Authored By: Sarah
11 Jul 2024

 Ginseng Market Size to grow by USD 195.03 million between 2024-2028

According to a research report “ Ginseng Market” by Distribution Channel (RS and CS, Online) Application (Dietary supplements, Pharmaceutical products, Functional food and beverage processing) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 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. The global ginseng market is experiencing significant growth due to increasing consumer awareness and the perceived health benefits of this ancient root. Ginseng, renowned for its adaptogenic properties, is gaining popularity as individuals prioritize natural remedies and holistic approaches to wellness. Consumers are incorporating ginseng supplements into their daily routines to combat fatigue, boost energy levels, and enhance cognitive function. The adaptogenic nature of ginseng aligns with modern lifestyles, making it an ideal solution for managing stress and maintaining optimal health. As a result, ginseng is becoming a key ingredient in various wellness products, further fueling market growth.

Browse market data tables, figures, and in-depth TOC on “Ginseng Market” by Distribution Channel (RS and CS, Online) Application (Dietary supplements, Pharmaceutical products, Functional food and beverage processing) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Distribution Channel, the RS and CS segment is projected to dominate the market size in 2024

In the health supplement industry, ginseng has emerged as a highly sought-after ingredient due to its numerous perceived benefits. Available in various forms such as capsules, tablets, and powders, ginseng supplements are popular among consumers for their potential to boost energy levels, enhance mental focus, and strengthen the immune system. The adaptogenic properties of ginseng, which enable the body to better cope with stress and promote overall well-being, have contributed significantly to its popularity. The rising demand for ginseng-based dietary supplements can be attributed to the global trend towards natural and herbal remedies, as consumers increasingly seek alternatives to synthetic chemicals and ingredients. With a long history of use in traditional medicinal systems, ginseng aligns perfectly with this consumer preference.

By Application, Dietary supplements  segment is expected to hold the largest market size for the year 2024

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.

APAC is forecasted to hold the largest market size by region in 2024

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.

The Ginseng Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • AOS Products Pvt. Ltd.
  • Auragin LLC
  • Bio Botanica Inc.
  • Botalys SA
  • Herbal Creations
  • KAVYA PHARMA
  • Korea Ginseng Corp.
  • MotherTree Nutra Pvt. Ltd.
  • Natures Way Brands LLC
  • Nestle SA
  • Uniray Life Sciences
  • Velnex Medicare
  • Zoic Pharmaceuticals Pvt. Ltd.
  • Bob Ginseng LLC
  • Canada Royal Enoch Phytomedicine Ltd.
  • Ethical Naturals Inc.
  • FREDERIC M
  • G and G Century M Sdn Bhd
.

For insights on company offerings- Request a sample report!

Research Analysis Overview

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.

Market Research Overview

The ginseng market has seen consistent growth in recent years due to increasing consumer awareness of health and wellness, with a focus on natural and herbal remedies. The market size and shape vary depending on the source, with wild ginseng and cultivated segments each offering unique potency and yields. Quality control is a key factor, with concerns over overharvesting and sustainability leading to government support for regulated cultivation and certification. Pharmaceutical products, dietary supplements, and functional foods all contribute to the ginseng market's growth. High-quality ginseng, such as Korean ginseng and Asia Pacific ginseng, is in high demand for its immune-boosting properties, cognitive benefits, and adaptogenic properties. The ginseng extract industry also yields significant revenue, with applications in herbal supplements, natural remedies, and food manufacturing. Veganism and product innovation have further expanded the market, with ginseng used in various forms, including vegan ginseng capsules and ginseng-infused beverages. The ginseng market caters to various health concerns, including anxiety, diabetes, erectile dysfunction, stress, and overall wellbeing. The industry's future looks promising, with continued consumer interest in natural supplements and the potential for new product developments. The ginseng market's sources include Korea, where traditional Asian medicine has long used ginseng for longevity and vitality, and the United States, which has a significant cultivated segment. Consumer health awareness and the increasing popularity of functional foods and natural supplements are expected to drive the market's growth further.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Read News Read Less
Interested in this report?
Get your sample now!
Technavio