Ginseng Market: Market Outlook
Ginseng is a plant with fleshy roots has been used for centuries in China for medical purpose. Ginseng offers various health benefits such as it helps the body to lower blood sugar, flu prevention, boosting the immune system, and others. Ginseng has been classified on the basis of the regions such as American ginseng, Chinese ginseng, and Korean ginseng. There are also the other varieties of ginseng such as Siberian ginseng and crown prince ginseng but it has a different function than ginseng species. Ginseng also utilized as a powder form in different Korean cuisine.
Ginseng is majorly produced in four countries: US, China, Korea, and Canada. China is the leading consumer of ginseng for a long time. Ginseng is a naturally grown the plant but also been cultivated in the farm by providing required climate condition. It is used as a herbal medicine in Asia and North America due to its anti-oxidant and anti-inflammatory properties. Ginseng helps to improve brain function, increase the energy level and fight tiredness. Apart from that, it may also use for fighting against cancer, improving the erectile dysfunction, and for enhancing the metabolism.
Growing demand for health conscious food across the world is boosting the global ginseng market.
The major driven factor for the ginseng market is increasing demand for the health conscious food around the world. Ginseng offers numerous health benefits which made it an excellent source of nutrients. Ginseng can be used in various food and beverages to produce a different type of health-conscious food. Ginseng is also used as a dietary supplement in the US, and dietary supplement usage is increasing in the North America region. This can be one of the key factors which are driving the global ginseng market during the forecast period.
Ginseng is cultivated in farm and it also grows naturally. It is a slow growing plant and takes the four years to be the fully matured plant. American ginseng is mostly grown in Virginia areas in the US where sometimes it takes the five to 10 years to fully grow. The slow growth of ginseng plant couldn’t able to meet the demand of customers which is restraining the global ginseng market. Apart from that, there is a huge demand for the wild ginseng which only grows in mountains in natural climate conditions and cannot be cultivated which can affect the demand of wild ginseng.
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Global Ginseng Market Segmentation
On the basis of type, global ginseng market is segmented as:
- American Ginseng
- Chinese Ginseng
- Korean Ginseng
On the basis of source, global ginseng market is segmented as:
- Cultivated
- Wild
On the basis of form, global ginseng market is segmented as:
- Powder
- Raw
On the basis of application, global ginseng market is segmented as:
- Food and Beverages
- Dietary Supplements
- Pharmaceutical
- Cosmetics
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Global Ginseng Market: Key Players
Some of the major players of the global ginseng market are Korea Ginseng Corp, Organika Health Products Inc., DAEDONG ginseng KOREA CO, LTD., ILHWA CO.LTD., Ningbo Gianon Biotech Co., Ltd., Shanghai FanPharma Co., Ltd., The Sino-Nature, KOSHIRO COMPANY LIMITED, Rainey Ginseng Farms Ltd., The Associated Ginseng Growers of British Columbia, etc.
Opportunities for market participants in the global ginseng market
Ginseng is a health beneficial plant root which is majorly produced and consumed by only four or five countries. Europe and South Asia are the major regions are also adopting ginseng consumption due to the high number of health-conscious consumer base over there. Manufacturers of ginseng have the better opportunity to produce and sell more ginseng products in these regions which can provide the potential growth to the manufacturers and as well as to the ginseng market.
Global Ginseng Market: Regional Outlook
East Asia is leading the global ginseng market with highest market share due to the high consumption of ginseng products. North America is followed by East Asia which is having a significant value share in global ginseng market. However, Europe is showing the potential growth in global ginseng market during the forecast period due to increasing consumption of organic and health-conscious products.
The research report presents a comprehensive assessment of ginseng market, and contains thoughtful facts, historical data, insights, and statistically supported and industry-validated market data. The report also contains projections using a suitable set of methodologies and assumptions. The research report provides analysis and information according to market segments such as geography, end use, form, and distribution channel.