The global ginseng market value is expected to rise from US$ 622.9 Mn in 2019 to US$ 903.8 Mn by the end of 2027. Rising demand for innovative and healthy food products will aid the expansion of the market, finds Future Market Insights in a report, titled “Global Ginseng Market: Forecast, Trend, Analysis & Competition Track – Global Review 2019 to 2027.” The report compiles a comprehensive overview of the market, covering various growth drivers and restraints. It is intended to help stakeholders get a holistic knowledge about the prevailing market dynamics. According to the report, the ginseng market size is expected to rise at 4.8% between 2019 and 2027.
Growing consumer health consciousness is a significant factor in the food industry’s transformation. Customers not only tend to favor healthier meals, but they are more willing than ever before to pay for a non-GMO food products with no artificial ingredients. With the number of food companies looking for additives that include more nutrients in their products, thus the demand for ginseng is expected to rise.
As a result, it is safe to conclude that the ongoing trend is being driven by a growing interest in health and wellness. This has also led to the inclusion of ginseng as a key component in a number of dietary supplements. Because these supplements are non-GMO and organic, their market demand is expected to remain high.
The increasing number of health-conscious consumers creates a lucrative demography for the ginseng market. Consumers’ preference towards healthy food products is not just linked to their awareness, but willingness to spend higher on non-GMO food. Ensuring that a food product does not contain artificial additives is a major factor determining its future in the market. Furthermore, it is a masterstroke when a manufacture is able to attain approvals from legitimate international authorities. These factors pave way for the market’s growth.
Key Companies: 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
Key Takeaways:
- China is expected to remain one of the most lucrative markets for ginseng around the world. This is expected to give impetus to the overall Asia Pacific market.
- Besides China, Korea has emerged as a leading consumer of ginseng.
- Among end users, pharmaceuticals segment is forecast to exhibit high demand. Through the course of the forecast period it is expected to represent a considerably high share of the market.
- Anti-oxidant and anti-inflammatory properties of ginseng boosts its application across diverse sectors.
- Ginseng can help improving heart health and reduce cancer risk. As a result of this, it is increasingly used in food products.
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