Ginseng Market is Expected to witness a CAGR of 4.8% from 2018 to 2027 | Future Market Insights Report
Future Market Insights (FMI) delivers key insights on the global ginseng market in its upcoming outlook titled, ‘Ginseng Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2027‘. In terms of value, the global ginseng market is projected to experience a healthy CAGR of 4.8% during the period of forecast, due to various factors such as globalization and increase in consumer acceptance for oriental and Asian flavors and demand for Chinese herbal medicine.
Ginseng is a very popular herbal medicine, and has been used for more than 4,500 years. Many research studies provide support for the use of ginseng in the management of heart problems, diabetes, hypertension, hyperlipidemia, and various other health issues. It has been used as a herbal medicine in China for a very long time. On the basis of source, the ginseng market can be segmented into wild and cultivated ginseng.
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The availability of wild ginseng has declined in various regions around the world, including China, South Korea, etc., due to less seed germination, slow maturation, and overexploitation, and therefore, there has been a meteoric rise in the price of wild ginseng. As there has been a limitation in the availability of wild ginseng, the cultivation of ginseng has increased to fulfill the needs of consumers. The prices of cultivated ginseng are less as compared to wild ginseng, and depend on the age of the ginseng root. The demand for cultivated American ginseng is increasing across the world, with China as one of the leading consumers.
Organic Ginseng Entices Health-Conscious Consumers
The excessive use of chemicals during crop cultivation causes degradation of the soil, and therefore, has an adverse effect on crop productivity. These chemicals further enter the food chain and can cause side-effects in humans and other living organisms. The awareness among consumers about the health hazards due to these chemicals has increased, and therefore, they prefer the use of organic products. Due to this trend, manufacturers have started producing organic ginseng products to satisfy the requirements of consumers.
The Emergence of Ginseng in the Personal Care Industry
Ginseng has applications in food, beverage, nutraceutical, and pharmaceutical industries. Recently, it has been used in personal care products such as moisturizers, cleansers, softeners, exfoliators, serums, essences, etc. It has an antioxidant property that can help cure dry and damaged skin. Ginseng also provides anti-aging benefits and improves the blood flow, which enhances the natural glow of the skin. In recent years, the use of beauty and personal care products has increased amongst various age groups, which is likely to have a favourable impact on the demand for ginseng. Due to changing lifestyles and the influence of Western culture, the demand for personal care products is anticipated to increase in the Asia Pacific region. The use of ginseng in a variety of beauty products is likely to increase during the forecast period. Europe and North America are also expected to provide profitable growth opportunities for the ginseng market. The utilization of ginseng in the personal care industry is expected to grow at a CAGR of 4.7% in revenue terms during the forecast period.
This report covers the trends that are driving each segment, and provides analysis and insights of the potential of the ginseng market in particular regions. Asia Pacific is expected to register a high growth rate between 2018 and 2027, and China, which is one of the largest importers of ginseng, is expected to set the pace for ginseng demand over the forecast period. According to market attractiveness, China and South Korea are relatively more attractive regions in the ginseng market.
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Detailed profiles of the players have also provided in the scope of the report to evaluate their long-term and short-term strategies, key offerings, and recent developments in the ginseng space. Key ginseng players include Korean Ginseng Export Corporation, Organika Health Products Inc, Daedong Korea Ginseng Co., Ltd., Ilhwa Co. Ltd., Korea Ginseng Corp., Ningbo Gianon Biotech Co., Ltd., RFI Ingredients, Inc., Koshiro Co Ltd., Sino-Nature International Co., Ltd., and Shanghai FanPharma Co., Ltd., amongst others.