Ginseng refers to an herbal supplement, which has been utilized since last many centuries in the Chinese medicine. It is widely known for its anti-inflammatory and antioxidant properties. It is also used in controlling levels of blood sugar and is also believed to have beneficial effect on certain types of cancers. The global ginseng market is likely to gather traction from the increased awareness about the benefits of the product.
The utilization of ginseng is growing in the personal care industry. As more people become aware about the benefits of ginseng, more companies exhibit interest in introducing extracts of ginseng in varieties of beauty and personal care products. For instance, of late there has been a growing use of ginseng extracts as a key ingredient in a wide variety of cleansers, essences, moisturizers, serums, and various other types of skincare products. In addition, ginseng comes with anti-oxidant qualities that helps in healing damage of skin and offers anti-aging solutions. Driven by the qualities of ginseng, the use of the product has increased considerably in the cosmetics and personal care products sector. Furthermore, food and beverage sector has also witnessed a rise in the use of ginseng, thanks to the presence of high nutritive elements.
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The global ginseng market has been segmented based on product, end use, and region. The main objective of providing such a comprehensive report is to provide a deep insight into the market.
Global Ginseng Market: Notable Developments
The global ginseng market has witnessed some developments in the last few years. One of such markets developments is mentioned below:
- In April 2018, researchers from the School of Biomedicine, Far Eastern Federal University, Russia came up with a chocolate that is enriched with the goodness of ginseng extract. The ginseng extract is derived utilizing nano-biotechnology that helps in preserving most of the biologically active components of ginseng. One single tile of this newly invented chocolate bar come with a daily dose of ginsenosides and various other nutrients that help in boosting energy, immunity and have antioxidant properties. This new invention is estimated to gather more market share for ginseng in the years to come.
Some of the key market players of the global ginseng market are
- Daedong Korea Ginseng Co., Ltd.
- Organika Health Products Inc.
- Sino-Nature International Co., Ltd
- The Boots Company
- Ningbo Gianon Biotech Co., Ltd.
- Ranbaxy Laboratories
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Global Ginseng Market: Growth Drivers
There has been a rise in the health consciousness amongst the people, which is a key factor in driving the transformation that is taking place in the food and beverage industry. These days, consumers not only opt for healthy and nutrient rich food products but also are also willing to spend more on healthy food and beverage items. Growing preference of non-GMO with no trace of artificial additives is likely to drive the demand for nutrient rich products, such as ginseng. In a bid to acquire greater share in the market, more food and beverage companies are exploring ingredients that would add more nutrients in their items. These factors are likely to bolster growth of the global ginseng market in the years to come.
Rising demand for fitness and wellness is expected to generate demand for ginseng supplements. The ginseng supplements qualify as non-GMO and organic products and as such, the demand for ginseng is forecasted to remain high over the period of analysis.
On the other hand, there has been a decline in the availability of wild ginseng in many parts of the world, such as South Korea, China. Such low availability is mainly due to overexploitation, slow maturation, and low seed germination. As such, the price of wild ginseng has shot up. This factor is likely to hamper the growth of the global ginseng market in the forthcoming years.
Global Ginseng Market: Regional Outlook
Driven by South Korea and China, Asia Pacific is likely to remain at the forefront of the growth of the global ginseng market. The dominance of the region is likely to continue over the tenure of assessment. High demand for the product to be used in various applications such as cosmetics, pharmaceutical, personal care industries in the region is likely to drive the growth of the ginseng market in Asia Pacific.
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The global ginseng market is segmented as:
- Personal Care
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