Ginseng Market Outlook, Analysis and forecast up to 2028

 

Ginseng Market

Ginseng is a slow-growing perennial plant with green oval-shaped leaves and meaty roots that can persist for more than a century. Ginseng is classified into two types: American ginseng and Asian ginseng. Panax quinquefolius is the scientific name for American ginseng, whereas Panax ginseng is the scientific name for Asian ginseng. Ginseng is widely used as a herb to increase the body's energy levels. Ginseng's antioxidant and anti-inflammatory qualities serve to enhance the immune system, lowering the risk of viral and microbial infections. Ginseng also helps to lower the risk of diseases such as lung cancer, skin cancer, and liver cancer. Other health advantages of ginseng include lower blood sugar levels and improved cognitive functions such as memory and conduct.

Ginseng is mostly grown in the United States, Canada, and South Korea. Ginseng has been used as a herbal medicine in China for generations, and the country is one of its largest users. Asia Pacific has a strong position in the ginseng industry and is also the fastest expanding region. This is because customers in this region are becoming more health-conscious. Ginseng aids in the prevention of chronic illnesses such as heart disease, high blood pressure, and others. According to the India Brand Equity Foundation, the Indian healthcare sector is predicted to grow from US$ 110 billion in 2016 to US$ 372 billion by 2022. Because ginseng is utilized as an herbal medication, it has a wide variety of pharmacological uses.  Significant growth in the pharmaceutical industry is expected to boost the ginseng market growth in the Asia Pacific region during the forecast period.

Adulteration of goods in order to boost product volume is a key limitation on the global Ginseng Market growth. Side effects of ginseng supplements include digestive issues, headaches, reduced heart rate, bleeding, diarrhoea, and severe skin reactions. This is predicted to have a negative impact on ginseng market growth.

Ginseng is now employed in the personal care market for products such as moisturisers, skin softeners, and others due to its antioxidant characteristics, which aid in the treatment of damaged and dry skin. Ginseng increases the natural shine of the skin, stimulates blood flow, and has anti-aging benefits. Ginseng demand is predicted to rise due to rising disposable income and growing demand for personal care products. According to the Italian Association of Cosmetics Industries, the personal care market is predicted to grow from US$ 13,018 million in 2015 to US$ 17,735 million in 2018. As a result, considerable expansion in the personal care industry is likely to drive ginseng market growth over the forecast period.

Types of Ginseng –

·        Powder

·        Capsule

·        Liquid

Applications of Ginseng-

·        Dietary Supplements

·        Personal Care

·        Pharmaceutical

·        Oral care

·        Food and Beverages

Key Players Mentioned are- Korean Ginseng Export Corporation, Nature Essential, Jilin Zixin Pharmaceutical Industrial, Starwest Botanicals, Hain Celestial, Nutra Green Biotechnology, Bounce Foods

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