Global Ginseng Supplement Market - 2023-2030

Global Ginseng Supplement Market - 2023-2030

Global Ginseng Supplement Market reached US$ 422.12 million in 2022 and is expected to reach US$ 662.37 million by 2030, growing with a CAGR of 5.8% during the forecast period 2023-2030.

Consumers are increasingly turning towards natural remedies and supplements to support their health and well-being. Ginseng, known for its potential health benefits such as boosting immunity, enhancing cognitive function, and increasing energy levels, aligns well with this trend. Manufacturers are continuously innovating and introducing new ginseng supplement formulations to cater to diverse consumer preferences and health needs.

In December 2022, Korea Ginseng Corp., a ginseng company, unveiled several new items to commemorate its 123rd anniversary. The new products, which are only available online, include women's probiotics, beetroot root, ashwagandha, milk thistle, American ginseng, and elderberry. They are all considered special-function supplements.

The Asian ginseng supplement accounts for over half of the market share. Similarly, the Asia-Pacific dominates the Ginseng Supplement market, capturing the largest market share. due to the widespread cultural use of ginseng in traditional medicine across countries like China and Korea. Additionally, production of ginseng plants, growing health consciousness and increasing disposable incomes contribute to the region's dominance in the market

Dynamics

Rising Demand for Natural and Herbal Remedies

The rising demand for natural and herbal remedies is a significant driver behind the growth of the ginseng supplement market. As consumers increasingly prioritize health and wellness, there is a growing preference for natural alternatives to synthetic medications. Ginseng supplements, known for their various health benefits and traditional use in herbal medicine, are gaining popularity as a natural remedy for a wide range of health concerns.

Consumers are drawn to ginseng supplements for their perceived efficacy and safety compared to conventional pharmaceuticals. In April 2021, Yoguth, a South Korean supplement brand introduced red ginseng with probiotic supplements in Singapore for immune health. These type of product innovations caters to individuals seeking natural remedies to support their immune systems, aligning with the broader trend towards preventive healthcare and the use of herbal supplements.

Rising Awareness Among Consumers About the Benefits Associated with Ginseng

The rising awareness among consumers about the various health benefits associated with ginseng is a significant driver of growth in the ginseng supplement market. As more people become informed about the potential advantages of incorporating ginseng into their daily routines, such as improved energy levels, enhanced cognitive function, and better stress management, the demand for ginseng supplements continues to increase.

This heightened awareness is fueled by growing interest in natural remedies and traditional medicine practices. In June 2023, through a partnership with MVR Cash and Carry Dan's Farmaroot announced the introduction of its acclaimed DFEnergy ginseng liquid sachets into independent petrol, supermarket and convenience stores across Canada. DFEnergy is an innovative energy supplement that comes in single-serve 15ML liquid sachets (20 per box), providing the body with an immediate boost that strengthens the immune system and helps combat fatigue.

Side Effects and Regulatory Challenges

Side effects associated with ginseng consumption, such as headaches, digestive issues, and sleep problems, diarrhea, skin reactions, etc., can restrain the growth of the ginseng supplement market. Concerns about potential adverse reactions may deter some consumers from using ginseng supplements, particularly those with pre-existing health conditions or those taking medications that could interact with ginseng.

Stringent regulations and varying compliance requirements across different regions can pose challenges. Ginseng supplements haven't been approved by the FDA for medical use. Without FDA oversight, there may be limited regulation and monitoring of the quality, purity, and dosage of ginseng supplements. Concerns about the safety and reliability of ginseng supplements can deter potential users, leading to decreased consumer confidence and demand.

Segment Analysis

The global ginseng supplement market is segmented based on ginseng type, form, application, end-user, distribution channel and region.

Asian Ginseng’s Long-Standing Reputation and Perceived Health Benefits

By ginseng type, Asian ginseng holds a significant share in the ginseng supplement market due to its long-standing reputation for medicinal and therapeutic properties. Asian ginseng, also known as Panax ginseng, is highly valued in traditional Chinese medicine and has been used for centuries to promote overall health and vitality. It is believed to possess adaptogenic properties, helping the body adapt to stress and support immune function.

