Global Ginseng Market Forecast to Surpass US$ 903.8 Mn by 2027
The global ginseng market size stood at US$ 622.9 Mn in 2019. The demand for plant-based products is rising at a steady pace. The ginseng market value is expected to reach US$ 903.8 Mn by the end of 2027, rising at a CAGR of 4.8% between 2019 and 2027. In terms of revenue, the market saw China emerging dominant. Besides China, South Korea offers lucrative growth prospects to the market. Recent studies support the use of ginseng in the treatment of hypertension, diabetes, heart diseases and various other health problems. This has increased the use of ginseng in the pharmaceutical segment. Ginseng has antioxidant properties, which help to improve skin damage offer anti-aging benefits, which is why its use in personal care products has considerably risen in the last few years.
FREQUENTLY ASKED QUESTIONS ABOUT Ginseng Market
What are different varieties of ginseng?
In terms of variety, the ginseng market covers oriental ginseng, Siberian ginseng, American ginseng and others.
What are the health benefits of ginseng?
Ginseng has anti-oxidant and anti-inflammatory properties that help in improving the overall immunity system of humans. Furthermore, Koran ginseng helps in improving cognitive functions of brain and heart health. The rising knowledge of health benefits offered by ginseng will fuel its demand worldwide.
Which country is the leading consumer of ginseng?
China is the leading consumer of ginseng. Besides China, the ginseng market witnesses lucrative opportunities in the U.S., Canada and South Korea.
What drives ginseng market?
Rising health awareness among consumers and transforming food industry are the key drivers of the ginseng market. In the coming years, it is expected to witness increasing application in food, pharmaceutical, and personal care industries. Spurred by this, the market is expected to record impressive growth.
What risk factors are involved in ginseng market?
The cost of cultivation of ginseng is very high. Furthermore, it is harvested once in every 4 years leaving no scope for return on investment for four to five years. This could adversely impact the overall market.
Increasing Health Awareness Spurs Growth Worldwide
Increasing health awareness among consumers is a major factor transforming the food industry. Consumers not only prefer healthier food, but are more willing than ever before to pay for a non-GMO food product that contains no artificial additives. With a majority of companies in the food market looking for ingredients that incorporate better nutrients in their products, the demand for ginseng is expected to scale higher.
It is therefore safe to say that the ongoing trend is spurred by the rising inclination towards fitness and wellness. This has also driven the use of ginseng as a key ingredient in several dietary supplements. As these supplements qualify as organic and non-GMO products, their demand in the market is likely to remain high. Furthermore, the report foresees impressive growth for this category of products in the coming years, giving impetus to the ginseng market. Therefore in the forthcoming years, the market is likely to witness higher demand for oriental, American, Siberian and other varieties of Ginseng
Demand for Ginseng to Remain High In China
Ginseng has been used in traditional Chinese medicines since time immemorial. However, it was not until recently that it found popularity in contemporary food and medicines. Increasing awareness among consumers as a result of rising access to information has made people realize the benefits of ginseng. Over the last couple of years it is increasingly used foods and medicines. The production of ginseng has therefore picked pace in South Korea, Canada and the U.S. These nations are also the leading exporters of ginseng, while China remains the top consumer. Besides this, the demand for ginseng is considerably high in South Korea. The rising use of ginseng in preparation of beverages, personal care, and medical products has spurred its demand worldwide. In the coming years, the demand for ginseng is likely to grow at an impressive rate in North America and Asia Pacific excluding China.
Rising Demand for Plant-based Food Spurs Ginseng Sales
In the coming years, the market is expected to show higher growth in response to the increasing demand for plant-based products. Using plant based products has become a trend since these products reduce the risk of disease often transmitted through meat products. Also, better safety and health benefits offered by plant-based products have positively impacted the demand for ginseng at a global scale.
Cultivated ginseng represents higher share in the market
Wild ginseng segment will exhibit steady growth
Pharmaceutical products segment likely to remain dominant
Food and beverages to constitute second-leading segment
owder segment will lead the market
Extract segment will hold second-leading market share
How Growth will Unfold
The use of ginseng is steadily increasing in the personal care industry. As more information on the benefits of ginseng is discovered, companies are becoming keener on introducing ginseng extracts in the personal care and beauty products they manufacture. For instance, in the last couple of years, the use of ginseng as a key ingredient in serums, moisturizers, essences, cleansers, and other skincare products has remarkably increased. In addition to this, it has antioxidant properties that offer anti-aging solutions, besides offering cure for skin damage. Spurred by this, the personal care and cosmetics industry is expected to emerge as a key user of ginseng. Besides this, the use of ginseng has exponentially risen in the food and beverages sector in response to the rising demand for products with better nutritive elements and health benefits.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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Global Ginseng Market: Forecast, Trend, Analysis & Competition Track - Global Review 2019 to 2027
The report on the global ginseng market is intended to offer global industry assessment for 2014-2018 and 2019-2027. In this study, Future Market Insights (FMI) covers some of the chief factors that are expected to impact the demand and supply of ginseng over the next couple of years. It includes detailed review of growth drivers, challenges, opportunities, and prevailing trends in the market. It therefore covers crucial information intended to help readers get a comprehensive overview of the ginseng market.
