"Overview of Ginseng Market"
The Global Market For Ginseng Valued At US$ 244.1 Million In 2019 And Projected To Witness A CAGR Of 4.8 % During The Forecast Period.
Demand for ginseng is expected to increase in industrial sectors, such as food, beverages, personal care and health care, due to increased consumer awareness of safety, increased demand for organic products and consumer preference for clean-label goods.
The food and beverage processing industry is growing at an exponential rate, focusing on the development of products containing organic and nutrient ingredients. The trend for clean-label products may serve as one of the drivers for the ginseng market. Consumers prefer products that have unique flavors and contain natural ingredients that provide health benefits, and therefore manufacturers use ginseng in a variety of food products, such as candies, cookies, chocolates, etc.
The limited availability of wild ginseng is a significant constraint for the market growth. Wild ginseng is not grown, but grows naturally and is harvested from regions where it is found to be growing. Over-exploitation of wild ginseng has contributed to its decline and, as such, has increased the incidence of illegal harvesting in order to meet demand for ginseng in major regions such as China, Korea, etc. Government regulations and prohibitions are in effect to curtail illegal ginseng production and trade. For example, American ginseng cultivation is permitted only in certain states in the U.S. and is illegal to be grown without permission.
Because wild ginseng has been restricted, there has been a change to the cultivation of ginseng. Ginseng cultivation requires a large investment and there is no return on investment for at least 4 years, since it is typically harvested after 4 years. High investment and no immediate returns make it a less attractive option of cultivation for farmers, which could prove to be a downside for the ginseng industry.
By End Use Segment, Dietary Supplements Expected To Hold Maximum Share Of Xx % Of The Ginseng Market Across The Globe
Increasing consumer awareness of safety is one of the main drivers for the growth of ginseng market. Demand for dietary supplements has increased in various regions across the globe. Approximately 50% of American adults consume at least one type of dietary supplement and the demand for the dietary supplements is expected to increase in Latin America as well. Since consumers prefer the use of ethically produced products, companies are focusing on the development of plant-based dietary supplements and therefore ginseng is an appropriate choice. The use of ginseng in dietary supplements is predicted to have a large uptake over the forecast period.
Increasing Awareness And Consumer Preference For American Ginseng Health Products Drives The Global Market
The increase in demand for the global market is driven by American ginseng used in health drinks and herbal tea. Nevertheless, increased use of American ginseng in pharmaceutical products to resolve the risk of various health related issues, including stress, fatigue, heart disease, erectile dysfunction, and high blood pressure, is also expected to boost global market growth over the forecast period.
North America Dominates The Global Ginseng Market
Increased demand for nutritional and dietary supplements containing American ginseng is expected to drive market growth across North America. The U.S. is dominant in the global market and is projected to be the largest market for American ginseng in North America. It was followed by Canada to account for the steady growth of the American ginseng market over the forecast period.
Ginseng is mainly produced in Canada, South Korea and the United States. Some of the biggest Ginseng exporters are Australia, South Korea, China, Hong Kong and the United States. China is one of the leading users of ginseng and has been using it as an herbal medicine for decades. South Korea is also a major consumer and has used it in a variety of food supplies, drinks and personal care products. Canada is one of the top producers of ginseng and exports a large part of its production to China. Ginseng demand is expected to increase at a higher rate in regions such as Asia Pacific, excluding China and North America.
The dashboard view of some of the key companies operating in the ginseng market in terms of their offerings, geographic presence and other metrics is a guide to the comprehensive profiles of those players, including financial information, strategy summary, and SWOT analysis, market share, and analyst commentaries. Some of the key players listed in the ginseng market study 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., Shanghai FanPharma Co., Ltd.
Ginseng Market Segmentation:
Ginseng Market By Source:
Ginseng Market By Form:
Ginseng Market By End Use:
- Personal Care Products
- Dietary Supplements
- Food & Beverages Processing
- Pharmaceuticals Products
Ginseng Market By Variety:
- Oriental Ginseng
- American Ginseng
- Siberian Ginseng
Ginseng Market By Region:
- North America
- Latin America
- Asia Pacific
- Middle East & Africa