DUBLIN--(BUSINESS WIRE )--The "Ginseng - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Ginseng Market to Reach $11.7 Billion by 2026
Ginseng is produced extensively in Korea, China, Canada, and the US, with China being the traditional market leader.
The global market for Ginseng estimated at US$8 Billion in the year 2022, is projected to reach a revised size of US$11.7 Billion by 2026, growing at a CAGR of 11% over the analysis period. Asian Ginseng, one of the segments analyzed in the report, is projected to grow at a 10.7% CAGR to reach US$7.9 Billion by the end of the analysis period.
Growth in the global market is being driven by rise in health consciousness among people, increasing demand for healthy food and various health benefits associated with Ginseng. The use of Ginseng in different food and beverages to create flavored healthy consumables is aiding in market growth.
The increasing usage of Ginseng as a diet supplement in developed nations is also aiding its demand. Cosmetics and beauty care products are using anti-inflammatory, skin restoring, and anti-aging features of Ginseng to formulate different products leading to the rising demand for this herb.
In the last few years, Ginseng has been used as a major component in moisturizers, serums, cleansers, and essences. Pharmaceutical industries are capitalizing on hypertension, diabetes, and heart disease combating features of Ginseng leading to increased demand from this sector.
Specific variants of Ginseng are linked with specific health benefits leading to growth spurts for particular variants. For instance, Korean Ginseng is associated with improvement of cognitive response and heart health along with demonstrating cancer-fighting properties.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the American Ginseng segment is readjusted to a revised 11.5% CAGR for the next 7-year period. This segment currently accounts for a 35.9% share of the global Ginseng market.
Grown primarily in colder regions of South Korea and North Eastern China, the market for Asian ginseng is expected to benefit from rising demand from pharmaceutical, dietary supplements and cosmetics market. In China, the adoption of regulations enabling use of ginseng in food products is fueling market growth.
American Ginseng segment is likely to record strong gains, as increased demand for this product is demonstrated by all industry domains including food and beverage, healthcare, personal care. American ginseng has calming, antioxidative, anti-inflammatory, and anti-cancer properties.
The U.S. Market is Estimated at $423.9 Million in 2022, While China is Forecast to Reach $3.9 Billion by 2026
Asia-Pacific represents the leading regional market, driven by growing demand for dietary supplements and nutraceuticals and the trend towards personalized nutrition and natural supplements. Europe is another major market for ginseng, with rising popularity of botanical products among consumers as part of efforts to maintain health fueling market growth. In North America, the growing popularity of alternative medicines specifically herbal products in recent times is giving impetus and the shift towards plant-based products is fueling demand for ginseng.
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900