Global Ginseng Dog Supplement Market - 2023-2030

Global Ginseng Dog Supplement Market - 2023-2030

Global Ginseng Dog Supplement Market reached US$ 129.21 million in 2022 and is expected to reach US$ 209.07 million by 2030, growing with a CAGR of 6.2% during the forecast period 2023-2030.

The trend of growing pet expenditure is a significant driver for the growth of various pet supplements including the ginseng dog supplement market According to APPA, American Pet Products Association, The amount that Americans spend on pets increased from $123.6 billion in 2021 to $136.8 billion in 2022. Ginseng dog supplements are often marketed as premium products due to their natural ingredients, and potential health benefits. As pet owners seek out these premium offerings, the demand for ginseng dog supplements is expected to rise.

Pet owners are increasingly adopting a preventive approach to their pets' healthcare, seeking to prevent health issues before they arise. Ginseng dog supplements, with their purported immune-boosting and overall health-enhancing properties, fit into this preventive healthcare approach. Manufacturers are capitalizing on this trend by developing ginseng supplements targeted at promoting overall wellness and preventing age-related health issues in dogs.

Joint health accounts for over half of the market share due to the rising joint issues on pet dogs. Similarly, Asia-Pacific dominates the ginseng dog supplement market driven by the region's rich history of herbal medicine and growing awareness of pet health. The popularity of ginseng-based remedies in traditional Asian cultures and the rising pet ownership rates in countries like China, Japan, and South Korea contribute to the dominance of Asia-Pacific in this market.

Dynamics

Rise in Pet Ownership

The Ginseng Dog Supplement Market is experiencing growth due to the rise in pet ownership. According to the American Pet Products Association's 2021-2022 National Pet Owners Survey, 69 million U.S. households own a dog as a pet. As more individuals choose to welcome dogs into their homes and families, there is a parallel increase in the demand for products that support the health and well-being of these pets.

Pet owners are increasingly invested in providing their furry companions with the best possible care, including nutritional supplements like ginseng-based products. Ginseng, revered for its potential health benefits in humans, is now being recognized and integrated into pet care regimens due to its perceived advantages in boosting energy, enhancing immune function, and promoting overall well-being. Consequently, the ginseng dog supplement market is experiencing significant growth as it meets the evolving needs and preferences of pet owners.

Focus on Natural and Holistic Products

The focus on natural and holistic products is a significant driver behind the growth of the ginseng dog supplement market. Pet owners are increasingly seeking alternatives to traditional pharmaceuticals, preferring natural remedies that align with their beliefs in promoting overall wellness for their pets. Ginseng, known for its medicinal properties and long-standing use in traditional medicine, fits well into this narrative.

Moreover, the shift towards natural and holistic products is driven by concerns about the potential side effects of synthetic ingredients commonly found in traditional pet supplements. Ginseng offers a natural solution, appealing to pet owners who prioritize the safety and well-being of their furry companions. As pet owners continue to prioritize the health and well-being of their furry companions, the market for natural pet supplements, including those containing ginseng, is expected to grow significantly.

Potential Health Risks and Adverse Effects

Potential allergies or sensitivities pose a significant restraint to the growth of the ginseng dog supplement market. While ginseng is generally considered safe for most dogs, it should not be given to dogs with hypertension, kidney disease, or cardiomyopathy due to potential adverse effects. Additionally, ginseng may have blood-thinning effects on dogs, which can be problematic for certain individuals

Moreover, excessive use of ginseng in large quantities or over the long term can lead to adverse symptoms such as depression, loss of appetite, hypotension, and allergies. These potential risks and side effects may deter pet owners from using ginseng supplements for their dogs, particularly those who are cautious about introducing new supplements or have concerns about their pets' health.

Segment Analysis

The global ginseng dog supplement market is segmented based on product, dog type, ginseng type, application, distribution channel and region.

Prevalence of Joint Issues in Dogs

Joint health problems, such as arthritis and hip dysplasia, are common in dogs, particularly as they age. According to the IAABC Foundation Journal, Pet dogs are frequently affected by osteoarthritis (OA). 80% of dogs over 8 years old and 20 percent of dogs over 1 year old have been discovered to have some degree of osteoarthritis. As a result, there is a high demand for supplements that can support joint function and alleviate symptoms associated with these conditions.

Ginseng is believed to have anti-inflammatory properties and may help reduce joint pain and inflammation in both humans and animals. As a result, it is often included as an active ingredient in dog supplements targeting joint health. As awareness of the benefits of ginseng-based supplements spreads, particularly in addressing joint issues, the market share of this application segment increases.

