Ginseng Market Size is projected to reach USD 1019.13 million by 2031, growing at a CAGR of 4.6%: Straits Research

New York, United States, Jan. 11, 2023 (GLOBE NEWSWIRE) — A naturally occurring root called ginseng is primarily used in pharmaceuticals. It is widely distributed in eastern Asia and North America. With the growing popularity of ginseng-derived goods like dietary supplements and personal care products, the demand for ginseng is anticipated to increase significantly. Ginseng is used in medical and pharmaceutical products because it has various health advantages. Additionally, it is a component of various food and beverage products. Ginseng products are relatively expensive compared to other processed goods made from organic herbs. As a result, consumers in developed nations with high purchasing power parity account for a sizable portion of the demand.

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Lifestyle Changes and Growing Awareness Regarding Fitness to Act as Tailwinds for Ginseng Market

The patterns of food consumption have significantly changed. People are increasingly prone to experimenting with spices in their food due to rising internet penetration, comparatively lax immigration laws, and ease of business. Additionally, there has been a notable rise in public awareness of the benefits of eating nutritious food without sacrificing flavor. The demand for ginseng, which is often combined with different spices like ginger, rosemary, cinnamon, chilies, and clove, is likely to rise due to these factors.

There are opportunities for the extract to produce health drinks because ginseng is used as a tonic to enhance the function of the kidneys and spleen, among other organs. As a result, it is anticipated that the product will increase in the food and beverage industry. Additionally, the ability of ginseng to combine with or be used with different spices presents an opportunity to prepare ready-to-eat meals. The use of ginseng to satisfy consumer health concerns has been actively investigated by the food and beverage sector. It can be found in various drinks, including coffee, tea, alcoholic beverages, and energy tonics. This market’s growth is likely to be fueled by the expanding food and beverage industry, of which the growing middle class has been one of the key growth drivers.

Additionally, the significant rise in health consciousness is anticipated to favor the ginseng market. Demand for dietary supplements has been rising dramatically in many parts of the world. For instance, it is estimated that 50% of American adults use at least one type of dietary supplement. Given the proximity of the two regions in terms of geography and culture, Latin America is likely to follow suit. Manufacturers of dietary supplements are likely to concentrate on using ginseng to gain a sizable market share in a market where customers prefer using products that are produced ethically and organically.

Report Scope

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Regional Insights

China and South Korea are the two largest producers of ginseng, followed by the United States and Canada. Although China will probably produce the most ginseng in the upcoming years, South Korea has a much more developed distribution system. This is demonstrated by the fact that China has a significantly higher production ratio than the rest of the world while also having a significantly lower distribution ratio. For instance, it was predicted that China’s production ratio would be over 52% in 2018 and South Korea’s would be between 30 and 35%. In contrast, China’s distribution ratio is over 30%, while South Korea’s is around 55%.

Furthermore, because of its more robust and tighter inner structure, Korean ginseng is anticipated to have a more extensive consumer base. Because Korea has about 12 local associations, this economy is anticipated to have a solid foundation. The existence of areas with high ginseng production is one of the main factors contributing to ginseng’s likelihood of being profitable in Korea. For instance, according to the Food and Agriculture Organization, Chungnam produced about 77.5% of the nation’s total output (FAO).

Key Highlights

• The global ginseng market size is projected to reach USD 1019.13 million by 2031, growing at a CAGR of 4.6% during the forecast period (2023–2031).
• Based on the form, the market is segmented as powder, tablet, beverage, and others. 
• Depending on the region, the market is analyzed in North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. Asia-Pacific dominates the ginseng market, where China and South Korea is the largest producer.

Key players operating in the market include

• 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
• TCM Adaptogen Warehouse Co., Limited
• Ambe Phytoextracts Pvt Ltd.
• Navchetana Kendra
• Xi’an Day Natural Inc.
• Euromed S.A.
• Buddha’s Herbs
• Acetar Bio-Tech Inc
• Herbo Nutra

Prominent players will likely form partnerships with end-user companies and pursue a forward integration strategy to secure uninterrupted supply for end-users and expand their market reach through supplier agreements.

