USD 29.42 million
Ginseng Extract Market Size, Share, Growth Analysis, By Form(Powder, Liquid, Capsule, and Others), By Application(Personal care & cosmetics, Food, Dietary supplement, and Pharmaceuticals), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30A2014 |
Region:
Global |
Published Date: March, 2024
Pages:
198
|Tables:
65
|Figures:
68
Ginseng Extract Market Insights
Global Ginseng Extract Market size was valued at USD 29.42 million in 2022 and is poised to grow from USD 31.27 million in 2023 to USD 50.98 million by 2031, growing at a CAGR of 6.3% in the forecast period (2024-2031).
The ginseng extract market has experienced substantial growth driven by the increasing demand for natural health and wellness products. Ginseng, a revered herbal ingredient in traditional medicine, has gained global recognition for its potential health benefits. Ginseng extract is derived from the roots of the ginseng plant and is known for its adaptogenic properties, which are believed to enhance resistance to stress, boost energy levels, and support overall vitality.
The market's expansion is propelled by the growing consumer preference for natural remedies and dietary supplements. Ginseng extract finds applications in various industries, including pharmaceuticals, nutraceuticals, and cosmetics, due to its purported anti-inflammatory, immune-boosting, and cognitive-enhancing properties. Furthermore, increasing research on ginsenosides, the bioactive compounds in ginseng, has further highlighted its potential health benefits, bolstering its demand.
Asia, particularly South Korea and China, remains a major producer and consumer of ginseng extract due to its rich history in traditional herbal medicine. However, global awareness and interest in ginseng's benefits have led to increased cultivation and extraction in other regions as well.
Challenges within the market include variability in quality among different ginseng varieties, regulatory considerations, and the need for sustainable cultivation practices. As the market continues to expand, advancements in extraction technologies, research, and consumer education will be pivotal in shaping the ginseng extract market's trajectory, catering to the growing demand for natural health solutions.
US Ginseng Extract Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Powder
Fastest Growth
Powder
Growth Rate
6.3% CAGR
Global Ginseng Extract Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Ginseng Extract Market Segmental Analysis
The Ginseng Extract Market is segmented on the basis of Form, Application, and Region. Based on Dosage form, the market is segmented as, Powder, Liquid, Capsule, Others. Based on Application the market is segmented as, Personal care & cosmetics, Food, Dietary supplement, Pharmaceuticals. Based on Region the market is segmented as, North America, Europe, APAC, and The Middle East & Africa.
Ginseng Extract Market Analysis By Form
The powder form category, commanding a notable 52.1% revenue share in 2022, is poised for substantial growth in the upcoming period due to its inherent convenience in food applications and robust preservation characteristics. Powdered forms offer ease of handling and extended shelf life owing to their reduced water content, enhancing preservability. However, challenges are evident, with instances of biological decline stemming from cross-contamination during powder food production and processing. Surprisingly, some microorganisms like molds and xerophilic yeasts can thrive even in low moisture environments.
Moreover, the powder segment boasts a range of advantages, including antioxidant, anti-inflammatory, and anti-cancer properties, further fueling its expansion. Its versatility is evident in widespread application across the food and beverage as well as cosmetic sectors. The growth impetus is fortified by factors such as rising internet penetration and evolving consumer preferences, favoring online shopping for a diverse product array and heightened accessibility.
Conversely, the liquid segment is poised for rapid growth throughout the forecast period. It is especially favored in functional foods and medicinal preparations where precise liquid quantities are essential for optimal solution mix. Liquid forms also contribute to immune system strengthening, combating exhaustion, and augmenting mental and physical capacities, notably benefiting instances of concentration deficits, fatigue, diminished vitality, and recovery phases.
Ginseng Extract Market Analysis By Application
Segmented by application, the ginseng extract market encompasses cosmetic and personal care, pharmaceutical, food and beverage, and dietary supplements sectors. Notably, the pharmaceutical segment dominated with a substantial 54.3% revenue share in 2022, driven by the commendable nutritional and medicinal attributes of ginseng extract. Its therapeutic applications span diverse areas, including coma treatment, gastrointestinal and cardiovascular disease management. Moreover, ginseng extract plays a pivotal role in vital physiological processes, notably addressing neurodegenerative disorders, immunological diseases, diabetes-related disorders, and various heart conditions.
In contrast, the dietary supplements segment is poised for remarkable growth, projected to register a swift Compound Annual Growth Rate (CAGR) of 7.0% in revenue across the forecast period. This prominence arises from ginseng extract's pivotal role in bolstering immunity against bacterial and viral infections, autoimmune diseases, and even cancer. Within dietary supplements, ginseng extract reinforces the body's resilience to illnesses by modulating the immune system's responses. Its application as an alternative remedy to conventional therapies, particularly where moderate immune compromise or selective resistance treatment is needed to mitigate adverse events, garners attention from health professionals.
Furthermore, ginseng extract exerts favorable effects on liver, brain, sexual, and immune functions. As Western countries increasingly embrace traditional Chinese herbs for both dietary and medicinal purposes, ginseng extract's prominence is set to surge, establishing it as one of the leading and sought-after botanicals worldwide.
