Bizizz Market Research has recently published a research report, “Ginseng Market By source Type (Wild and Cultivated), form (Raw, Powder and Extract), End-user (Personal Care Products, Dietary Supplements, Food & Beverages Processing and Pharmaceuticals Products) variety (Oriental Ginseng, American Ginseng, Siberian Ginseng and Others), Component, and Region-Global Industry Trends, Estimation & Forecast, 2019 – 2027”.
As per the report, Global Ginseng Market was valued at US$ XX Bn in 2018 and it is anticipated to reach at market value of US$ 373.3 Bn by 2027, witnessing a CAGR of 4.8 % during the forecast period. Key drivers of the market are increased customer awareness about the benefits of ginseng and demand from the various industries across the globe.
Global demand for ginseng is anticipated to rise in the industries including food, beverages, personal care and health care, by an increased awareness among consumer rising demand of organic products by consumer choice for clean-label goods. The food and beverage processing industry is increasing at an exponential rate, concentrating on the advancement of products having organic and nutrient ingredients. The trend of clean-label offerings would contribute as key driver of the ginseng market. Consumer’s presences for products have peculiar flavors and have natural ingredients that offer health advantages, and various manufacturers use ginseng in a variety of food products, including candies, cookies, chocolates, among others.
The Ginseng market is anticipated to register a CAGR of over 4.8% during the forecast period.
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By end-user, dietary supplement segment held a key share in Global Ginseng Market in 2018.
Rising consumer preference for safety is a key driver for the growth of ginseng market. Demand of dietary supplements is rising in different regions worldwide. About 50% of American adults have an intake of at least one type of dietary supplement associated with ginseng that is anticipated to propel the demand in Latin America also. Consumer’s choice in the usage of ethically manufactured offerings made by organizations is propelling its development of plant-based dietary supplements and thus ginseng is preferred. The applications of ginseng in dietary supplements are anticipated to have a higher demand during the forecast period.
North America is Anticipated to Dominate the Global Ginseng Market during the Forecast Period
Rising demand for nutritional and dietary supplements having American ginseng is anticipated to propel the market growth in North American region. The U.S. is leading the global market of ginseng and is anticipated to be the largest market in American ginseng in North America region. It is followed by Canada and estimated for a steady growth of American ginseng market during the forecast period.
Global Ginseng market was moderately consolidated with key players accounting for significant share in 2018. Organizations are propelling its market growth by offering variety of ginseng products in the global market for competitive edge.
Prominent players operating in the Global Ginseng Market are: RFI Ingredients, Inc., Sino-Nature International Co. Ltd., Organika Health Products Inc., Daedong Korea Ginseng Co., Ltd., Ilhwa Co. Ltd., Korea Ginseng Corp., Ningbo Gianon Biotech Co., Ltd., Korean Ginseng Export Corporation, Koshiro Co Ltd., Shanghai FanPharma Co., Ltd., among others.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
a) Insights on current demand & supply gap analysis
b) Impact on value chain and supply chain and strategies adopted to off set its impact
c) Impact on Industry / company revenue and predictive intelligence on forecast sales
d) In-depth analysis on market segmentation – both value and volume analysis
e) Market assessment, regional
and country attractiveness, competitive benchmarking
and entry strategy
f) Prioritizing strategies and
how it would impact company’s short to long-term business
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