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Ginseng Market Segmentation

By Source

• Wild
• Wild simulated ginseng

• Cultivated
• Field cultivated
• Woods cultivated

By End-Product

• Powder
• Tablet
• Beverages
• Others

By End-Use

• Personal care products
• Dietary supplements
• Food and beverage processing
• Pet food
• Pharmaceuticals products

By Variety

• Korean ginseng
• American ginseng
• Siberian ginseng
• Others

By Region

North America

Europe

• Germany
• U.K.
• Italy
• France
• Rest of Europe

Asia-Pacific

• China
• South Korea
• Taiwan
• India
• Singapore
• Japan
• Malaysia
• Indonesia
• Rest of Asia-Pacific

Latin America

• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa (MEA)

• Saudi Arabia
• South Africa
• Rest of MEA

TABLE OF CONTENT

1          Introduction
1.1       Market Definition
1.2       Market Scope

2          Research Methodology
2.1       Primary Research
2.2       Research Methodology
2.3       Assumptions & Exclusions
2.4       Secondary Data Sources

3          Market Overview
3.1       Report Segmentation & Scope
3.2       Value Chain Analysis: Ginseng Market
             3.2.1 Vendor Matrix
            3.2.1.1            Suppliers
            3.2.1.2            Distributors
            3.2.1.3            End user/Consumers
3.3       Key Market Trends
3.3.1   Drivers
3.3.2   Restraints
3.3.3   Opportunities
3.4       Porter’s Five Forces Analysis
3.4.1   Bargaining Power of Suppliers
3.4.2   Bargaining Power of Buyers
3.4.3   Threat of Substitution
3.4.4   Threat of New Entrants
3.4.5   Competitive Rivalry
3.5       Regulatory Framework
3.6       Technological Landscape
3.7       Market Share Analysis
3.7       Cost Structure Analysis
3.7       Regional Price Analysis

4          Source Overview
4.1       Introduction
4.1.1   Market Size & Forecast
4.2       Wild Ginseng
4.2.1   Market Size & Forecast
4.3       Cultivated Ginseng
4.3.1   Market Size & Forecast

5          Form Overview
5.1       Market Introduction/Trends
5.1.1   Market Size & Forecast
5.2       Powder
5.2.1   Market Size & Forecast
5.3       Tablet
5.3.1   Market Size & Forecast
5.4       Beverages
5.4.1   Market Size & Forecast
5.5       Others
5.5.1   Market Size & Forecast

6          End-Use Overview
6.1       Market Introduction/Trends
6.1.1   Market Size & Forecast
6.2       Personal Care Products
6.2.1   Market Size & Forecast
6.3       Dietary Supplements
6.3.1   Market Size & Forecast
6.4       Food & Beverage Processing
6.4.1   Market Size & Forecast
6.5       Pharmaceutical Products
6.5.1   Market Size & Forecast

7          Variety Overview
7.1       Market Introduction/Trends
7.1.1   Market Size & Forecast
7.2       Oriental Ginseng
7.2.1   Market Size & Forecast
7.3       American Ginseng
7.3.1   Market Size & Forecast
7.4       Siberian Ginseng
7.4.1   Market Size & Forecast