Global Ginseng extract market By Form
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Ginseng Extract Market Regional Insights
Asia Pacific held the dominant revenue share of 67.2% in 2022, primarily attributed to its swift integration of ginseng extract into food product manufacturing, witnessing unparalleled growth compared to other regions. This surge can be attributed to shifting consumer preferences, favoring natural food items due to concerns over adverse effects linked to artificial additives. Such preferences have acted as a significant driver, propelling the market's expansion across the region.
In North America, a surge in demand is anticipated during the forecast period, driven by the widespread adoption of ginseng extract as an adaptogen. Renowned for its role in nutritional and herbal supplements, ginseng extract has maintained a significant presence in the region for centuries. The burgeoning opportunities in the ginseng extract market stem from the growing health foods industry demands, observed in both North America and the Asia Pacific. Escalating health consciousness and increased purchasing power among consumers are key factors underpinning the heightened demand for dietary supplements.
Leading economies such as the United States, China, and South Korea are pivotal drivers of the ginseng extract industry. Elevated demand for dietary supplements, driven by the contemporary inclination toward preventive healthcare practices due to escalating healthcare costs, has substantially influenced these markets. Moreover, European nations including the United Kingdom, Germany, and France are poised to foster growth due to the pharmaceutical sector's rapid expansion in the foreseeable future. This collective landscape underscores the global potential and widespread impact of ginseng extract across diverse markets.
Global Ginseng extract market By Geography
- Largest
- Fastest
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Ginseng Extract Market Dynamics
Ginseng Extract Market Drivers
Increasing Demand for Natural Health Products:
- Rising consumer awareness and preference for natural health and wellness products are driving the demand for ginseng extract due to its perceived herbal and therapeutic benefits.
Growing Interest in Traditional Medicine:
- The resurgence of interest in traditional medicine, especially in regions like Asia, has bolstered the use of ginseng extract in various applications, including pharmaceuticals and dietary supplements.
Ginseng Extract Market Restraints
Supply and Sustainability Concerns:
- The cultivation of ginseng is time-consuming, and the plant requires specific growing conditions. This limits the availability of high-quality ginseng, leading to concerns about sustainability and potential overharvesting.
Quality Control Challenges:
- Ensuring consistent quality and standardization of ginseng extract products is a challenge due to variations in ginsenoside content, which affects their therapeutic effects.
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Ginseng Extract Market Competitive Landscape
The competitive landscape of the ginseng extract market is characterized by a mix of established players and emerging entrants, all vying for prominence in this dynamic sector. Key industry players such as Korean Ginseng Corp, ILHWA Co. Ltd., and Ningbo Gianon Biotech Co., Ltd. have solidified their positions through a strong global presence, robust product portfolios, and strategic partnerships. These companies are known for their extensive expertise in ginseng cultivation, extraction, and formulation, enabling them to offer high-quality ginseng extract products across various applications.
Additionally, increasing demand for natural health and wellness products has attracted new players, including smaller manufacturers and regional players, aiming to capture niche markets. Digital platforms and e-commerce have also opened avenues for direct-to-consumer sales, allowing innovative startups to gain traction by tapping into evolving consumer preferences.
Ginseng Extract Market Top Player’s Company Profile
- Shanti Natural
- RFI ingredient
- Orkla Health
- KGEC
- Herbal Bioactives
- Hangzhou Skyherb
- Nino Biotech
- Sinochem Pharmaceutical
- Liuyang Naturalin Bio
- Clariant
- Changsha Huir Biological-Tech
- Baoji Herbest Bio-Tech
- Koei Kogyo
Ginseng Extract Market Recent Developments
- In January 2023, the FDA approved a new ginseng-based dietary supplement for the treatment of erectile dysfunction. The supplement, called GinsengRx, is made by the company Leading Edge Health.
- In February 2023, the American Botanical Council (ABC) released a new report on the health benefits of ginseng. The report, which is based on a review of scientific literature, found that ginseng has a number of potential health benefits, including reducing fatigue, improving cognitive function, and boosting the immune system.
- To increase its market share in America, Korean Ginseng Corp. established a new research and development facility in March 2023.
Ginseng Extract Key Market Trends
- Growing Demand for Natural Health and Wellness Products: The trend towards natural and holistic health solutions has led to an increased demand for ginseng extract, as it is perceived as a natural remedy with potential health benefits.
Ginseng Extract Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Ginseng extract market analysis; the increasing demand for natural health solutions is a prime growth driver. The Asia Pacific region, notably South Korea and China, remains a dominant player due to its historical roots in traditional medicine. Segmented by applications, the market encompasses cosmetic, pharmaceutical, food and beverage, and dietary supplements sectors. The pharmaceutical segment leads with 54.3% revenue share in 2022, attributed to ginseng extract's therapeutic properties in treating various ailments. Dietary supplements are expected to exhibit the fastest growth with a 7.0% CAGR, owing to their role in enhancing immunity. The market is buoyed by factors like rising consumer preference for natural products, growing interest in traditional remedies, and the expansion of ginseng's applications in diverse industries.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 29.42 million |
| Market size value in 2031 | USD 50.98 million |
| Growth Rate | 6.3% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Ginseng Extract Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Ginseng Extract Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Ginseng Extract Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Ginseng Extract Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Ginseng Extract Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Ginseng Extract Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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