Global Pressure Swing Adsorption (PSA) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Pressure Swing Adsorption (PSA) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Ginseng has anti-inflammatory and antioxidant properties that help strengthen the immune system and reduce the risk of microbial and viral infections. It may also help reduce the risk of certain types of cancer. Other health benefits provided by ginseng include improving brain functions such as behavior and memory, lowering blood sugar, and improving erectile dysfunction. Therefore, it has been used as an herbal medicine and has many applications in the pharmaceutical industry. It has also been used as an animal supplement and is generally recommended for dogs and cats because it can boost their immunity and thus reduce the threat of certain diseases.

Market Overview:

The latest research study on the global Ginseng market finds that the global Ginseng market reached a value of USD 2228.04 million in 2022. It’s expected that the market will achieve USD 2753.0 million by 2028, exhibiting a CAGR of 3.59% during the forecast period.

Improvement of health awareness

Recently, there has been a sharp rise in health problems such as digestive diseases, diabetes and obesity. As a result, people are becoming more aware of health and want to follow healthy eating habits, which has increased the demand for superfoods such as plant protein and ginseng. Ginseng can provide more energy, limit aging, and help reduce weight. In addition, people are increasingly aware of the benefits of ginseng in personal care, and a lot of research and development has been done in the field of cosmetics and personal care to reduce the use of various harmful chemicals. For example, the use of ginseng in personal care products is evolving, leading many manufacturers to demand ginseng. Ginseng is most common for the skin's complexion because its roots and leaves are rich in vitamins, minerals and antioxidants, and they are all good for the skin. Therefore, improving consumer health awareness is one of the main drivers of the ginseng market.

Restrictions on planting conditions

Due to the growth characteristics of ginseng, ginseng requires specific climate and soil conditions, and is grown in South Korea, China, the United States, Canada and other countries. It is almost unavailable in many countries. Therefore, the demand for ginseng in these countries is mostly dependent on imports. Due to the impact of tariffs and policies, prices may be high, which is not conducive to market promotion.

Organic Ginseng Entices Health-Conscious Consumers

Excessive use of chemicals in the growing of crops can lead to soil degradation and, as a result, adversely affect crop productivity. These chemicals get further into the food chain and can have adverse effects on humans and other organisms. Consumers have become more aware of the health hazards caused by these chemicals and, as a result, prefer to use organic products. As a result of this trend, manufacturers have begun producing organic ginseng products to meet consumer demand. For manufacturers who want to gain a larger market share, they should take the initiative to seize the opportunity and follow the trend.

Region Overview:

In global comparison, a significant portion of the revenue was generated in China (41.56% in 2022).

Company Overview:

Korea Ginseng Corporation is one of the major players operating in the Ginseng market, holding a share of 10.72% in 2023.

Korea Ginseng Corporation

Main products: korea ginseng, red ginseng, ginseng extracts, ginseng capsule, red ginseng products, ginseng chocolate, and ginseng candy.

Plusone

Jilin Jiayi Native Products Co., Ltd. was established in 1999. It is currently the first and only ginseng company in the world that has passed the certification of the United States, Japan, the European Union and China. At the same time, it is also the only ginseng company in the whole industry chain in China, which integrates planting, production and sales.

Segmentation Overview:

Among different product types, Asian or Korean Ginseng segment is anticipated to contribute the largest market share in 2028.

Asian or Korean Ginseng

Native to the far east, including China and South Korea, Asian ginseng has been used for health-related purposes for at least 2,000 years. Another is American ginseng (Panax quinquefolius). The terms red ginseng and white ginseng refer to the roots of Asian ginseng prepared in two different ways. Herbs called Siberian ginseng or eleuthero (passionflower) have nothing to do with real ginseng.
In traditional Chinese medicine, ginseng is regarded as a tonic that can replenish energy. Today, ginseng is used as a dietary supplement to improve overall health, strength and concentration. Stimulating immune function; Delay aging process; And alleviate various health problems, such as respiratory disease, cardiovascular disease, depression, anxiety, erectile dysfunction and menopausal hot flashes.

American Ginseng

American Ginseng is a type of ginseng. It is native to the northern United States to southern Canada, and is predominantly Wisconsin. People take oral ginseng to relieve stress, strengthen the immune system and act as a stimulant. American ginseng is often used to fight infections such as colds and flu. There is evidence that when infection does occur, it may help prevent colds and flu and reduce symptoms.

Application Overview:

By application, the Commercial (B2B) segment occupied the biggest share from 2018 to 2022.

Commercial (B2B)

In the Commercial (B2B) application, buyers buy in bulk and then offer it as powders and extracts because it has many health benefits and can therefore be used in pharmaceutical and healthcare products. It is also incorporated into various food and beverage products.

Individuals (B2C)

In Individuals (B2C) applications, buyers generally purchase less. After brushing, steaming, and drying, they can meet daily life. It can be used for stewing food, making wine, making tea, etc.

Key Companies in the global Ginseng market covered in Chapter 3:

KGEC
Korea Ginseng Corporation
Jilin Zixin Pharmaceutical
Great Mountain Ginseng
Qi Chunhua Rui Senye Biological Engineering
Jilin Jian Yisheng
Kangmei Xinkaihe
Plusone
Ginseng & Herb Cooperative
Huangfeng Ginseng

In Chapter 4 and Chapter 14.2, on the basis of types, the Ginseng market from 2018 to 2029 is primarily split into:

Asian or Korean Ginseng
American Ginseng

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Ginseng market from 2018 to 2029 covers:

Commercial (B2B)
Individuals (B2C)

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)