8          Regional Overview
8.1      Introduction
8.1.1   Market Size & Forecast
8.2      North America
8.2.1   Market Size & Forecast
8.2.2   U.S.
8.2.2.1            By Source
8.2.2.2            By End Use
8.2.2.3            By Form
8.2.2.4            By Variety
8.2.3   Canada
8.2.3.1            By Source
8.2.3.2            By End Use
8.2.3.3            By Form
8.2.3.4            By Variety
8.2.4   Mexico
8.2.4.1            By Source
8.2.4.2            By End Use
8.2.4.3            By Form
8.2.4.4            By Variety
8.3      Europe
8.3.1   Market Size & Forecast
8.3.2   Germany
8.3.2.1            By Source
8.3.2.2            By End Use
8.3.2.3            By Form
8.3.2.4            By Variety
8.3.3   Spain
8.3.3.1            By Source
8.3.3.2            By End Use
8.3.3.3            By Form
8.3.3.4            By Variety
8.3.4   France
8.3.4.1            By Source
8.3.4.2            By End Use
8.3.4.3            By Form
8.3.4.4            By Variety
8.3.5   Italy
8.3.5.1            By Source
8.3.5.2            By End Use
8.3.5.3            By Form
8.3.5.4            By Variety
8.3.6   Russia
8.3.6.1            By Source
8.3.6.2            By End Use
8.3.6.3            By Form
8.3.6.4            By Variety
8.3.7   Portugal
8.3.7.1            By Source
8.3.7.2            By End Use
8.3.7.3            By Form
8.3.7.4            By Variety
8.3.8   Rest of Europe
8.3.8.1            By Source
8.3.8.2            By End Use
8.3.8.3            By Form
8.3.8.4            By Variety
8.4      Asia Pacific
8.4.1   Market Size & Forecast
8.4.2   Japan
8.4.2.1            By Source
8.4.2.2            By End Use
8.4.2.3            By Form
8.4.2.4            By Variety
8.4.3   China
8.4.3.1            By Source
8.4.3.2            By End Use
8.4.3.3            By Form
8.4.8.4            By Variety
8.4.4   India
8.4.4.1            By Source
8.4.4.2            By End Use
8.4.4.3            By Form
8.4.4.4            By Variety
8.4.5   South Korea
8.4.5.1            By Source
8.4.5.2            By End Use
8.4.5.3            By Form
8.4.5.4            By Variety
8.4.6   Australia
8.4.6.1            By Source
8.4.6.2            By End Use
8.4.6.3            By Form
8.4.6.4            By Variety
8.4.7   Indonesia
8.4.7.1            By Source
8.4.7.2            By End Use
8.4.7.3            By Form
8.4.7.4            By Variety
8.4.8   Malaysia
8.4.8.1            By Source
8.4.8.2            By End Use
8.4.8.3            By Form
8.4.8.4            By Variety
8.4.9   Singapore
8.4.9.1            By Source
8.4.9.2            By End Use
8.4.9.3            By Form
8.4.9.4            By Variety
8.4.10 Vietnam
8.4.10.1          By Source
8.4.10.2          By End Use
8.4.10.3          By Form
8.4.10.4          By Variety
8.4.11 Rest of Asia Pacific
8.4.11.1          By Source
8.4.11.2          By End Use
8.4.11.3          By Form
8.4.11.4          By Variety
8.5      Latin America
8.5.1   Market Size & Forecast
8.5.2   Argentina
8.5.2.1            By Source
8.5.2.2            By End Use
8.5.2.3            By Form
8.5.2.5            By Variety
8.5.3   Brazil
8.5.3.1            By Source
8.5.3.2            By End Use
8.5.3.3            By Form
8.5.3.5            By Variety
8.5.4   Columbia
8.5.4.1            By Source
8.5.4.2            By End Use
8.5.4.3            By Form
8.5.4.5            By Variety
8.5.5   Rest of Latin America
8.5.5.1            By Source
8.5.5.2            By End Use
8.5.5.3            By Form
8.5.5.5            By Variety
8.6      Middle East
8.6.1   Market Size & Forecast
8.6.2   Oman
8.6.2.1            By Source
8.6.2.2            By End Use
8.6.2.3            By Form
8.6.2.4            By Variety
8.6.3   Qatar
8.6.3.1            By Source
8.6.3.2            By End Use
8.6.3.3            By Form
8.6.3.4            By Variety
8.6.4   Bahrain
8.6.4.1            By Source
8.6.4.2            By End Use
8.6.4.3            By Form
8.6.4.4            By Variety
8.6.5   UAE
8.6.5.1            By Source
8.6.5.2            By End Use
8.6.5.3            By Form
8.6.5.4            By Variety
8.6.6   Rest of Middle East
8.6.6.1            By Source
8.6.6.2            By End Use
8.6.6.3            By Form
8.6.6.4            By Variety
8.7      Africa
8.7.1   Market Size & Forecast
8.7.2   South Africa
8.7.2.1            By Source
8.7.2.2            By End Use
8.7.2.3            By Form
8.7.2.4            By Variety
8.7.3   Nigeria
8.7.3.1            By Source
8.7.3.2            By End Use
8.7.3.3            By Form
8.7.3.4            By Variety
8.7.4   Tanzania
8.7.4.1            By Source
8.7.4.2            By End Use
8.7.4.3            By Form
8.7.4.4            By Variety
8.7.5   Ghana
8.7.5.1            By Source
8.7.5.2            By End Use
8.7.5.3            By Form
8.7.5.4            By Variety
8.7.6   Rest of Africa
8.7.6.1            By Source
8.7.6.2            By End Use
8.7.6.3            By Form
8.7.6.4            By Variety

