The market for ginseng extracts reached USD 269.4 million in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 7.7% through the forecast period, potentially reaching USD 565.6 million by 2032. Recent analysis from Future Market Insights indicates that global demand for ginseng extracts is expected to see year-on-year growth of 7.3% in 2022.
As a result, the product naturally possesses anti-inflammatory and antioxidant properties, enhancing brain function, bolstering the body’s immune system, addressing erectile dysfunction, and combating lethargy.
Moreover, the product shows promise in treating various types of cancer, as well as swine flu, anemia, diabetes, gastritis, asthma, and fever. However, the efficacy and quality of Panax ginseng extracts can vary based on bioavailability and the form in which it is consumed. When taken orally, ginsenosides are difficult to break down solely with liver enzymes or gastric juices.
Once in the intestine, the product undergoes fermentation by gut microflora, transforming into metabolites that are highly bioavailable. This enhances energy levels and promotes balanced metabolism within the body. Consequently, the medicinal benefits of the product improving the digestive system are propelling the ginseng extracts market as a valuable supplement in the food and beverage industry.
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Key Takeaways from Market Study
- The ginseng extracts market is worth of US$ 269.4 Mn sales in 2022.
- The ginseng extracts market is expected to expand at CAGRs of 7.7% through 2032.
- Global ginseng extracts demand is projected to grow year-on-year (Y-o-Y) growth of 7.3% in 2022.
- The ginseng extracts market is growing with a notable boost towards the production to reach USD 565.6 Mn by 2032.
- Innovative applications, research formulations, and medicinal properties are the factors driving growth of Ginseng Extracts market to be the influencing factors among consumers, which is driving sales of ginseng extracts across global markets.
- Demand for ginseng extracts grew at 6.4% CAGR between 2017 and 2021.
- Korea Ginseng Corp., Clariant, Korean Ginseng Export Corporation, RFI Ingredients, Inc, and Ilhwa Co., Ltd. are expected to be the top players in the industry.
- Siberian ginseng type with capsule form segment of ginseng extracts are in heavy demand from beverage industry carrying a notable market share.
Competitive Landscape
Leading manufacturers of ginseng extracts are concentrating on broadening their product portfolios through innovative new products and investing heavily in research and development. Meanwhile, prominent brands in the ginseng extracts sector are expanding their market presence through strategic acquisitions and establishing new footholds in various countries around the globe.
For instance:
- On April 2019, CheongKwangJang (KGC), the famous Korean company, has launched new red ginseng brand, which is a special edition of Korean Red Ginseng Extract ‘Everytime’ in portable stick pouch to keep up with the growing consumer interest in enhancing immunity levels and healthy super food. Also with the full bloomed spring season, the company announced to launch Everytime Blossom, a cherry blossom motivated edition in two tin containers with 100 stick pouches.
- On 6th February 2019, Ewha Company, a South Korean organic product distributor, announced to go international to mark its global presence with its signature red ginseng product under the food brand Nature Food’s, while making announcement to expand the business in China.
Key Companies Profiled
Korea Ginseng Corp.; Clariant; Korean Ginseng Export Corporation; RFI Ingredients, Inc; Ilhwa Co., Ltd.; Organika Health Products Inc; Nature’s Way Products, LLC; Orkla Health A/S; Shanghai FanPharma Co., Ltd.; Koshiro Company Limited; Others
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Ginseng Extracts Market by Category
By Product Type:
- American Ginseng
- Oriental Ginseng
- Siberian Ginseng
- Asian Ginseng
- Others
By Form:
- Powder
- Liquid
- Tablet
- Capsule
- Gel
- Others
By Application:
- Food & Beverages
- Nutraceuticals & Dietary Supplements
- Pharmaceutical
- Cosmetics & Personal Care
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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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