Ginseng Market - 2023-2030

Ginseng Market - 2023-2030

Global Ginseng Market reached US$ 720.12 million in 2022 and is expected to reach US$ 1000.79 million by 2030, growing with a CAGR of 4.2% during the forecast period 2023-2030.

The global ginseng market has witnessed significant growth and transformations over the years. Consumers are increasingly using ginseng as a dietary supplement and functional food that can provide immune modulation. Additionally, it acts as an adaptogen and helps manage stress and anxiety. Ginseng extracts have shown to have a positive impact on cardiovascular health, and the nervous system, and can even have anti-tumor effects on the human body.

Furthermore, the government is increasingly focusing on developing and expanding market growth. For instance, in May 2024, the State Administration for market regulation of China approved American ginseng, ginseng, and Ganoderma for usage in health foods, as these raw materials aid the strengthening of immunity.

The ginseng-based dietary supplements account for the largest share of the global ginseng market. Similarly, the North American region also holds the maximum share, as the demand for natural dietary supplements is high and manufacturers of this region are also launching novel products to meet the growing demand.

Dynamics

Rising Awareness Among Consumers About The Benefits Associated With Ginseng

The global ginseng market is being driven by rising consumer awareness of its benefits. Ginseng has been used as an herbal medicine for centuries and is known to help reduce the risk of chronic diseases such as heart disease and high blood pressure. Additionally, it aids in maintaining stress and anxiety levels.

In addition, the demand for herbal ginseng products is rising, manufacturing companies are launching innovative products. For instance, in November 2023, Danurim Pvt Ltd, a manufacturer of processed ginseng foods launched a black ginseng tea total infusion, a red ginseng product with no saponin loss. It is made by fermenting the 5-year-old fresh ginseng using Danurim's unique technology.

Growing Demand for Natural and Herbal-Based Medicinal Products

The demand for natural and herbal products increasing among consumers, which raising the popularity of natural ginseng-based products. Ginseng is associated with various health benefits, including its potential to boost energy, enhance cognitive function, and support the immune system. Therefore, such factors can help in contributing to the market growth.

Furthermore, the trend towards ayurvedic products is expected to drive the growth of the global ginseng market. For instance, in April 2021, Immunity Gift Korea's Youguth launched fermented red ginseng with the probiotic supplement in Singapore, unveiling NPD plans, which aims to promote the sales of the market.

Side Effects

Ginseng is a functional food and a therapeutic supplement known for its potential health benefits. However, it may cause side effects in people who are allergic to it. For instance, according to the National Library of Medicine, ginseng abuse and misuse can lead to various patient risks, including affective disorder, allergy, cardiovascular and renal toxicity, genital organ bleeding, gynecomastia, hepatotoxicity, hypertension, and reproductive toxicity. Such side effects can limit the market for smaller consumer bases.

Segment Analysisn

The global ginseng market is segmented based on source, form, type, distribution channel, application, and region.

Increasing Demand for Ginseng Dietary Supplements

The dietary supplements made of ginseng show dominance over other segments. As Ginseng is often considered an adaptogen, it helps the body adapt to stress and maintain balance, and also ginseng supplements to combat fatigue and increase energy levels. Hence such factors can help in driving the global ginseng market.

Furthermore, manufacturing companies launch products to sustain and expand their market sizes. For instance, in January 2022, Noida-based startup Immunity Bloom launched its new range of dietary food supplements made from pure Korean Ginseng which is Shield –Om Plus & Shield – Om Ultra, which are directly imported from South Korea. The two supplement variants have the quality of enhancing body immunity. Both variants are approved by FSSAI & FDA.

Geographical Penetration

Noval Product Launches

North America has been a dominant force in the global ginseng market and its significance has only grown in the post-2020 era. The trend for natural and herbal-based dietary supplements, and others among consumers for well-being, helps in driving the demand for the adoption of ginseng in a wide range of applications, which helps in driving the market growth.

Furthermore, as the popularity of herbal-based products is rising, it created an opportunity for the manufacturers of this region to develop novel products. For instance, in March 2022, Korea Ginseng Corporation launched the KORESELECT product line in the U.S. market. The KORESELECT line exclusively uses six-year-grown red ginseng in plant-based products that are a time-tested, natural solution for core aspects of health and wellness.

Competitive Landscape

The major global players in the market include KOSHIRO COMPANY LIMITED, Korea Ginseng Corp., RFI Ingredients, Daedong Korea Ginseng Co., Ltd., Organika Health Products Inc., Minova Life Science Pvt Ltd, Ilhwa Co., Ltd., Nature’s Way Brands, LLC, KT&G Corp., and HERBAL CREATIONS.

COVID-19 Impact Analysis

The pandemic had a positive impact on the global ginseng market, during pandemic the demand for natural and plant-based products increased, and also the pandemic situation caused stress and anxiety among consumers, which has raised the sales of ginseng products as they helped reduce the stress and anxiety levels.

By Source
• Wild
• Cultivated

By Form
• Raw
• Powder
• Liquid
• Capsule

By Type
• Oriental Ginseng
• American Ginseng
• Siberian Ginseng
• Others

By Distribution Channel
• Hypermarkets/Supermarkets
• Specialty Stores
• Convenience Markets
• Others

By Application
• Dietary Supplements
• Pharmaceuticals
• Food & Beverages
• Personal Care & Cosmetics
• Oral Care
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Russia
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• In December 2023, Jung Kwan Jang honors its 124th anniversary with the unveiling of the Red Ginseng Heritage Edition, a tribute to the company's respect for Korean cultural heritage.
• In November 2022, Mankind Pharma company subsidiaries acquired a majority stake in Upakarma Ayurveda Private Limited. Upakarma Ayurveda is a brand that is engaged in developing, manufacturing, and selling Ayurvedic and herbal products. With the acquisition, Upakarma Ayurveda aims to develop a wider range of products and offerings and penetrate the market leveraging the strong distribution network of Mankind Pharma.

Why Purchase the Report?
• To visualize the global Ginseng market segmentation based on source, form, type, distribution channel, application, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of ginseng market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global ginseng market report would provide approximately 78 tables, 77 figures and 210 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies