Global Ginseng Market Report: Trends, Growth, and Key Players Analysis (2023-2031)
The global Ginseng Market, valued at USD 679.90 million in 2022, is poised for robust growth in the coming years. Projections indicate that the market will reach USD 1,019.13 million by 2031, expanding at a compound annual growth rate (CAGR) of 4.6% from 2023 to 2031. This growth reflects the increasing demand for ginseng products across various industries such as personal care, dietary supplements, pharmaceuticals, and food and beverages. With rising consumer interest in natural and herbal remedies, ginseng continues to gain popularity due to its numerous health benefits.
Market Definition and Latest Trends
Ginseng, a root plant native to East Asia and North America, is renowned for its adaptogenic properties, which help the body cope with stress, improve mental performance, and enhance overall vitality. As a result, ginseng is widely used in both traditional medicine and modern health products. The global ginseng market is being driven by rising consumer awareness about the health benefits of ginseng, its extensive use in dietary supplements, pharmaceuticals, and personal care products, and the growing inclination towards organic and plant-based solutions.
Additionally, the market is witnessing an increase in demand for ginseng-infused beverages and functional foods, as consumers seek functional ingredients that offer health benefits. The increasing popularity of health and wellness trends, particularly in North America and Asia-Pacific, is also contributing to the growth of the ginseng market. Moreover, innovations in ginseng-based products and new research into its medicinal properties are expected to further fuel market expansion in the forecast period.
For an in-depth understanding of the trends and growth drivers, you can explore our full Ginseng Market Report.
Market Segmentation
The global ginseng market is segmented based on source, end-product, end-use, variety, and type. Understanding these segments helps identify specific growth opportunities and trends.
By Source (2019-2031)
Wild
Wild simulated ginseng
Wild ginseng
Cultivated
Field cultivated
Woods cultivated
By End-Product (2019-2031)
Powder
Tablet
Beverages
Others
By End-Use (2019-2031)
Personal care products
Dietary supplements
Food and beverage processing
Pet food
Pharmaceuticals products
By Variety (2019-2031)
Korean ginseng
American ginseng
Siberian ginseng
Others
By Type (2019-2031)
Red Ginseng
White Ginseng
Growth Factors & Opportunities
The ginseng market's growth is driven by several key factors:
Increasing Health Consciousness: Rising awareness of natural health products, particularly those offering adaptogenic benefits, is propelling demand for ginseng-based products.
Expansion in the Personal Care Sector: The incorporation of ginseng into skincare and haircare products has gained momentum due to its ability to combat aging, improve skin elasticity, and promote hair growth.
Growing Popularity of Functional Foods and Beverages: With consumers looking for more ways to improve their health, ginseng-infused beverages, teas, and functional foods are gaining popularity.
Rise in the Use of Ginseng for Stress and Fatigue Relief: As mental health awareness grows, more people are turning to ginseng to combat stress and improve cognitive function.
E-commerce Growth: The rise of online platforms has made ginseng products more accessible to global consumers, especially in regions with limited availability.
For more information about the market growth opportunities, check out the Buy Now link.
Key Players in the Ginseng Market
Several key players are shaping the global ginseng market through product innovation, strategic partnerships, and expansion into new markets. Some of the notable players include:
Organika Health Products Inc.
Ilhwa Co. Ltd.
Korean Ginseng Corp.
RFI Ingredients Inc.
Koshiro Co Ltd.
Daedong Korea Ginseng Co.Ltd.
Ningbo Gianon Biotech Co.Ltd.
Sino-Nature International Co.Ltd.
Shanghai FanPharma Co.Ltd.
TCM Adaptogen Warehouse Co.Limited
Ambe Phytoextracts Pvt Ltd.
Navchetana Kendra
Xi an Day Natural Inc.
Euromed S.A.
Buddhas Herbs
Acetar Bio-Tech Inc.
Herbo Nutra
These companies are contributing to the market’s growth by offering a diverse range of ginseng-based products to meet the evolving needs of consumers worldwide.
Conclusion
The global ginseng market is experiencing steady growth, driven by increasing demand for natural and functional products that promote health and well-being. As consumers continue to prioritize holistic and herbal remedies, ginseng’s popularity is expected to rise, particularly in dietary supplements, personal care products, and functional beverages.
To explore more insights about the ginseng market, download a free sample or buy now for the complete report.
For further inquiries, please visit Visit Now.
Company Details
Straits Research is a leading provider of business intelligence, specializing in market research, analytics, and advisory services. We deliver comprehensive reports and actionable insights that empower businesses to make informed decisions.
Contact Us:
Email: sales@straitsresearch.com
Address: 825 3rd Avenue, New York, NY, USA, 10022
Phone: +1 646 905 0080 (US), +91 8087085354 (India), +44 203 695 0070 (UK)
