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.
- 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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“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
Consumer’s Willingness to Spend on Healthy Food Products Creates Growth Prospects
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.
The anti-inflammatory and anti-oxidant properties of ginseng helps in improving the overall immunity system of humans. For instance, using Koran ginseng has shown to improve heart health and cognitive functions of brain. Besides this, ginseng is believed to have anti-cancer effects. These benefits spur the use of ginseng in non-GMO food products.
Rising Consumption of Dietary Supplements Boosts Sales Opportunities
Focus on fitness and wellbeing corresponds directly to the increasing health consciousness among consumers. Given the scenario, the demand for dietary supplements is likely to accelerate impressively. The consumption of these supplements is not restricted to a certain age or demography, rather it has considerably surged across age groups. The report suggests that dietary supplements sales could double itself in the forthcoming years. Because ginseng supplements are organic and are often categorized under non-GMO products, their demand is forecast to increase in the near future.
Rising Demand for Plant-based Food Products to Bode Well in Coming Years
The rising demand for healthy and ethically produced products has bolstered the market for plant-based products. These products help in reducing risk of various diseases, mostly transmitted through meat products. This has fueled the demand for plant-based ginseng extracts. These are safe to use and can be incorporated in various personal care products, supplements, pharmaceutical products, food products among others.
High Cost of Cultivation with no Return on Investment for 4 to 5 Years Deters Growth
Ginseng cultivation incurs high cost. They are usually harvested every 4 years hence offers no return on investment for around four to five years. This makes ginseng production less attractive to farmers. This may adversely impact the production of ginseng. Decrease in production often leads to their fluctuating price, which may negatively the ginseng market.
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Get Valuable Insights into Ginseng Market
Future Market Insights, in its new report, presents an unbiased analysis of the ginseng market, covering historical demand data (2013-2018) and forecast figures for the period between 2019 and 2027. The study divulges compelling insights into growth witnessed in the market. It segments the market on the basis of form (raw, powder and extract), source (wild and cultivated), variety (oriental ginseng, American ginseng, Siberian ginseng, and others) and end use (personal care products, dietary supplements, food and beverages processing and pharmaceutical) across six major regions.