Geographical Penetration

Asia-Pacific’s Growing Ginseng Production

Ginseng has a long history of traditional medicinal use in many Asian cultures, including China and Korea. According to Earth Observatory, a part of the EOS Project Science Office at NASA Goddard Space Flight Center, China is the world’s leading producer of ginseng. Similarly, according to the Jilin Ginseng Industry Association, 60% of China's ginseng is produced in Jilin. The Jilin ginseng industry's output value hit 64 billion yuan (8.77 billion US dollars) in 2022. With increasing ginseng production in the Asia Pacific region, there is a steady and reliable supply of ginseng and its derivatives.

Moreover, the Asia Pacific region has experienced significant growth in pet ownership, particularly in countries like China, Japan, and South Korea. According to a report released Tuesday by Pethadoop, a platform specializing in China’s pet industry, China has 54 million pet dogs as of 2021. As pet owners become more invested in the health and well-being of their pets, they are increasingly seeking out supplements like ginseng to improve their pets' health.

COVID-19 Impact Analysis

With people spending more time at home due to lockdowns and remote work arrangements, there was increased attention on pet health and wellness. This led to a rise in demand for supplements, including those containing ginseng, believed to have health benefits for dogs. Pet owners seek to bolster their pets' immune systems and overall health as a preventative measure against illness, including potential viral infections. Ginseng is often touted for its immune-boosting properties, which made it particularly appealing during a health crisis like Covid-19.

However, COVID-19 has disrupted global supply chains, and affected the availability of raw materials and finished products. This could lead to shortages or delays in the production and distribution of ginseng dog supplements, impacting both manufacturers and consumers. Economic uncertainties resulting from the pandemic affected consumer spending habits. Some pet owners may cut back on non-essential expenses, including supplements, leading to a temporary decline in sales.

Russia-Ukraine War Impact Analysis

The war between Russia and Ukraine affected the supply chain for ginseng or related ingredients used in dog supplements, which led to shortages or price increases. The war led to economic uncertainty, which impacted consumer spending habits. During the war, consumers prioritized essentials over non-essential items such as pet supplements. This led to a temporary decline in demand for premium pet food including ginseng dog supplements.

By Product
• Capsules
• Tablets
• Powdered Supplements
• Others

By Dog Type
• Puppy
• Adult

By Ginseng Type
• American Ginseng
• Asian Ginseng
• Others

By Application
• Joint Health
• Immune System Support
• Energy and Vitality
• Skin and Coat Health
• Digestive Health
• Blood Sugar Management
• Others

By Distribution Channel
• Supermarkets/Hypermarkets
• Online Retail
• Specialty Pet Stores
• Veterinary Clinics
• 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 October 2023, Baumann Ginseng Farm, a ginseng farm in the United States, launched a ginseng joint health supplement for pets. Lonza patent UC-II non-denatured type II collagen, 20 mg per pack, is an ingredient in this product. Along with the advantages of 150 mg of American ginseng extract, it aids in promoting metabolism, nourishing and strengthening the body, and maintaining vitality in pets. It also helps pets retain joint mobility and cartilage health.
• In June 2022, Charmy Pet, a Canadian pet nutrition company, launched a Kickstarter campaign to launch their new range of freeze-dried pet food. Introducing a new line of freeze-dried formulas that include holistic herbs used in traditional Chinese medicine, the first of its type in North America. Charmy is assisting pet parents in enhancing their dogs' health without the need for synthetic vitamins and supplements by incorporating natural herbs from traditional Chinese medicine, such as ginseng and astragalus root, into pet food.
• In March 2021, the Ministry of Trade, Industry and Energy and the Korea Chamber of Commerce and Industry approved a request for permission from Pet healthcare start-up Allfin to operate a customized pet food business in a regulatory sandbox. This will allow Koreans to order bowls of samgyetang, a traditional chicken soup with ginseng, for their dogs.

Competitive Landscape

The major global players in the market include GIGI VET, Animal Health Company, KIN DOG GOODS, Heilsa, Ray Allen Manufacturing, Happea Chappea Limited, Animaux, INLIFE Healthcare, Royal Pet, URANOVET, S.L.

Why Purchase the Report?
• To visualize the global ginseng dog supplement market segmentation based on product, dog type, ginseng type, application, distribution channel, 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 dog supplement 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 dog supplement market report would provide approximately 78 tables, 78 figures and 200 Pages.

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