In December 2023, Korea Ginseng Corp. (KGC) launched a new health supplement product on Wednesday that contains edible bird nests in an attempt to strategically target Chinese consumers. The newest offering from KGC's red ginseng brand, JungKwanJang, includes ampoule bottles containing red ginseng extracts, (Asian ginseng,) swallow nest extracts, and Iranian pomegranate extracts.

Geographical Penetration

Asia-Pacific’s Rich Cultural Heritage and Robust Production of Ginseng

Asia-Pacific has been a dominant force in the global ginseng supplement market. Ginseng has been used in traditional Asian medicine for centuries, particularly in countries like China, Korea, and Japan. China is the world's top producer of ginseng, according to Earth Observatory, a division of the EOS Project Science Office at NASA Goddard Space Flight Centre. Likewise, according to the Jilin Ginseng Industry Association Jilin produces 60% of China's ginseng.

This signifies a steady and reliable source of ginseng, which can meet the increasing demand for ginseng supplements. Additionally, with increasing health awareness and a shift towards natural remedies, consumers in the Asia-Pacific region are turning to ginseng supplements for their perceived health benefits. Ginseng is believed to have adaptogenic properties, helping the body cope with stress and promoting overall well-being, which aligns with the health-conscious trend in the region.

COVID-19 Impact Analysis

The outbreak of the COVID-19 pandemic created challenges for industries worldwide, including the global ginseng supplement market. The war created disruptions in the supply chain due to lockdowns, restrictions on movement, and labor shortages. These disruptions have affected both the production and distribution of ginseng supplements, leading to potential shortages and price fluctuations.

However, the pandemic has heightened awareness about health and wellness among consumers. Many people have become more conscious of the importance of maintaining a healthy immune system and are turning to supplements like ginseng to support their overall well-being. This increased awareness has contributed to the growth of the ginseng supplement market.

Russia-Ukraine War Impact Analysis

The war disrupted global supply chains and affected the availability of raw materials and finished products. The conflict escalated and led to broader disruptions in trade routes or diplomatic tensions, it impacted the ginseng supplement market by affecting logistics and distribution channels. The war led to economic uncertainty, which affected consumer behavior. Consumers were more cautious with their spending and prioritized essential goods over supplements like ginseng. This led to a slowdown in demand for ginseng supplements, affecting sales and profitability for manufacturers and retailers.

By Ginseng Type
● Asian ginseng
● American ginseng
● Others

By Form
● Capsules
● Powders
● Liquids
● Others

By Application
● Reducing Inflammation
● Improving Energy Levels
● Boosting Immunity
● Others

By End User
● Children
● Teenagers
● Middle-aged
● Senior

By Distribution Channel
● Supermarket/Hypermarket
● Pharmacies
● E-Commerce
● 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 January 2022, Immunity Bloom, an India-based startup, a new line of dietary food supplements. These supplements are created from genuine Korean ginseng that is imported straight from South Korea.
● In March 2022, Korea Ginseng Corporation (KGC), a producer of Korean Red Ginseng products, introduced its KORESELECT product range in the U.S. market. The line of supplements which included six-year-grown red ginseng, was presented at Natural Products Expo West 2022.
● In January 2023, Parable entered the wellness market and launched Daily, billed as a brain care supplement. Ginseng, green tea extract, and vitamins B6, B9, and B12 are included in the mixture.
● In June 2021, Cipla Health. n Indian multinational pharmaceutical company, launched Maxirich Gold Supplement. In addition to the goodness of ten vitamins and nine minerals, Maxirich Gold contains high-purity grade ginseng extract.

Competitive Landscape

The major global players in the market include Korea Ginseng Corporation, NOW Foods, Nature's Bounty, Swanson, Puritan's Pride, Inc., MotherTree Nutra Pvt. Ltd., Ramini Bionutrition Pvt Ltd, Velnex Medicare, NutriSport Pharmacal, Inc., AdvaCare Pharma.

Why Purchase the Report?
● To visualize the global ginseng supplement market segmentation based on ginseng type, form, application, end-user, 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 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 supplement market report would provide approximately 78 tables, 76 figures and 250 Pages.

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