Ginseng Market Taxonomy
The report segments the global ginseng market in detail to present an executive-level blueprint to the reader
- Oriental Ginseng
- American Ginseng
- Siberian Ginseng
- Personal Care Products
- Dietary Supplements
- Food and Beverage Processing
- Pharmaceutical Products
- North America
- Latin America
- Asia Pacific Excluding China
The executive summary of the report covers country analysis, proprietary wheel of fortune, demand-side and supply-side trends, and opportunity assessment. Also, it offers recommendations to help companies establish a foothold in the global ginseng market.
Readers can find a detailed segmentation of the overall ginseng market share in this chapter. This section also highlights inclusions and exclusions to help readers understand the scope of the report.
Readers can find valuable information on the key segments within the market, besides relevant definitions in this chapter. Associated industry assessment is also carried out to study the ginseng market trends, prevailing dynamics, trade analysis, and supply and value chain. Consumers’ perception on ginseng is explained in consumer survey analysis and social media sentiment analysis included in this chapter.
This chapter studies the growth trajectory exhibited by the ginseng market across various segments. In terms of form, the market is bifurcated into blanched and natural. On the basis of source, the ginseng market was bifurcated into wild and cultivated, On the basis of end use, personal care products, dietary supplements, food and beverage processing and pharmaceutical products made the key segments in the market. In terms of variety, the market can be categorized into Oriental ginseng, American ginseng, Siberian ginseng, and others. On the basis of form, the market can be classified as raw, powder and extract. Regionally, the market covered North America, Latin America, Asia Pacific Excluding China, China, Europe, and the Middle East and Africa.
This chapter includes a detailed analysis of the growth exhibited by the market in North America. It also offers country-wise assessment of the market that covers growth exhibited in the U.S. and Canada. Readers can also find information on prevalent trends and regulations in the North America market for ginseng.
Readers can find detailed information on prevailing trends that are impacting the growth of the Latin America ginseng market. Besides this, the chapter includes results of pricing analysis. It also examines the growth prospects of the ginseng market in LATAM countries such as Brazil, Mexico, Argentina, and the Rest of Latin America.
The chapter discusses in detail key factors enabling growth in the China ginseng market. Besides this, it offers information on the impact of regulations on the prevailing growth drivers and restraints in the market
The chapter discusses various factors driving the market across Germany, France, Italy, Russia, the U.K., and the Rest of Europe.
This chapter includes a detailed analysis of the growth of the market in Asia Pacific, along with a country-wise assessment that covers India, Australia & New Zealand, and the Rest of Asia Pacific. Readers can also find regional trends and regulations, affecting growth in countries across Asia Pacific.
This chapter provides information about how the market is anticipated to grow in major countries in the MEA region such as GCC Countries, South Africa, Turkey, and the Rest of MEA, during the forecast period 2017 - 2026.
In this chapter, readers can find detailed tier analysis and information on concentration of key players in the ginseng market along with their presence analysis by region and product portfolio. Readers can also find a comprehensive list of all leading stakeholders in the market, along with detailed information about each company, which includes the company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are Korean Ginseng Export Corporation, Organika Health Products Inc, Daedong Korea Ginseng Co., Ltd., Ilhwa Co. Ltd., Korea Ginseng Corp., Ningbo Gianon Biotech Co., Ltd., RFI Ingredients, Inc., Koshiro Co Ltd., Sino-Nature International Co., Ltd., and Shanghai FanPharma Co., Ltd.
This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the ginseng market report.
This chapter is intended to help readers understand the research methodology followed to reach conclusions and derive important qualitative and quantitative information, about the ginseng market.
How the research was conducted?
- C - Level Executives
- Marketing Directors
- Sales Heads
- Production Managers
- Distributors Heads
- Sales Executives
- Product Manufacturers
- Industry Experts
- End Users
- Current Market Dynamics and Challenges
- Market Characteristics
- Market Performance and Growth Quadrants
- Competition Structure and Market Structure
- Strategic Growth Initiatives
- Near-term and Long-term Market Growth Prospects
- Market Segment Splits and Authenticity
- Opinions on Market Projections and Validity Of Assumptions
- Industry Publications
- Industrial Week
- Industrial Product Review
- Industrial Magazine
- Industry Associations
- Dieticians Association
- Food and Agriculture Organization
- Company Press Releases
- Annual Reports and Investor Presentations
- Research Papers
- Government Websites and Publications
- Trade Websites
Primary Interview Splits