NEWARK, Del, June 08, 2022 (GLOBE NEWSWIRE) -- The sales of ginseng are estimated to be valued at US$ 684.2 Mn in 2021. As per Future Market Insights (FMI), the overall ginseng market value is expected to reach US$ 1,093.6 Mn by 2031, rising at a CAGR of 4.8% for 2021-31. The sales of ginseng will represent approximately 1-2% of the herbal supplements market.
Growing consumer health consciousness is a significant factor in the food industry’s transformation. Customers not only tend to favor healthier meals, but they are more willing than ever before to pay for a non-GMO food products with no artificial ingredients. With the number of food companies looking for additives that include more nutrients in their products, thus the demand for ginseng is expected to rise.
As a result, it is safe to conclude that the ongoing trend is being driven by a growing interest in health and wellness. This has also led to the inclusion of ginseng as a key component in a number of dietary supplements. Because these supplements are non-GMO and organic, their market demand is expected to remain high.
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Rising Demand for Plant-based Food Products to Bode Well in Coming Years
With China expected to remain one of the most lucrative markets for ginseng around, this will give impetus on overall Asia Pacific market. Anti-oxidant and anti inflammatory properties are what makes it so much in demand across different sectors.
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.
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Key Takeaways:
- 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.
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.
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Competition Landscape: Top Ginseng Companies
The top companies operating in the global market are focusing on offering products with various claims such Kosher, Non-GMO, GMP, Vegan, and others to satisfy the emerging consumers demand. The global market is also witnessing increase in product launches with ginseng as an ingredient.
For instance:
In 2021, Sun Pharma expanded its nutrition bar segment with products launch of Revital NXT, which is powered with natural ginseng.
Table of Content
1. Market Overview
1.1. Market Coverage / Taxonomy
1.2. Market Definition / Scope / Limitations
2. The Massive Impact of the Crisis
2.1. Global Ginseng Market Forecast Scenario Comparison of Annual Growth Rates for short Term (2021-2025) and Long Term (2026-2031)
2.1.1. Optimistic Scenario
2.1.2. Likely Scenario
2.1.3. Pessimistic Scenario
2.2. Key Factors Impacting the Market
2.3. Note: Market Assessment shall be Provided for Likely Scenario
3. Market Dynamics
3.1. Drivers
3.1.1. Supply Side Drivers
3.1.2. Demand Side drivers
3.1.3. Economic Side Drivers
3.2. Restraints
3.3. Opportunity
3.4. Market trends By Region
3.5. Product Launches
3.6. Product Claims & Nutritional Information Scan by Buyers
3.7. Macro-Economic Factors
3.8. Forecast Factors - Relevance & Impact
3.9. Consumers Survey Analysis
4. Key Regulations
4.1. Packaging & Labelling Regulations
4.2. Certifications and Certifying Agency Overview
4.3. Import/Export Policies
5. Value Chain Analysis
5.1. Operating margins at each node of supply chain
5.2. List of Active Market Participants
5.2.1. Raw Material Suppliers
5.2.2. Product Manufacturers
5.2.3. Key Brands
6. Global Ginseng Market Demand Analysis 2016-2020 and Forecast, 2021-2031
6.1. Historical Market Volume (Metric Tons) Analysis, 2016-2020
6.2. Current and Future Market Volume (Metric Tons) Projections, 2021-2031
6.3. Y-o-Y Growth Trend Analysis
7. Global Ginseng Market - Pricing Analysis
7.1. Regional Pricing Analysis (US$/Metric Tons) By Source (2016,2021,2031)
7.1.1. Wild
7.1.2. Cultivated
7.2. Regional Pricing Analysis (US$/Metric Tons) By Form (2016,2021,2031)
7.2.1. Raw
7.2.2. Powder
7.2.3. Extract
7.3. Pricing Break-up (2016,2021,2031)
7.3.1. Producer Level Pricing
7.3.2. Distributor Level Pricing
7.3.3. Retailer Level Pricing
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