Ginseng Market

Ginseng Market was valued at USD 6.5 billion in 2022 and is forecast to touch USD 9.4 billion in 2030, and the market is expected to grow at a CAGR of 4.7% from 2023-2030

Ginseng Market Overview

Ginseng refers to a small, slow-growing plant with fleshly roots. It consists of a light-colored, forked-shaped root, and green leaves with an oval shape. Ginseng is one of the most popular herbal remedies, which helps to restore and enhance overall wellbeing. It helps in boosting the energy level, lowers blood sugar and cholesterol levels, and is often used to reduce inflammation in the body. They are grown in Asian countries such as China and South Korea. Ginsengs are used in the production of different products, including personal care products, dietary supplements, food and beverage processing, and pharmaceutical products. Ginseng Market has been segmented by source, by form, by variety, by end-use, and geographical region.

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Ginseng Market Drivers

The increasing demand for plant-based products at the global level and the growing health awareness among the consumer in terms of consumption of dietary supplements are the key drivers that are boosting the growth of the Global Ginseng Market. The consumer’s preference has drastically shifted towards the adoption of organic plant-based products due to the rising awareness regarding the benefits offered by these products, such as minimizes the chances of diseases and helps in maintaining overall health. Various personal care organizations are focusing on introducing ginseng extracts in their personal care and beauty product portfolios to capture the changing demand of the customers. For instance, many companies are using ginseng as a key ingredient in various products, including moisturizers, essences, cleaners, and other skincare products. Ginseng acts as an antioxidant that prevents aging, maintains the elasticity of the skin, and lengthens the lifespan of skin cells. Moreover, the increasing usage of ginseng in the food and beverage sector in response to the expanding demand for healthier food products with better nutritional value will have a positive impact on the demand of the market. On the other hand, the easy availability of alternative dietary supplement products such as chia seeds and quinoa will hamper the growth of the market over the coming years.

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Based on the Source, the Global Ginseng market is segmented into Wild Ginseng and Cultivated Ginseng. The Wild Ginseng segment is expected to grow at a higher CAGR during the forecast period owing to the increasing usage of wild ginseng to cure numerous diseases such as diabetes and respiratory tract infections across the globe. It also acts as a stress reliever and helps in boosting the immune system.

Based on Form, the Global Ginseng market is segmented into Raw, Powder, and Extract. The powder form of ginseng is anticipated to lead the market during the forecast period due to the significant rise in the demand for the powder form of ginseng driven by its remarkable properties such as easy to consume, high water solubility, and can be stored for a long time. The powder form of ginseng helps in stimulating cognitive abilities in older people, promotes hair growth, and supports the immune system of the body.

Based on Variety, the Global Ginseng market is segmented into Oriental Ginseng, American Ginseng, Siberian Ginseng, and Others. The American Ginseng is anticipated to lead the market during the forecast period owing to the increasing demand for American ginseng across various industries such as food & beverages, personal care, and healthcare around the world. Moreover, the growing health awareness among the consumers, followed by the increasing demand for organic products, will further boost the growth of the market. The American ginseng acts as an antioxidant, reduces inflammation in the body, and minimizes the risk of certain cancers.

Based on the End-Use, the Global Ginseng market is segmented into Personal Care Products, Dietary Supplements, Food and Beverage Processing, and Pharmaceutical Products. The Dietary supplements segment is expected to grow at a higher CAGR during the forecast period owing to the rising consumer inclination towards protein and other dietary supplements across the globe. The growing health awareness among the consumers and the changing lifestyle is encouraging the consumers to opt for diet supplements to provide an adequate amount of nutrients to the body. Moreover, the rising trend of following different weight management programs will further complement the growth of the diet supplements over the coming years. Ginseng contains antioxidants, helps in strengthening the immune system, promotes active brain functions, and rejuvenates metabolism. Food and Beverage Processing industry is expected to grow at a higher CAGR during the forecast period due to the rising demand for organic-based ingredient product among the consumer base.

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Regional – Segment Analysis

Based on the region, North America is anticipated to lead the market during the forecast period owing to the increasing demand for nutrition and dietary supplements containing American ginseng among the target consumers. Asia-Pacific is expected to grow at a higher market share during the forecast period due to the increasing usage of ginseng in the food & beverage and pharmaceutical industry. The rising consumer awareness regarding the benefits offered by ginseng, especially in China, India, and Japan, will further accelerate the demand of the market in this region. China is one of the biggest exporters of ginseng and uses ginseng in the production of traditional Chinese medicines.

Top Market Players

Various notable players operating in the market include Organika Health Products, Inc., Ilhwa USA, Inc., Korean Ginseng Corp., RFI Ingredients, Koshiro Company Limited, Daedong Korea Ginseng Co., Ltd., Ningbo Gianon Biotech Co., Ltd., Sino-Nature International Co., Ltd., Shanghai FanPharma Co., Ltd, TCM Adaptogen Warehouse Co., Limited, Ambe Phytoextracts Pvt Ltd., among others.

Segments covered in the Report:

The Global Ginseng market has been segmented based on Source, Form, Variety, End-Use, and Region. Based on Source, the market is segmented Wild Ginseng and Cultivated Ginseng. Based on Form, the market is segmented Raw, Powder, and Extract. Based on the Variety, the market is segmented Oriental Ginseng, American Ginseng, Siberian Ginseng, and Others. Based on the End-Use, the market is segmented Personal Care Products, Dietary Supplements, Food and Beverage Processing, and Pharmaceutical Products.

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Market Segmentation

Global Ginseng Market by Source

• • Wild Ginseng
  • Cultivated Ginseng

Global Ginseng Market by Form

• • Raw
  • Powder
  • Extract

Global Ginseng Market by Variety

• • Oriental Ginseng
  • American Ginseng
  • Siberian Ginseng
  • Others

Global Ginseng Market by End-Use

• • Personal Care Products
  • Dietary Supplements
  • Food and Beverage Processing
  • Pharmaceutical Products

Global Ginseng Market by Region

• • North America Ginseng Market (Option 1: As a part of the free 25% customization)

    • North America Market by Source
    • North America Market by Form
    • North America Market by Variety
    • North America Market by End-Use
    • United States of America (US) Market All-Up
    • Canada Market All-Up

  • Europe Ginseng Market (Option 2: As a part of the free 25% customization)

    • Europe Market by Source
    • Europe Market by Form
    • Europe Market by Variety
    • Europe Market by End-Use
    • United Kingdom (UK) Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Ginseng Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Market by Source
    • Asia-Pacific Market by Form
    • Asia-Pacific Market by Variety
    • Asia-Pacific Market by End-Use
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Ginseng Market (Option 4: As a part of the free 25% customization)

    • RoW Market by Source
    • RoW Market by Form
    • RoW Market by Variety
    • RoW Market by End-Use
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world Market All-Up

Global Ginseng Leading market players (Option 5: Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Organika Health Products, Inc.
  • Ilhwa USA, Inc.
  • Korean Ginseng Corp.
  • RFI Ingredients
  • Koshiro Company Limited
  • Daedong Korea Ginseng Co., Ltd.
  • Ningbo Gianon Biotech Co., Ltd.
  • Sino-Nature International Co., Ltd.
  • Shanghai FanPharma Co., Ltd
  • TCM Adaptogen Warehouse Co., Limited
  • Ambe Phytoextracts Pvt Ltd.