Ginseng Market to Witness Contraction, as Uncertainty Looms Following Global Coronavirus Outbreak
Ginseng Market - 2019 Analysis and Review Citrus Flavours Market by Source - Wild and Cultivated for 2019 - 2027
Valley Cottage, NY -- (SBWire) -- 06/30/2020 --Global Ginseng Market Forecast to Surpass US$ 903.8 Mn by 2027
The global ginseng market size stood at US$ 622.9 Mn in 2019. The demand for plant-based products is rising at a steady pace. The ginseng market value is expected to reach US$ 903.8 Mn by the end of 2027, rising at a CAGR of 4.8% between 2019 and 2027. In terms of revenue, the market saw China emerging dominant. Besides China, South Korea offers lucrative growth prospects to the market. Recent studies support the use of ginseng in the treatment of hypertension, diabetes, heart diseases and various other health problems. This has increased the use of ginseng in the pharmaceutical segment. Ginseng has antioxidant properties, which help to improve skin damage offer anti-aging benefits, which is why its use in personal care products has considerably risen in the last few years.
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Increasing Health Awareness Spurs Growth Worldwide
Increasing health awareness among consumers is a major factor transforming the food industry. Consumers not only prefer healthier food, but are more willing than ever before to pay for a non-GMO food product that contains no artificial additives. With a majority of companies in the food market looking for ingredients that incorporate better nutrients in their products, the demand for ginseng is expected to scale higher.
It is therefore safe to say that the ongoing trend is spurred by the rising inclination towards fitness and wellness. This has also driven the use of ginseng as a key ingredient in several dietary supplements. As these supplements qualify as organic and non-GMO products, their demand in the market is likely to remain high. Furthermore, the report foresees impressive growth for this category of products in the coming years, giving impetus to the ginseng market. Therefore in the forthcoming years, the market is likely to witness higher demand for oriental, American, Siberian and other varieties of Ginseng
Demand for Ginseng to Remain High In China
Ginseng has been used in traditional Chinese medicines since time immemorial. However, it was not until recently that it found popularity in contemporary food and medicines. Increasing awareness among consumers as a result of rising access to information has made people realize the benefits of ginseng. Over the last couple of years it is increasingly used foods and medicines. The production of ginseng has therefore picked pace in South Korea, Canada and the U.S. These nations are also the leading exporters of ginseng, while China remains the top consumer. Besides this, the demand for ginseng is considerably high in South Korea. The rising use of ginseng in preparation of beverages, personal care, and medical products has spurred its demand worldwide. In the coming years, the demand for ginseng is likely to grow at an impressive rate in North America and Asia Pacific excluding China.
Rising Demand for Plant-based Food Spurs Ginseng Sales
In the coming years, the market is expected to show higher growth in response to the increasing demand for plant-based products. Using plant based products has become a trend since these products reduce the risk of disease often transmitted through meat products. Also, better safety and health benefits offered by plant-based products have positively impacted the demand for ginseng at a global scale.
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How Growth will Unfold
The use of ginseng is steadily increasing in the personal care industry. As more information on the benefits of ginseng is discovered, companies are becoming keener on introducing ginseng extracts in the personal care and beauty products they manufacture. For instance, in the last couple of years, the use of ginseng as a key ingredient in serums, moisturizers, essences, cleansers, and other skincare products has remarkably increased. In addition to this, it has antioxidant properties that offer anti-aging solutions, besides offering cure for skin damage. Spurred by this, the personal care and cosmetics industry is expected to emerge as a key user of ginseng. Besides this, the use of ginseng has exponentially risen in the food and beverages sector in response to the rising demand for products with better nutritive elements and health benefits.
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