The ginseng market is anticipated to increase and reach a value of US$ 749.80 million in 2023, according to Future Market Insights (FMI) 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.
The growing consumer adoption of Asian and oriental flavors is expected to fuel market expansion throughout the forecast period. Chinese herbal medicine is likewise quite well-liked. Ginseng roots include salicylic acid, maltol, p-coumaric, and vanillic acids in addition to other bioactive compounds. The fact that ginseng powder forms have a longer shelf life than other ginseng preparations because of their low water content is another factor propelling market growth.
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The growth of the food industry has been impacted by the growing concern for consumer health. Consumers are willing to pay a premium for non-GMO products and want wholesome meals.
The increasing number of food companies looking to enhance the nutritious content of their goods is expected to drive up demand for ginseng. So it’s safe to say that the trend’s origins lie in the expanding health and wellness movement. Since ginseng plays a major role in these supplements, there will likely be a sustained demand for these organic and non-GMO products.
Key Takeaways from Market Study:
- The ginseng market is expected to record a CAGR of 4.3% over the forecast period.
- It is estimated that the ginseng market 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 market holds a market value of US$ 382.78 million in 2023 and is projected to expand by 4.6% CAGR.
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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.
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
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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