ginseng market set will increase by 4.3%, from US$ 749.80 million in 2023 to US$ 1.1 billion by 2033. Ginseng powder’s longer shelf life and growing demand from Asia are driving its market expansion in herbal supplements.
According to Future Market Insights (FMI), the ginseng market is expected to expand and attain a valuation of US$ 749.80 million by 2023. Between 2023 and 2033, the market value of ginseng could rise by 4.3%, reaching US$ 1.1 billion by that year. Ginseng may account for 1% to 2% of the market for plant-based dietary supplements.
The growing consumer adoption of Asian and oriental flavours is expected to fuel market expansion throughout the forecast period. Herbal medicine from China is also widely utilised. Ginseng roots include salicylic acid, maltol, p-coumaric, and vanillic acids in addition to other bioactive compounds. Due to their lower water content, ginseng powder forms have a longer shelf life than other ginseng preparations, which is another reason propelling market expansion.
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Future Market Insights (FMI) predicts a significant growth trajectory for the global ginseng market, with a forecasted increase from $749.80 million in 2023 to an impressive $1.1 billion by 2033, showcasing a robust CAGR of 4.3%. This surge is primarily attributed to the rising popularity of ginseng powder, driven by its longer shelf life and escalating demand from Asia, particularly in the herbal supplements segment.
In 2023, FMI projects the ginseng market to reach a value of $749.80 million. Over the following decade, the market is expected to witness a substantial growth rate of 4.3%, culminating in a valuation of $1.1 billion by 2033. Ginseng, accounting for 1% to 2% of the market for dietary supplements from plant sources, is poised for a remarkable expansion, fueled by factors such as rising consumer acceptance of Asian flavors and the widespread use of Chinese herbal medicine.
Key Takeaways from the Ginseng Market:
- CAGR Projection: The ginseng industry is anticipated to record a commendable CAGR of 4.3% over the forecast period.
- Asia-Pacific Dominance: The ginseng industry in Asia Pacific is expected to remain robust, reflecting the growing demand for ginseng in the region.
- Cultivated Ginseng Growth: Cultivated ginseng is projected to account for over 7% of the market share in 2023, with an estimated expansion by 5.5% CAGR.
- Pharmaceutical Product Dominance: In the end-user segment, pharmaceutical products are expected to dominate with a market share of 2% in 2023.
- Powder Form Preference: The powder form of ginseng is set to hold a market value of $382.78 million in 2023, with a projected expansion by 4.6% CAGR.
Recent Developments:
- Sun Pharma expanded its nutrition bar segment in 2021 with the launch of Revital NXT, a nutrition bar powered by natural ginseng.
- In April 2019, CheongKwangJang (KGC) launched a new red ginseng brand, featuring Korean Red Ginseng Extract ‘Every time’ in a portable stick pouch, catering to the growing interest in enhancing immunity levels and superfoods.
- Ewha Company introduced a proprietary red ginseng product in February 2019 under its food brand Nature Foods, with plans to expand into China with the red ginseng product.
Ginseng Market Segmentation:
- 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
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:
Top companies in the global ginseng market are addressing the growing consumer demand by offering products with diverse claims, including Kosher, Non-GMO, GMP, Vegan, and more. Companies are actively launching ginseng-containing products globally, maintaining competitiveness through inorganic growth strategies such as partnerships, geographical expansion, and mergers & acquisitions.
Prominent players in the market include 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.
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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
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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.
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