According to Future Market Insights (FMI), the ginseng market is likely to grow and reach a value of US$ 749.80 million in 2023. Ginseng’s market value may increase by 4.3% between 2023 and 2033, reaching US$ 1.1 billion by 2033. Ginseng sales can make up 1-2% of the herbal supplements market.
During the forecast period, the market is expected to grow due to increased consumer acceptance of Asian and oriental flavors. In addition, Chinese herbal medicine is in high demand. Additionally, ginseng roots contain salicylic acid, phenolic acids maltol, p-coumaric acid, and vanillic acid, among other bioactive compounds. Due to their low water content, ginseng powder forms have an extended shelf life, which is another factor fuelling market expansion.
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Food industry transformation has been driven in part by increasing consumer health consciousness. Customers not only want healthy meals but are willing to pay high prices for non-GMO products.
In light of the growing number of food companies looking to increase nutrition in their products, the demand for ginseng is expected to increase. Therefore, it is safe to conclude that the trend is being driven by a growing health and wellness trend. Since these supplements are non-GMO and organic, their market demand is expected to remain high due to ginseng’s inclusion as a key component.
Key Takeaways from Market Study:
- The ginseng market is expected to record a CAGR of 4.3% over the forecast period.
- It is estimated that the ginseng market in Asia Pacific may remain strong during the forecast period.
- Cultivated ginseng is estimated to account for a market share of more than 7%in 2023 and is anticipated to expand by 5.5% CAGR.
- Pharmaceutical products are estimated to dominate the end-user segment with a market share of 2%in 2023.
- The powder form of ginseng market holds a market value of US$ 382.78 million in 2023 and is projected to expand by 4.6% CAGR.
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Competitive Landscape:
To meet the growing demand of consumers, the top companies in the global market are offering products with various claims, such as Kosher, Non-GMO, GMP, Vegan, and more. In addition, ginseng-containing products are being launched on the global market at an increased rate. Companies are maintaining a competitive position in the market by pursuing inorganic growth strategies, such as partnerships, geographical expansion, and mergers & acquisitions.
Several prominent companies dominate this market, including 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, and others.
Recent Developments:
- With the launch of Revital NXT, a nutrition bar powered by natural ginseng, Sun Pharma expanded its nutrition bar segment in 2021.
- In April 2019, CheongKwangJang (KGC), a famous Korean company, launched a new red ginseng brand. Keeping up with the growing interest among consumers in enhancing immunity levels and superfoods, it features Korean Red Ginseng Extract ‘Every time’ in a portable stick pouch. Moreover, the company announced the launch of every time Blossom, a cherry blossom-themed edition in two tins with 100 stick pouches.
- A proprietary red ginseng product under the Ewha Company’s food brand Nature Foods was launched in February 2019. The company also plans to expand into China with the red ginseng product.
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Ginseng Market Segmentation by Category
By Source:
- Wild
- Cultivated
By Form:
- Raw
- Powder
- Extract
By Variety:
- Oriental Ginseng
- American Ginseng
- Siberian Ginseng
- Others
By End-use:
- Personal Care Products
- Dietary Supplements
- Food and Beverage Processing
- Pharmaceutical Products
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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