The global ginseng market share value is projected to total USD 786.3 million in 2024 and USD 1,262.3 million by 2034. Demand for ginseng will likely increase at a steady CAGR of 4.3% throughout the forecast period.
Ginseng demand remains high in the pharmaceutical sector due to its potential health benefits. As per the latest analysis, the pharmaceutical products segment is estimated to hold a market share of 41.8% in 2024.
Multiple factors are anticipated to drive the ginseng industry forward during the assessment period. These include:
- The multifunctional attributes of ginseng
- Growing health consciousness among consumers
- Rising interest in herbal supplements
- Increasing demand for ginseng-based products
- Continuous innovation in ginseng products
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Today, consumers are increasingly seeking natural and organic products. As a result, there is a growing demand for herbal products like ginseng. This will continue to provide impetus for the growth of the ginseng market during the assessment period.
The varied applications of ginseng, encompassing its adaptogenic properties, immune system support, and potential cognitive benefits, are creating a robust demand among consumers seeking natural and holistic approaches to health. This trend is likely to persist as the awareness of ginseng’s health benefits continues to grow.
Ongoing scientific research into the medicinal properties of ginseng, including its potential impact on stress, immunity, and cognitive function, is contributing to the credibility and marketability of ginseng-based products. This will support market expansion through 2034.
As more studies highlight the potential health benefits of ginseng, consumers are becoming more confident in incorporating ginseng-based products into their wellness routines. This combination of traditional wisdom, anecdotal evidence, and scientific backing has created a compelling narrative around ginseng, driving its popularity in the health and wellness market.
Advances in extraction and processing techniques are influencing the development of ginseng products. Innovations in these areas may lead to the creation of new and more potent formulations, enhancing the overall appeal of ginseng-based offerings.
Ginseng producers leverage online channels for promotion and sales due to the increasing use of the internet and the simplicity of online transactions among consumers. Online merchants are favored by the majority of consumers, driving businesses to establish a strong online presence.
Key Takeaways from the Ginseng Market Study
- The global market for ginseng is set to have a total valuation of US$ 1,262.3 million in 2034.
- Based on source, the cultivated ginseng segment will account for a revenue share of over 7% in 2024.
- By end-use, pharmaceutical products segment is expected to hold a market share of 8% in 2024.
- The United States is poised to exhibit a CAGR of 3% through 2034.
- Ginseng demand in India is projected to grow at a CAGR of 1% from 2024 to 2034.
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“The ginseng market is witnessing a transformative shift, propelled by a surge in consumer awareness of its health benefits, including adaptogenic properties and immune system support. Notably, the market is diversifying its product offerings, with manufacturers innovating in supplements, teas, and skincare products to cater to varied consumer preferences,” says a lead analyst at Future Market Insights (FMI).
Who is Winning?
A few of the leading players operating in the ginseng market are Organika Health Products Inc., Daedong Korea Ginseng Co., Ltd., Korean Ginseng Export Corporation, Ilhwa Co. Ltd., Korean Ginseng Corp., Shanghai FanPharma Co., Ltd., RFI Ingredients, Inc., Koshiro Co Ltd, Ningbo Gianon Biotech Co., Ltd., Nature’s Way, Sino-Nature International Co., Ltd., and other players.
Due to the rising consumer demand for ginseng, several leading manufacturers are focusing on offering it at the best possible pricing. They are constantly launching new products in lucrative regions as well as using sustainable farming practices. Many companies also employ strategies like collaborations, partnerships, and acquisitions to stay relevant in the market.
Recent Developments:
- In December 2022, Korea Ginseng Corp. launched Pure Extract Heaven in the United States market to meet the rising demand for herbs and natural source supplements in the nation.
Get Valuable Insights into Ginseng Market Report
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the ginseng industry, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034. The study provides compelling insights based on source (wild, cultivated), form (raw, powder, extract), variety (oriental, American, Siberian, and others), and end-use (personal care products, dietary supplements, food and beverage processing, pharmaceutical products) across seven major regions.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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