The Ginseng Market is segmented by Distribution Channel (RS and CS and Online), Application (Dietary supplements, Pharmaceutical products, and Functional food and beverage processing), and Geography (APAC, North America, Europe, South America, and Middle East and Africa). As per the Global Forecast research report 2024-2028 published by Technavio, the market size is estimated to grow by USD 195.03 million, at a CAGR of 5.05% during the forecast period. There are several companies that are contributing to the market as per this report. Increased demand for organic ginseng products .
In the global ginseng market, retail channels significantly impact the accessibility of these health-enhancing products to consumers. Supermarkets, with their expansive retail spaces, serve as key distribution points, offering a wide selection of ginseng supplements, teas, and other products from major retailers such as Walmart Inc., Tesco PLC, and Carrefour S.A. These retailers provide a one-stop shopping experience, enabling consumers to conveniently discover and purchase ginseng products alongside their regular grocery needs. Convenience stores, including 7-Eleven, Circle K, and Wawa, also contribute substantially to the market by providing on-the-go access to ginseng-infused beverages and other products. These retail channels play a crucial role in expanding the reach and accessibility of ginseng products to a broader consumer base.
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The ginseng market in the Asia-Pacific (APAC) region is projected to experience substantial growth during the forecast period. With a deep-rooted history and cultural significance in countries like China, South Korea, and Japan, ginseng has been a cornerstone of traditional Asian medicine for centuries. China, in particular, is a key player in the ginseng market, both as a leading producer and consumer. In 2021, China solidified its position as the world's top exporter of ginseng root, with a total export value of USD84 million. This robust demand is driven by the medicinal properties attributed to ginseng, which have been deeply ingrained in Asian cultural and historical practices.
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The ginseng market is a significant segment of the functional food industry, focusing on natural and herbal products for health and wellness. The United States ginseng industry has gained popularity due to the plant's adaptogenic properties, cognitive benefits, and immune-boosting properties. Ginseng is a natural supplement used for digestive health, overall wellbeing, longevity, vitality, and stress relief. Ginseng extract is a key component of herbal supplements and natural remedies, known for its ability to support the immune system and boost cognitive function. Traditional Asian medicine has long used ginseng for anxiety, diabetes, and erectile dysfunction. The ginseng industry has seen a surge in sales due to increasing consumer health awareness and the desire for healthy and high-quality supplements. Korea is a significant producer and exporter of ginseng, with a long history of using the plant in traditional medicine. The ginseng market is expected to continue growing, with food manufacturers incorporating ginseng into various products for added health benefits. The ginseng industry is projected to reach new heights as more people seek natural ways to improve their health and wellbeing.
According to Technavio's market research, the global ginseng products market is positioned within the larger global packaged foods and meals market, which falls under the food products segment of the food, beverage, and tobacco industry. This market encompasses food processing vendors engaged in food preservation to eliminate microorganisms and enhance shelf life. Technavio's market analysis calculates the market size based on the consolidated revenue generated by the participating vendors. It's important to note that this market excludes manufacturers of food processing equipment and those producing packaged alcoholic and non-alcoholic beverages, including mineral waters. - The Ginseng Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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