(I-BusinessNews.Com, June 30, 2021 ) Ginseng Market size was estimated at $5.9 billion in 2020, projected to grow at a CAGR of 4.3% during the forecast period 2021-2026. Ginseng is a root of plant called panax. Ginseng refers to eleven distinct varieties of short, slow growing plant with fleshy root. It is known to improve and promote wellbeing and one of the most common herbal remedies. There are several varieties of this herb, but the most popular variety is American ginseng (Panax quiquefolius) and Asian ginseng (Panax ginseng). American and Asian ginseng differs in their concentration of active compounds and their effects on the body. American ginseng is known to act as a calming agent, whereas Asian ginseng invigorating impact effect. In general four countries including South Korea, China, Canada and U.S. are the main producers and their cumulative output of fresh ginseng is about 79,769tons, that is more that 99% of 80,080tons, the total production of ginseng worldwide. Ginseng consists of two major compounds namely ginosides and ginotin, these two compounds complement each other to provide health benefits like boosts immunity, reduce inflammation, improves brain function, helps in erectile dysfunction, fights against cancer, fights tiredness and improves energy levels, lowers blood sugar that is driving the markets growth. However, people those are on diabetes medications should monitor their blood sugar levels while using ginseng as it lowers the bloods sugar levels too much that hinders the markets growth.
Ginseng Market Segment Analysis – By Application
Based on Application Ginseng Market is segmented into Dietary Supplements, Pharmaceuticals, Cosmetics and Food & Beverages. Pharmaceutical segment registered for the largest market share owing to the medicinal and nutritional benefits of ginseng. It is used in treating coma, gastrointestinal and cardiovascular diseases and plays a significant role in physiological processes like as immunological diseases, diabetes and more. The dietary supplement is estimated to be the fastest growing segment growing at 5.2% CAGR during the forecast period of 2021-2026, owing to its vital role in improving immunity against viral and bacterial infections. The ginseng as a dietary supplement enhances the resistance of the body. Moreover, it enhances the functioning of liver, brain, immune systems. As the use of herbs in dietary and medicinal purposes is rapidly growing in western countries, ginseng is becoming the best-selling herbs across the world.
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Ginseng Market Segment Analysis – By Product Form
Based on Product Form Ginseng Market is segmented into Powder, Raw, Liquid. The powder segment accounted for the largest market share owing to its high preservability, and good shelf life with benefits as an antioxidant, anti-inflammatory and anti-cancer properties. It is also attributed to its application in food and beverages and in cosmetics industry. Liquid segment is estimated to be the fastest growing segment growing owing to its usage in food and medicinal preparations to make a correct formulation. It also helps in boosting immunity preventing tiredness and enhances mental health and physical activity. The additional actor contributing in the growth of the market is that increasing internet usage and change in the customer preferences towards e-commerce websites, that resulted in easy product purchase with broad range of verities.
Ginseng Market Segment Analysis – By Geography
Based on geography Ginseng Market is segmented into North America, Asia-Pacific, Europe, Rest of World. Asia-Pacific dominated the largest market share of 36.9%in 2020. This is owing to the high consumption of Ginseng products in this region. North America register for the fastest growing region, growing CAGR during the forecast period 2021-2026 owing to the growing consumption of organic and health-conscious products in this region along with excessive utilization of ginseng as an adaptogen and its known to be the high selling herbal and nutritional supplement in this region for thousands of years.
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Ginseng Market Drivers
Growing Health Awareness:
The growing health awareness is rising the demand for plant-based products that is driving the markets growth of the Ginseng and its products. Using plant-based products has become a new trend as these products reduces the risks of diseases, moreover, the safety and health benefits provided by the plant-based products have gained demand for ginseng at a global scale.
Ginseng Market Challenges
Contamination by Microorganisms:
The major constrain of the Ginseng market is that the outbreak of microorganisms. The microorganisms has resulted in decline of the powder form of foods owing to the cross contamination while the time of processing and producing. In addition, though the power form of foods has lower water content, there are some microorganisms like yeasts, molds that tend to grow at dry conditions resulting in contamination and spoilage of the product that hinder the market growth.
Ginseng Market Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Ginseng Market. In 2020, Ginseng Market share is fragmented by the top ten players present in the market. Ginseng Market top 10 companies are Organika Health Products Inc., Korea Ginseng Corp, DADONG ginseng KOREA CO, LTD., Ningbo Gianon Biotech Co., Ltd., ILTWA CO.LTD., Cheong Kwan Jang., Rainey Ginseng Farms Ltd, KOSHIRO COMPANY LIMITED, Nature Essential, Inovital, Elmis Ltd.
Acquisitions/Product Launches:
In April 2019, CheongKwanJang, a South Korean red ginseng extract product maker has launched a special edition product named Korean Red Ginseng Extract Every time. This product is available in stick type pouches.
Key Takeaways
Geographically, Asia-Pacific Ginseng Market accounted for the 36.9% revenue share in 2020 owing to the high consumption of Ginseng in this region.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market is provided in the Ginseng Market.
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