Ginseng Market Report 2024 (Global Edition)

Global Ginseng Market Report 2024 Market Size Split by Source (Wild, Cultivated), by End-Use (Personal Care Products, Dietary Supplements, Food and Beverage Processing, Pharmaceutical Products), by Fo...

Ginseng Market Report Description

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Ginseng Market Insights Video

Competitive Landscape of the Ginseng Market

Major businesses need to quickly adjust to new approaches to gain a competitive advantage and capture a significant piece of the market. The leading companies in the ginseng sector are focused on expanding their unique product lines to connect with more people and gain an edge over their competitors.

• In October 2023, Clariant, a sustainability-focused speciality chemicals company, introduced new pharmaceutical ingredient solutions that will help improve the quality and efficacy of drugs. 

(Source:www.clariant.com/en/Corporate/News/2023/10/Clariant-launches-new-range-of-excipients-to-improve-stability-and-solubility-of-APIs-at-CPHI-Barcel)

• In March 2023, RFI, a top provider of cutting-edge whole food solutions for the functional food, beverage, and dietary supplement industries, is launching a new product at the Fresh Ideas Organic Marketplace under the FermaPro brand.

(Source:rfiingredients.com/rfi-launches-fermapro-flax-lignan-at-expo-west-2023/)

Top Companies Market Share in Ginseng Industry: (In no particular order of Rank)

• Korean Ginseng Export Corporation
• 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.
• Nature’s Way
• Clariant
• Confidential Data
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Asia Pacific dominated the market in 2023 and accounted for around 38% of the global revenue

According to Cognitive Market Research, Asia Pacific dominated the market in 2023 and accounted for around 38% of the global revenue, owing to the rising popularity of plant-based diets has contributed to an increase in the demand for ginseng dietary supplements, which in turn encouraged innovation and new product development in the pharmaceutical sector. A similar pattern drives demand for natural medicines and other organic healthcare items. For the reasons declared, it is anticipated that this market will see expansion.

The Middle East and Africa are the fastest-growing categories in the region due to customers' growing interest in natural food products, spurred by worries about possible hazards to one's health posed by synthetic chemicals, propelling the regional market forward. Another key factor fueling expansion in the area is its rapid adoption in the food product production sector, heightened consumer understanding of the need for a healthy diet, and rising purchasing power to sustain the Middle East and Africa markets' growth in the next few years.

The current report Scope analyzes Ginseng Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Ginseng Market

According to Cognitive Market Research, the global ginseng market size was estimated at USD 0.525 Billion out of which North America held the major market of more than 40% of the global revenue with a market size of USD billion 0.21 in 2023 and will grow at a compound annual growth rate (CAGR) of 3.5% from 2023 to 2030, because of an increasing demand for ginseng, driven by a greater awareness of vegans. The demand for American ginseng is driven by its growing use in nutritional and herbal supplements. Expanded investment in R&D can also majorly impact the regional marketplace. According to Cognitive Market Research, in the North American area, food and beverage processing is presumed to have the fastest growth in the coming years because of ginseng-infused products; consumers may effortlessly include the herb in their regular routines. Many people find purchasing ginseng in pre-packaged forms, such as drinks, snacks, or pills, convenient. In addition to teas and energy beverages, ginseng is also present in smoothies, snacks, and even some recipes. In conclusion, According to Cognitive Market Research, the demand for ginseng has been fuelled by the rise in healthier lives. The emphasis on preventative healthcare will increase the demand during this region's forecast period.

Europe Ginseng Market

According to Cognitive Market Research, the global ginseng market size was estimated at USD 0.525 Billion out of which Europe held the major market of more than 32% of the global revenue with a market size of USD 0.17 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 3.8% from 2023 to 2030. The market is growing due to shifting customer preferences towards natural food items, driven by concerns about the adverse effects of human-made chemicals. The rapid use of food product manufacturing has also been the region's most prominent growth driver. According to Cognitive Market Research, cultivating ginseng is predicted to expand rapidly in the European market in the following years because cultivating ginseng can be an economic gain in certain regions. It improves regional economies and creates employment possibilities via production, processing, and delivery. In conclusion, According to Cognitive Market Research, the Ginseng market in the European region with developing countries such as Germany, France, Italy, Spain, Russia, and the Rest of the European countries will witness healthy growth during the forecast period.

Asia Pacific Ginseng Market

According to Cognitive Market Research, the global ginseng market size was estimated at USD 0.525 Billion out of which Asia Pacific held the major market of more than 20% of the global revenue with a market size of USD 0.11 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 5.9% from 2023 to 2030. The rising popularity of plant-based nutrition drives consumer demand for herbal products, which drives innovation and product development efforts to meet the increasing demand for ginseng dietary supplements. These reasons are expected to drive the market expansion in this region. According to Cognitive Market Research, in the Asia-Pacific region, the wild category is presumed to witness the most significant growth in the coming years because of its perceived superior quality and authenticity. Wild ginseng can be sold as a luxury item to some consumers willing to pay a premium. In conclusion, Asia-Pacific nations, including South Korea, China, Japan, and India, have been at the cutting edge of technology adoption. Ginseng is in high demand due to a shift in consumer priorities toward healthier options, which has affected ginseng in the area and fuels the industry's growth during the forecast period.

