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.
Increasing health awareness among consumers is a major factor transforming the food industry. Consumers not only prefer healthier food, but are more willing than ever before to pay for a non-GMO food product that contains no artificial additives. With a majority of companies in the food market looking for ingredients that incorporate better nutrients in their products, the demand for ginseng is expected to scale higher.
Ginseng has been used in traditional Chinese medicines since time immemorial. However, it was not until recently that it found popularity in contemporary food and medicines. Increasing awareness among consumers as a result of rising access to information has made people realize the benefits of ginseng. Over the last couple of years it is increasingly used foods and medicines. The production of ginseng has therefore picked pace in South Korea, Canada and the U.S.
“The rising demand from personal care, dietary supplements, and food and beverages industries will support the expansion of ginseng market in China,” said a lead analyst at FMI
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 Takeaways from the Ginseng Market Study:
- 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.
Key ginseng players include Korean Ginseng Export Corporation, Organika Health Products Inc, Daedong Korea Ginseng Co., Ltd., Ilhwa Co. Ltd., Korea Ginseng Corp., Ningbo Gianon Biotech Co., Ltd., RFI Ingredients, Inc., Koshiro Co Ltd., Sino-Nature International Co., Ltd., and Shanghai FanPharma Co., Ltd., amongst others.
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