The ginseng market is poised for growth, rising from $749.80 million in 2023 to $1.1 billion by 2033, with a 4.3% increase. Fueled by increasing demand for Asian flavors and the extended shelf life of ginseng powder, particularly in herbal supplements, the market expansion is expected to continue.
ginseng market set to rise from US$ 749.80 million in 2023 to US$ 1.1 billion by 2033, with a 4.3% growth. Increasing demand driven by Asian flavors and longer shelf life of ginseng powder fuels its market expansion in herbal supplements.
Future Market Insights (FMI) projects that the ginseng market will grow and reach a value of US$ 749.80 million in 2023. The market value of ginseng could increase by 4.3% between 2023 and 2033, reaching US$ 1.1 billion by that year. Ginseng may make up 1% to 2% of the market for dietary supplements made from plants.
Download our free research now to learn more about the ginseng market’s trends and projections:
https://www.futuremarketinsights.com/reports/sample/rep-gb-1577
The growing consumer adoption of Asian and oriental flavours is expected to fuel market expansion throughout the forecast period. Chinese herbal medicine is also commonly used. Ginseng roots include salicylic acid, maltol, p-coumaric, and vanillic acids in addition to other bioactive compounds. Due to their longer shelf life than other ginseng preparations, ginseng powder forms are another factor propelling market expansion.
The development of the food sector has been influenced by rising consumer health concern. Customers desire nutritious food and are prepared to spend a lot of money on non-GMO goods.
The demand for ginseng is anticipated to rise as a result of the growing number of food firms aiming to improve the nutritional value of their products. So it’s safe to say that the trend’s origins lie in the expanding health and wellness movement. Due to ginseng’s inclusion as a significant component, the market demand for these supplements, which are non-GMO and organic, is anticipated to continue strong.
Key Takeaways from Market Study:
- The ginseng industry is expected to record a CAGR of 4.3% over the forecast period.
- It is estimated that the ginseng industry in Asia Pacific may remain strong during the forecast period.
- Cultivated ginseng is estimated to account for a market share of more than 7%in 2023 and is anticipated to expand by 5.5% CAGR.
- Pharmaceutical products are estimated to dominate the end-user segment with a market share of 2%in 2023.
- The powder form of ginseng industry holds a market value of US$ 382.78 million in 2023 and is projected to expand by 4.6% CAGR.
Competitive Landscape:
To meet the growing demand of consumers, the top companies in the global market are offering products with various claims, such as Kosher, Non-GMO, GMP, Vegan, and more. In addition, ginseng-containing products are being launched on the global market at an increased rate. Companies are maintaining a competitive position in the market by pursuing inorganic growth strategies, such as partnerships, geographical expansion, and mergers & acquisitions.
Several prominent companies dominate this market, including Korean Ginseng Export Corporation, Organika Health Products Inc, Ilhwa Co. Ltd, Korean Ginseng Corp., RFI Ingredients, Inc, Koshiro Co Ltd, Daedong Korea Ginseng Co., Ltd., Ningbo Gianon Biotech Co., Ltd., Sino-Nature International Co., Ltd., Shanghai FanPharma Co., Ltd., Nature’s Way, and others.
Invest in products infused with ginseng to enhance your well-being and feel more energetic and healthy:
https://www.futuremarketinsights.com/checkout/1577
Recent Developments:
- With the launch of Revital NXT, a nutrition bar powered by natural ginseng, Sun Pharma expanded its nutrition bar segment in 2021.
- In April 2019, CheongKwangJang (KGC), a famous Korean company, launched a new red ginseng brand. Keeping up with the growing interest among consumers in enhancing immunity levels and superfoods, it features Korean Red Ginseng Extract ‘Every time’ in a portable stick pouch. Moreover, the company announced the launch of every time Blossom, a cherry blossom-themed edition in two tins with 100 stick pouches.
- A proprietary red ginseng product under the Ewha Company’s food brand Nature Foods was launched in February 2019. The company also plans to expand into China with the red ginseng product.
Ginseng Market Segmentation by Category
By Source:
- Wild
- Cultivated
By Form:
- Raw
- Powder
- Extract
By Variety:
- Oriental Ginseng
- American Ginseng
- Siberian Ginseng
- Others
By End-use:
- Personal Care Products
- Dietary Supplements
- Food and Beverage Processing
- Pharmaceutical Products
Speak with Our Analysts to Learn About the Variety of Ginseng Varieties, Forms, and Versatile End-Use Industries in Food, Pharmaceuticals, Supplements, and Personal Care:
https://www.futuremarketinsights.com/ask-question/rep-gb-1577
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Nandini Singh Sawlani
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