South America Ginseng Market

According to Cognitive Market Research, the global ginseng market size was estimated at USD 0.525 Billion out of which Latin America held the major market of more than 5.00% of the global revenue with a market size of USD 0.03 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2023 to 2030. Due to rising health awareness and the wide availability of herbs, the need for Chinese herbal medicine and the rising popularity of Asian and oriental flavours are the main factors that are predicted to propel the industry growth in this region. According to Cognitive Market Research, the Latin American market is expected to increase in the following years because of its antioxidant properties, which may aid in the body's destruction of free radicals. Many people use oriental ginseng to combat weakness and weariness. Because it improves performance and reduces fatigue, it is commonly used by those who lead active lives and engage in sports, improving overall market oriental ginseng category growth. In conclusion, according to Cognitive Market Research, rapid urbanization, the region's improved economy, and rising disposable incomes have increased consumer spending on health and wellness goods, resulting in overall healthy growth over the next few years.

Middle East and Africa Ginseng Market

According to Cognitive Market Research, the global ginseng market size was estimated at USD 0.525 Billion out of which Middle East and Africa held the major market of more than 3.00% of the global revenue with a market size of USD 0.02 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 4.6% from 2023 to 2030. The ginseng market in this region is propelled by the expanding pharmaceutical industry, driven by the rising demand for natural medicines and other organic healthcare items in developed and developing areas and substantial expansion in the area during the forecast period. According to Cognitive Market Research, the powder ginseng category will expand in the coming years because powdered ginseng typically keeps better than fresh ginseng roots. Manufacturers, merchants, and customers can all benefit from this attribute, as it guarantees product availability for a long time. In conclusion, According to Cognitive Market Research, initiatives in infrastructure development and the demand for new studies examining ginseng's possible medicinal properties and its use in the Middle East and Africa will grow significantly during the forecast period.

Ginseng Market Analysis

Ginseng Source Segment Analysis

According to Cognitive Market Research, wild held the major market share over the forecast period because the quality and value of wild ginseng are often considered higher than its farmed equivalent. The rarity and alleged effectiveness of wild ginseng roots have caused them to fetch a premium price to fuel the market growth.

Cultivated is the fastest-growing category over the forecast period because cultivation allows for selecting ginseng kinds with desirable traits, such as root size, shape, and color. This flexibility in varietal selection satisfies consumer demand.

• Wild
• Cultivated

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Ginseng Industry. Request a Free Sample PDF!

Ginseng Application Segment Analysis

According to Cognitive Market Research, food and beverage processing holds a prominent market share due to a product infused with ginseng, which makes it easy and practical for people to use the herb in their everyday lives. The convenience of ready-to-drink drinks, snacks with ginseng, or pre-packaged ginseng supplements is undeniable. Various food and drink items can use ginseng, from teas and energy drinks to smoothies, snacks, and recipes.

Pharmaceutical products are the fastest-growing category over the forecast period. Pharmaceutical formulations allow for different types of ginseng delivery, including capsules, tablets, injections, or topical treatments, all tailored to the specific health situation at hand.

• Personal Care Products
• Dietary Supplements
• Food and Beverage Processing
• Pharmaceutical Products

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Ginseng Form Segment Analysis

According to Cognitive Market Research, powder holds a prominent market share as powder ginseng provides a simple approach for people to use ginseng in their everyday lives. Meals, teas, and energy drinks are just a few examples of the numerous foods and drink products that can be easily blended.

The extract is the fastest-growing category over the forecast period, as it is easier for consumers to manage their intake of ginsenosides when they use ginseng extract, which is available in numerous forms, including liquid extracts, capsules, and tablets, and allows for accurate and standardized dosing. For individuals who might have trouble swallowing raw ginseng, this gives them easy alternatives to include ginseng in their regular routines, contributing to the market's overall growth.

• Raw
• Powder
• Extract

Ginseng Variety Segment Analysis

According to Cognitive Market Research, oriental ginseng holds a prominent market share due to its high antioxidant content, helps the body's defence against free radicals, and is commonly used to alleviate fatigue and weakness. Popular with sportspeople and people who lead active lives, it helps increase physical performance and reduces weariness.

American ginseng is the fastest-growing category over the forecast period, as using American ginseng often results in more energy and endurance. It is a revitalizing benefit that helps those trying to increase stamina and combat fatigue.

• Oriental Ginseng
• American Ginseng
• Siberian Ginseng
• Others

Author's Detail

Nisha Deore

Research Analyst at Cognitive Market Research

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I am a well-organized, conscientious, and professional Research Analyst with two plus years of experience. In my current role, I conduct in-depth secondary research, data mining, competitive analysis, DRO's, PR, and Collateral writing. Whilst I enjoy working as part of a team, researching information, analyzing data, and producing results that help my organization to achieve its commercial and financial objectives.

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