Ginseng Market size is estimated at $5.9 billion in 2020, projected to grow at a CAGR of 4.2% during the forecast period 2021-2026. Ginseng is used to describe eleven different types of small, slow-growing plants with fleshy roots. Furthermore, ginseng roots are known to contain high levels of bioactive compounds such as salicylic acid, phenolic acids maltol, p-coumaric acid, and vanillic acid. Consumer acceptance of Asian and oriental flavours, as well as demand for Chinese herbal treatment, are propelling the Ginseng market forward. There are a variety of herbs in this category, but the most prevalent are American ginseng and Asian ginseng. Although the soothing effects of American ginseng are well-known, the invigorating effects of Asian ginseng are also well-known. Ginseng is made up of two major compounds, ginosides and ginotin, which work together to provide health benefits like increased immunity, cancer prevention, and blood sugar control due to bioactive compounds like salicylic acid and phenolic acids, all of which are fueling the Ginseng industry's growth. Consumers have begun to spend exorbitantly on food products manufactured from health-beneficial substances, therefore the onset of COVID-19 is predicted to modestly raise demand for Ginseng market.
Ginseng Market Segment Analysis – By Form:
Based on Form, Powder Ginseng Segment accounted for the largest revenue market share in 2020 as powders are easy to handle in the form of food and are highly preservable so it is anticipated to promote product demand. Furthermore, since powder forms of items have a low water content, they have a longer shelf life and are more preservable. Furthermore, even though powder foods contain little water, some microbes, such as molds and xerophilic yeasts, can thrive in dry environments due to bioactive compounds such as salicylic acid, phenolic acids. Other therapeutic qualities, such as antioxidant, anti-inflammatory, and anti-cancer properties, drive the powder segment. Increased internet penetration and shifting customer preferences towards online shopping are also driving category expansion, resulting in a wide range of product diversity and convenient product accessibility driving the segment growth. Liquid Ginseng segment is anticipated to grow with the fastest CAGR of 5.7% in the forecast period 2021-2026 owing to preference in functional food and medicinal preparations where a precise volume of liquid can be added to achieve the desired solution mix, thereby, driving the segment growth.
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Ginseng Market Segment Analysis – By Application:
Based on Application, Pharmaceutical accounted for the largest revenue market share in 2020 owing to the medicinal properties of ginseng. It contains bioactive compounds including salicylic acid and phenolic acids, which are used to treat comas, gastrointestinal, and cardiovascular illnesses, as well as physiological processes like diabetes, and others. Dietary Supplements is projected to witness the fastest CAGR of 5.1% during the forecast period 2021-2026. Ginseng contains bioactive compounds such as salicylic acid, phenolic acids which in dietary supplements boosts the body's resilience to illness by boosting the immune system's defences. Healthcare providers are apprehensive about the use of botanicals and herbs as a substitute for traditional medication, particularly when the immune system is significantly compromised or selected resistance treatment is required to avoid undesirable consequences, hence boosting market growth.
Ginseng Market Segment Analysis – By Geography:
Based on Geography, Asia-Pacific Ginseng Market accounted for the 38% revenue share in 2020. China, according to the Jilin Provincial People's Government, is the world's leading ginseng producer, accounting for roughly 70% of global production. The Chinese FDA has approved a big number of ginseng health products, demonstrating the country's rising support for the herb. Furthermore, the growing trend toward a healthier lifestyle, as well as the rising prevalence of chronic diseases, is fueling demand for ginseng-based supplements to be utilised in foods, beverages, and pharmaceuticals. South Korea, on the other hand, is the world's largest ginseng distribution market, with a diverse range of bioactive compounds goods consumed to the point where it is no exaggeration to say that any type of ginseng product can be found in South Korea making it a big potential market for global Ginseng producers. North America is predicted to be the fastest growing region during the forecast period 2021- 2026 owing to increased consumption of organic and health-conscious product demand over the projection period which propels the Ginseng Market.
Ginseng Market Drivers
Growing Product Demand Among Health Conscious Population:
Consumers growing health concerns, particularly in North America and Europe, have resulted in a trend toward safer, healthier, and higher-quality products aiding growth to the market development. Consumer health awareness is a crucial component in the food industry's transformation. Consumers not only demand healthier food, but they are also more willing than ever to pay a premium for a non-GMO, additive-free product. The demand for ginseng owing to high content level of bioactive compounds such as salicylic acid, phenolic acids are predicted to rise as a result of the majority of food firms looking for ingredients that incorporate more nutrients into their goods. This has led to ginseng being used as a key element in a number of dietary supplements as it contains high level of bioactive compounds thereby, driving the Ginseng Industry demand over the forecast period.
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Ginseng Market Challenges
Contamination By Micro-Organisms:
The outbreak of microorganisms is the most significant constraint in the Ginseng business. Owing to cross contamination during processing and production, bacteria have caused the meals to deteriorate. Additionally, even if the concentrated version of food includes less water, some microorganisms, such as yeasts and moulds, prefer to flourish in dry conditions, resulting in contamination and product deterioration, stifling market expansion. The Ginseng Market's growth is also hampered by the stringent government regulations globally. In most nations, legislation has been enacted to safeguard food items against deterioration and contamination caused by poor manufacturing and refrigerated storage practices. As a result, each country has chosen agencies to check consumer health issues as well as the types of materials and procedures used in operations to determine whether they are regarded safe which further restrains the Ginseng Market growth.
Ginseng Market Landscape:
The Ginseng Market's main strategies include product launches, mergers and acquisitions, joint ventures, and regional expansion. Ginseng Market top 10 companies are Rainey Ginseng Farms Ltd, KOSHIRO COMPANY LIMITED, Nature Essential, Inovital, Organika Health Products Inc., Korea Ginseng Corp, DADONG ginseng KOREA CO, LTD., Ningbo Gianon Biotech Co., Ltd and Elmis Ltd.
Acquisitions/Product Launches:
In September 2020, DONGINBI, Functioning Premium Red Ginseng Skincare Solution, launched on Amazon by Korea Ginseng Corp. The debut was marked by a 40 percent discount on signature products for a limited time. Following the basic launch, the brand intends to release further products. DONGINBI is KGC's next step in developing premium, indulgent skin care products as a brand devoted to become a world-class global enterprise.
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