9          Company Profile
9.1      Organika Health Products, Inc.
9.1.1   Company Overview
9.1.2   Financial Performance
9.1.3   Recent Developments
9.1.4   Product Portfolio
9.2       Schott AG      
9.2.1   Company Overview 
9.2.2   Financial Performance         
9.2.3   Recent Developments         
9.2.4   Product Portfolio     
9.3       Ilhwa Co. Ltd.
9.3.1   Company Overview 
9.3.2   Financial Performance         
9.3.3   Recent Developments         
9.3.4   Product Portfolio     
9.4       Korean Ginseng Corp.          
9.4.1   Company Overview 
9.4.2   Financial Performance         
9.4.3   Recent Developments         
9.4.4   Product Portfolio     
9.5       RFI Ingredients, Inc  
9.5.1   Company Overview 
9.5.2   Financial Performance         
9.5.3   Recent Developments         
9.5.4   Product Portfolio     
9.6       Koshiro Co Ltd.         
9.6.1   Company Overview 
9.6.2   Financial Performance         
9.6.3   Recent Developments         
9.6.4   Product Portfolio     
9.7       Daedong Korea Ginseng Co., Ltd.   
9.7.1   Company Overview 
9.7.2   Financial Performance         
9.7.3   Recent Developments         
9.7.4   Product Portfolio     
9.8       Ningbo Gianon Biotech Co., Ltd.    
9.8.1   Company Overview 
9.8.2   Financial Performance         
9.8.3   Recent Developments         
9.8.4   Product Portfolio     
9.9       Sino-Nature International Co., Ltd.
9.9.1   Company Overview 
9.9.2   Financial Performance         
9.9.3   Recent Developments         
9.9.4   Product Portfolio     
9.10    Shanghai FanPharma Co., Ltd         
9.10.1 Company Overview 
9.10.2 Financial Performance         
9.10.3 Recent Developments         
9.10.4 Product Portfolio

Table of Content and Figure @ https://straitsresearch.com/report/ginseng-market/toc

Market News

• In November 2022, TCM Adaptogen Warehouse Co., Limited Will Unveil Powerful Traditional Chinese Medicine, Praised by Many Customers for Both Great Effectiveness and Safety.
• Leading manufacturer of standardized herbal extracts Euromed, S.A. is pleased to announce Chris Tower’s appointment as General Manager of its significant subsidiary Euromed USA Inc. in August 2022. The tower is a seasoned professional in the industry. Chris will take over as general manager after Guy Woodman retires later this year.
• Korea Ginseng Corp (KGC) continues to dominate sales of healthy functional foods in Korea as of February 2022, while Korea Yakult has dropped out of the top five.

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