Ginseng Market was worth USD 5623 million in 2019, expanding at a robust CAGR of 4.7% during forecast period.
The factors driving the growth of Ginseng Market includes rising consumers inclination towards adopting healthy lifestyles, growing demand for functional and plant-based foods product and expansion of the health and wellness industry around the world. According to the report published by Federation of Indian Chambers of Commerce & Industry, the Wellness Industry in India was calculated around INR 85,000 crore during FY 2015 and is expected to create a turnover of INR 1,50,000 crore by 2019-2020, growing at a CAGR of 12% over 2015-2020, which will boost the Ginseng Market size in the approaching years. Moreover, rising awareness amongst consumers about the health benefits of ginseng, growing application of ginsengs in cosmetic and personal care products and increase in the launch of innovative products, are some of the additional factors supplementing the market growth. In addition, growing acceptance towards Asian and oriental flavors, increasing investments by leading players on research and development and rising use of ginsengs to treat cancer and cardiovascular diseases, are further contributing towards the market growth.
However, the growth of Ginseng Market is hindered due to rising concerns related to organoleptic properties of ginseng.
Based on Form, the powder form segment held the highest market share in 2019
Powdered ginsengs are easy to consume, highly soluble in water, boost the immune system and promotes hair growth, are some of the features responsible for the segment’s growth.
Based on Application, the pharmaceutical segment captured the largest market share in 2019
As per the Ginseng Market Analysis, the increasing use of ginseng extracts to treat gastrointestinal and cardiovascular diseases, is propelling the segment’s growth.
Based on Region, the Asia-Pacific region dominated the Ginseng Market in 2019
According to the Ginseng Market Forecast, growing demand for dietary supplements, increasing use of ginseng extracts in the pharmaceutical industry, rising awareness about the benefits of ginseng, consumers inclination towards natural food products and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific.
Ginseng Market by Form
Ginseng Market by Application
- Cosmetics & Personal Care
- Dietary Supplements
- Food & Beverages
Ginseng Market by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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