The global ginseng extracts market is on an upward growth curve and from 2018 to 2028, the trajectory charted would be notable owing to a robust CAGR (Compound Annual Growth Rate). Additionally, it is worth noting here that a number of growth factors would create a plethora of growth avenues over the period. Market worth would also see an increase.
Global Ginseng Extracts Market: Competitive Landscape
The global ginseng extracts market is fragmented in nature owing to presence of many small and large players operating its playfield. Some of the prominent names that have marked the vendor landscape and are driving the market forward include the following:
- Korea Ginseng MFG Co., Ltd, S.A.
- Herbal Bioactives LLP
- RFI Ingredients, LLC
- Herbal Bio Solutions
- BI Nutraceuticals
- Clariant AG
- Herbal Bioactives LLP
- Liuyang Naturalin Bio-Tech Co., Ltd
- Orkla Health UK
- Shanti Natural
- Hangzhou Skyherb Technologies Co., Ltd.
- Bioveda Naturals.
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Research and development (R&D) and technological advancement are key factors of growth in the market and over the forecast period, these would emerge as prominent determinants of size of market shares that individual players would be able to lay claim to. Other strategies that would be witnessed in the market are mergers and acquisitions and product development. Marketing strategies also hold a notable place in the overall growth strategy.
Global Ginseng Extracts Market: Key trends and driver
A number of trends and drivers are keeping the global ginseng extracts market on an upward growth trajectory. Some of the prominent ones that contribute massively to the growth story are spelled out below:
- Massive use of ginseng in dietary supplements is being witnessed as benefits of betterment of immunity, enhancement of brain function, and improvement in blood purity catches on with people. A number of players in the market are using this to increase their market share. It is significant to note here that a number of protein powders also contain ginseng since it is known for improving and stabilizing metabolism. This is set to be a notable growth propeller in the global ginseng extracts market.
- Ginseng is considered a wonder ingredient for skin and hair and this is the reason that is witnessing an increase in demand from personal care companies. It is extensively known for its effective pore cleaning and skin boosting properties. This is a significant leading to growth in the global ginseng extract market.
Global Ginseng Extracts Market: Regional Analysis
High growth is anticipated to be noted in the regions of North America and Asia Pacific (APAC) over the forecast period. It is quite significant to note here that a large chunk of ginseng is produced in countries of the former regional landscape – China and South Korea. Another chunk comes from the United States of America and Canada – countries in the North American region.
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Organic medicine hubs such as Japan, China, and India also deserve a mention here because governments are directing special efforts towards increasing production for use in Ayurveda, Yin Yang and the like. Another factor helping the two regions of APAC and North America grow is use of ginseng in dietary supplements. A number of companies such as Carlson, Herbalife, and Amway use extracts of the ginseng in some of their products.
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