Global Ginseng Market to Reach $11.7 Billion by 2026

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Aug 03, 2021, 10:45 ET

SAN FRANCISCO, Aug. 3, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Ginseng - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
Edition: 6; Released: May 2021
Executive Pool: 462
Companies: 123 - Players covered include Ambe Phytoextracts Pvt Ltd.; Baoji Herbest Bio-Tech Co., Ltd; Buddhaâ€™s Herbs; Changsha Huir Biological-Tech Co., LTD; Clariant AG; Daedong Korea ginseng Co., Ltd.; Euromed S.A.; Hangzhou Skyherb Technologies Co., Ltd; Herbo Nutra; ILHWA USA, INC; Koei Kogyo Co. Ltd.; Korean Ginseng Corp.; Koshiro Co Ltd.; Naturalin BioTech Co., Ltd.; Natureâ€™s Way Products, LLC.; Ningbo Gianon Biotech Co., Ltd.; NINO BIOTECH CO., LTD.; NOWÂ® Foods; Organika Health Products Inc; Orkla Health AS; RFI Ingredients, Inc.; Shanghai FanPharma Co., Ltd.; ShantiNatural; Sino-Nature International Co., Ltd.; Xiâ€™an Day Natural Inc. and Others.
Coverage: All major geographies and key segments
Segments: Product (Asian Ginseng, American Ginseng); End-Use (Supplements, Personal Care, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Brazil; Mexico; Rest of Latin America; Middle East; Africa.

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ABSTRACT-

Global Ginseng Market to Reach $11.7 Billion by 2026
A plant with fleshy roots and a diverse medical utility history, Ginseng is produced extensively in Korea, China, Canada, and the US, with China being the traditional market leader. Growth in the global market is being driven by rise in health consciousness among people, increasing demand for healthy food and various health benefits associated with Ginseng. The use of Ginseng in different food and beverages to create flavored healthy consumables is aiding in market growth. The increasing usage of Ginseng as a diet supplement in developed nations is also aiding its demand. Cosmetics and beauty care products are using anti-inflammatory, skin restoring, and anti-aging features of Ginseng to formulate different products leading to the rising demand for this herb. In the last few years, Ginseng has been used as a major component in moisturizers, serums, cleansers, and essences. Pharmaceutical industries are capitalizing on hypertension, diabetes, and heart disease combating features of Ginseng leading to increased demand from this sector.

Amid the COVID-19 crisis, the global market for Ginseng estimated at US$6.1 Billion in the year 2020, is projected to reach a revised size of US$11.7 Billion by 2026, growing at a CAGR of 11% over the analysis period. Asian Ginseng, one of the segments analyzed in the report, is projected to grow at a 10.7% CAGR to reach US$7.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the American Ginseng segment is readjusted to a revised 11.5% CAGR for the next 7-year period. This segment currently accounts for a 35.9% share of the global Ginseng market. Grown primarily in colder regions of South Korea and North Eastern China, the market for Asian ginseng is expected to benefit from rising demand from pharmaceutical, dietary supplements and cosmetics market. In China, the adoption of regulations enabling use of ginseng inf food products is fueling market growth. American Ginseng segment is likely to record strong gains, as increased demand for this product is demonstrated by all industry domains including food and beverage, healthcare, personal care. American ginseng has calming, antioxidative, anti-inflammatory, and anti-cancer properties.

The U.S. Market is Estimated at $379.9 Million in 2021, While China is Forecast to Reach $3.9 Billion by 2026
The Ginseng market in the U.S. is estimated at US$379.9 Million in the year 2021. The country currently accounts for a 5.47% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$3.9 Billion in the year 2026 trailing a CAGR of 13.1% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.9% and 9.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9% CAGR while Rest of European market (as defined in the study) will reach US$4.3 Billion by the end of the analysis period. Asia-Pacific represents the leading regional market, driven by growing demand for dietary supplements and nutraceuticals and the trend towards personalized nutrition and natural supplements. Europe is another major market for ginseng, with rising popularity of botanical products among consumers as part of efforts to maintain health fueling market growth. In North America, the growing popularity of alternative medicines specifically herbal products in recent times is giving impetus and the shift towards plant-based products is fueling demand for ginseng. More

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