health segment accounted for a considerable share of the shilajit market in 2023, due to the awareness of its capability to boost stamina and address erectile dysfunction. Traditional uses of shilajit have to do with male sexual and reproductive health that have found scientific support in the recent past. Shilajit has been studied for its ability to enhance testosterone levels, sperm count, and the general well-being of the human body. Additionally, the new online health product platforms further propel the demand for the shilajit for sexual medication.

The anti-aging segment is anticipated to grow with a significant CAGR in the shilajit market during the studied years, owing to its quantity of minor trace elements, fulvic acid particularly, which is famous for its ability to fight against oxidative stress and initiate the process of cell renewal. A report by 2023 Aveda Ayur LLP states that research indicates shilajit’s bioactive ingredients can improve brain function by reducing oxidative stress and promoting neurotransmitter production. This effect is anticipated to enhance cognitive abilities such as memory, concentration, and mental clarity. Moreover, the enhanced brand marketing by nutraceutical businesses and product alliances with dermatological organizations.

Distributions Channel Insights

The offline segment led the global shilajit market in 2023, due to consumer confidence in such physical shops. Health and specialty stores, pharmacies & drug stores, and Ayurvedic treatment centers were found to have been contributing substantially to sales, especially in Asia Pacific, where the traditional retail format continues to dominate. Offline media enables consumers to seek expert opinions related to the product, confirm its genuine nature, and develop confidence in the product. These outlets have helped shilajit to dominate this segment because they offer it in various pack sizes and formats, as the older population prefers to shop for supplements face-to-face.

The online segment is projected to expand rapidly in the shilajit market in the coming years, owing to the rising relevance of online selling and healthcare platforms. Online retail players like Amazon, Alibaba’s Tmall, and India-based Flipkart have offered customers immense opportunities to buy shilajit products from far and near. Moreover, the increased product awareness through reviews and relative prices further boosts the online sales of shilajits products.

Shilajit Market Companies

• Undersun Biomedtech Corp.
• VISTERRA
• Botanic Healthcare
• Alpspure Lifesciences
• HERBOIL CHEM
• Shaanxi Huachen Biotech
• Mufan Biology
• Xi’an Changyue Biological Technology
• Blisque Inc.
• CYMBIOTIKA LLC

Latest Announcements by Industry Leaders

• October 9, 2024 – Nutrabay
• Co-founder - Shreyans Jain
• Announcement- D2C sports and nutrition brand Nutrabay has ventured into the Ayurvedic supplements market with the launch of its first product in the segment, shilajit. This strategic move reflects the brand’s efforts to diversify its offerings and tap into the growing consumer interest in natural and wellness-focused solutions across India. Commenting on the launch, Shreyans Jain, co-founder of Nutrabay, emphasized the alignment of shilajit with the brand’s commitment to delivering high-quality and effective health products. ‘With the increasing demand for Ayurvedic supplements, shilajit is an ideal addition to our portfolio, addressing our consumers' evolving health priorities. We are thrilled to introduce this product and support our customers in their holistic wellness journey,’ he stated. This expansion underscores Nutrabay’s proactive approach to meeting market trends and advancing its mission of empowering customers with innovative health solutions.

Recent Developments

• In July 2024, Zandu Care unveiled its latest breakthrough in natural health supplements: an advanced shilajit variant enriched with 24k Gold and a unique blend of nine potent herbs. This innovative formulation addresses the growing demand for holistic wellness solutions in a world increasingly burdened by stress, pollution, and modern lifestyle challenges. 
• In August 2023, Pürblack, a leading innovator in the natural supplements market, reached a significant milestone with six U.S. patents for its advanced shilajit resins. The brand has cemented its reputation for quality and innovation, standing out as the only shilajit resin manufacturer based in the United States.  
• In March 2023, Upakarma Ayurveda, part of the Mankind Group, unveiled a dynamic advertising campaign spotlighting its flagship product, pure shilajit resin. This initiative aims to strengthen the brand's bond with Indian consumers through a unique collaboration with The Great Khali. The campaign tackles the growing issue of counterfeit products, leveraging the narrative of combating fake technology to highlight the authenticity and superiority of Upakarma's offerings.

Segments Covered in the Report

By Form

• Powder
• Liquid
• Capsules/Tablets

By Application

• Sexual Health
• Bone and Joint Health
• General Health
• Anti-Aging
• Others

By Distribution Channel

• Online
• Offline

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa