Global Ginseng Extracts Market - 2022-2029

Global Ginseng Extracts Market - 2022-2029

Market Overview

The global ginseng extracts market valued USD xx million in 2021 and is forecast to reach USD xx million by 2029, growing at a CAGR of xx% during the forecast period (2022-2029).

Ginseng is a medicinal plant with oval-shaped green leaves categorized by a single stalk and fleshy roots. The plant is used for the treatment of various conditions. The pharmacological effects of ginseng have been demonstrated in cancer, diabetes, and cardiovascular diseases and have been used for promoting immune function, central nervous system (CNS) function, relieving stress, controlling blood sugar and cholesterol levels, and its antioxidant activities. In homeopathic therapy, it is also used to treat stress, depression, attention deficit hyperactivity disorder, and low liability.

Market Dynamics:

Growing awareness in people regarding the health benefits provided by ginseng extracts is driving the market

The increasing number of chronic diseases and growing awareness regarding the health benefits of ginseng extracts are driving the market. Ginseng and ginsenosides seem beneficial for immunity, cancer, diabetes, CNS functions, and other conditions. Studies suggest that ginseng extract is effective and safe as an additional treatment in managing type 2 diabetes. As per the Centers for Disease Control and Prevention, 37.3 million people have diabetes in the US, in 2019. The growing popularity of food and nutraceutical supplements containing natural and herbal extracts is expected to drive further the growth of the global extracts market over the coming years. Ginseng has been widely used as a traditional medicine in East Asian countries for thousands of years, mainly as a general tonic and adaptogen to maintain the body’s resistance to adverse factors and homeostasis, including improving physical and sexual function, general vitality, and antiaging.

However, the excessive use of ginseng extract has side effects, such as high or low blood pressure, increased heartbeat, itching, headache, rash, and diarrhea, which will likely hinder the product and restrain the market growth.

Market Segmentation:

The pharmaceutical segment held the highest market revenue share of xx% in the year 2021

Based on application, the pharmaceutical segment accounted for the largest revenue share of XX% in 2021 on the nutritional and medicinal benefits of ginseng extract. It helps treat coma, cardiovascular disease, and gastrointestinal disease. Furthermore, it plays a major role in physiological processes, such as immunological diseases, neurodegenerative disorders, diabetic disorders, fatigue, hepatitis C, and several heart diseases. Broadening market opportunities is accredited to growing novel product releases by pharmaceutical manufacturers to mitigate uncommon diseases and the growing aged population. This is primarily used to improve concentration, thinking, memory, muscle damage prevention, work efficiency, physical stamina, muscular endurance and Alzheimer’s disease treatment.

Based on the application, the dietary supplements segment held the largest share in the ginseng extracts market in terms of revenue share over the projection period because of its important role in enhancing immunity against bacterial and autoimmune disease, viral infections, and cancer. Ginseng extract in dietary supplements supports the body's resistance to illness during the effects on the immune system. Growth in ginseng extract demand is accredited to strong product usage in producing dietary supplements and pharmaceutical products owing to incorporated properties, including higher concentration, ease of indigestion and quicker absorption.

Geographical Penetration:

Asia pacific is dominating the global ginseng extracts market in the year 2021

The Asia Pacific accounted for the largest revenue share in the ginseng extracts market because of rapid utilization in food product manufacturing that has witnessed the highest growth. Changing consumer preferences towards natural food products due to side effects caused by human-made additives is another factor fueling market growth in the region. North America is expected to witness increased demand over the forecast period due to ginseng extract's vast utilization as an adaptogen. As per the industry trends and analysis, broadening market opportunities for ginseng extracts are primarily owing to growing health foods industry demand in North America and the Asia Pacific. The food industry is projected to witness increased demand on account of rising awareness regarding nutritional diet and increasing consumer purchasing power.

Competitive Landscape:

The ginseng extracts market key market players are Amway, Inovital, Starwest Botanicals, Korea Ginseng Corp., Allcura Naturheilmittel GmbH, Oxford Vitality, Boots UK Limited, and Elemis Ltd. among others. The market players adopt several strategies, including mergers and acquisitions, product launches, and partnerships and collaborations to expand market share. For instance, in September 2020, Korea Ginseng Corp. introduced Donginbi, a functioning premium Red Ginseng skincare solution, availble on Amazon with a restricted time discount of up to 40%. In May 2020, FMCG player ITC has tied up with direct selling company Amway India, focusing on products in the health and nutrition space. In March 2022, Korea Ginseng Corp., the world's number one ginseng brand, launched its KORESELECT product line in the U.S. market and presented the range of premium supplements at the Natural Products Expo West 2022.

COVID-19 Impact:

Positive impact on the global ginseng extracts market

The COVID-19 pandemic has positively impacted the global ginseng extracts market because ginseng has antiviral properties, which could be effective against Covid 19. Ginseng could be an adjuvant in SARS-CoV-2 by modulating both natural and acquired immunity. For instance, in Korea, red ginseng has been officially recognized as a healthy functional food by the Ministry of Food and Drug Safety. This national agency manages the safety of medicines and food. It is Korea's best-selling health functional food, recognized for its immunity enhancement, fatigue recovery, blood circulation improvement, memory improvement, and antioxidant action. In particular, as interest in immunity increases due to COVID-19, Korean consumers looking for red ginseng are increasing significantly. Moreover, The Korean Ginseng Research Institute, composed of over 130 outstanding researchers driving force behind innovation from Korea Ginseng Corp., that red ginseng acts as a possible vaccine adjuvant by enhancing the vaccine's efficacy. Recently, several studies report that ginseng can directly kill bacteria and regulate bacterial adhesion, inflammation, cytotoxicity, and hemagglutination. These factors positively raised ginseng extracts market growth during the pandemic.

Why Purchase the Report?

Understand the current market scenario and viability of global ginseng extracts over the forecast period

Visualize the composition of the global ginseng extracts market in terms of form, application, and distribution channel to identify major players, growth potential, and market strategies

Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period

Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market

What we offer?

Pdf report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study

Excel data sheet with valuable data points of the global ginseng extracts market – Regional and Country level segmentation

Product mapping in excel for the key products of all major market players

Market share analysis covering business revenues ($) and revenue share (%) of key market players

The global ginseng extracts market report would provide an access to approximately 61 market data tables, 55 figures, and 180 pages

Target Audience:

Ginseng Extracts Manufacturers

Pharmaceutical Manufacturers

Dietary Supplements Manufacturers

Education & Research Institutes

Research Professionals