Global Ginseng Market to Reach $11.7 Billion by 2026
Ginseng is produced extensively in Korea, China, Canada, and the US, with China being the traditional market leader.
The global market for Ginseng estimated at US$8 Billion in the year 2022, is projected to reach a revised size of US$11.7 Billion by 2026, growing at a CAGR of 11% over the analysis period. Asian Ginseng, one of the segments analyzed in the report, is projected to grow at a 10.7% CAGR to reach US$7.9 Billion by the end of the analysis period.
Growth in the global market is being driven by rise in health consciousness among people, increasing demand for healthy food and various health benefits associated with Ginseng. The use of Ginseng in different food and beverages to create flavored healthy consumables is aiding in market growth.
The increasing usage of Ginseng as a diet supplement in developed nations is also aiding its demand. Cosmetics and beauty care products are using anti-inflammatory, skin restoring, and anti-aging features of Ginseng to formulate different products leading to the rising demand for this herb.
In the last few years, Ginseng has been used as a major component in moisturizers, serums, cleansers, and essences. Pharmaceutical industries are capitalizing on hypertension, diabetes, and heart disease combating features of Ginseng leading to increased demand from this sector.
Specific variants of Ginseng are linked with specific health benefits leading to growth spurts for particular variants. For instance, Korean Ginseng is associated with improvement of cognitive response and heart health along with demonstrating cancer-fighting properties.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the American Ginseng segment is readjusted to a revised 11.5% CAGR for the next 7-year period. This segment currently accounts for a 35.9% share of the global Ginseng market.
Grown primarily in colder regions of South Korea and North Eastern China, the market for Asian ginseng is expected to benefit from rising demand from pharmaceutical, dietary supplements and cosmetics market. In China, the adoption of regulations enabling use of ginseng in food products is fueling market growth.
American Ginseng segment is likely to record strong gains, as increased demand for this product is demonstrated by all industry domains including food and beverage, healthcare, personal care. American ginseng has calming, antioxidative, anti-inflammatory, and anti-cancer properties.
The U.S. Market is Estimated at $423.9 Million in 2022, While China is Forecast to Reach $3.9 Billion by 2026
Asia-Pacific represents the leading regional market, driven by growing demand for dietary supplements and nutraceuticals and the trend towards personalized nutrition and natural supplements. Europe is another major market for ginseng, with rising popularity of botanical products among consumers as part of efforts to maintain health fueling market growth. In North America, the growing popularity of alternative medicines specifically herbal products in recent times is giving impetus and the shift towards plant-based products is fueling demand for ginseng.
What's New for 2022?
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to the digital archives
- Complimentary updates for one year
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
- Impact of COVID-19 Pandemic and Looming Recession
- 2020 Marked as a Year of Disruption & Transformation
- COVID-19 Pandemic Leads to Increased Consumer Focus on Health and Wellness Products
- Pandemic Increases Consumer Demand for Healthier Ingredients in Foods and Beverages
- COVID-19 Brings Forth Enormous Opportunities for Adaptogens
- Potential Role of Ginseng in Influenza and COVID-19 Management
- An Introduction to Ginseng
- Processing and Types of Ginseng
- Wild Ginseng and Cultivated Ginseng
- Major Benefits of Ginseng
- Functions and Use of Ginseng
- Global Market Prospects & Outlook
- Asian Ginseng Leads the Global Market
- Supplements Emerge as Major End-Use Market for Ginseng
- Asian Economies at the Forefront of Market Growth
- Ginseng Production Worldwide: Overview
- Global Ginseng Production (in Thousand Tons) by Country
- World Brands
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 123 Featured)
- Ambe Phytoextracts Pvt Ltd.
- Baoji Herbest Bio-Tech Co., Ltd
- Buddha's Herbs
- Changsha Huir Biological-Tech Co., LTD
- Clariant AG
- Daedong Korea ginseng Co., Ltd.
- Euromed S.A.
- Hangzhou Skyherb Technologies Co., Ltd
- Herbo Nutra
- ILHWA USA, INC
- Koei Kogyo Co. Ltd.
- Korean Ginseng Corp.
- Koshiro Co Ltd.
- Naturalin BioTech Co., Ltd.
- Nature's Way Products, LLC.
- Ningbo Gianon Biotech Co., Ltd.
- NINO BIOTECH CO., LTD.
- NOW Foods
- Organika Health Products Inc
- Orkla Health AS
- RFI Ingredients, Inc.
- Shanghai FanPharma Co., Ltd.
- Sino-Nature International Co., Ltd.
- Xi'an Day Natural Inc.
3. MARKET TRENDS & DRIVERS
- Consumer Focus on Health and Wellness to Boost Popularity of Adaptogens, Favoring Demand for Ginseng
- Trends Towards Plant-Based Products Amidst Rising Health Awareness Fuels Market Prospects
- Rising Prominence of Ginseng as Functional Food Ingredient to Boost Market Growth
- Rising Sales of Functional Foods and Drinks to Boost Ginseng Demand
- Rising Health Consciousness Enhances Role of Ginseng in Natural Dietary Supplements
- Ginseng Supplements for Energy Boost
- Potential Role of Ginseng in Weight Management Products
- Potential Benefits of Ginseng in Treatment of Chronic Diseases Boosts Usage
- Proven Health Benefits of Ginseng
- Rising Prevalence of Lifestyle & Chronic Diseases Widens Prospects
- Fatalities by Heart Conditions: Estimated Percentage Breakdown for Cardiovascular Disease, Ischemic Heart Disease, Stroke, and Others
- Ginseng: A Traditional Ingredient in Various Medicinal Preparations
- Ginseng Dietary Supplement Finds Interest as Immune-Modulator Aging Human Diseases
- Ginseng's Promising Role in Neurological Disorders
- KIST Develops a Novel Microwave-based Method for Red Ginseng Processing, for Treatment of Lung Cancer
- Rising Consumer Awareness about Benefits of Ginseng Consumption Fuels Use in Food Products
- Growing Demand for Ginseng in Cosmetics and Personal Care Sectors
- Increased Spending on Natural and Organic Personal Care & Cosmetic Products Propels Market Growth
- Anti-Aging Benefits of Ginseng Propels Growth in the Cosmetics Industry
- Expanding Anti-Aging Products Market Bodes Well for Ginseng
- Growing Preference for Natural Products Boosts Demand for American Ginseng
- Different Methods to Grow American Ginseng
- Growing Wild-simulated American Ginseng
- American Ginseng Production Suffers Due to Overharvesting
- Trade Wars and Pandemic Impacts American Ginseng Farmers
- Ginseng Extract Market: Poised for High Growth
- Concerns Over Side Effects Impede Wider Uptake
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
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