According to a new report published by Progressive Markets Report, titled, "Ginseng Extract Market by Dosage Form, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2015-2026," the global ginseng extract market was valued at $2,715 million in 2017, and is projected to reach $5,085 million by 2026, growing at a CAGR of 7.2% from 2018 to 2026. The capsule dosage form segment is anticipated to be the highest revenue contributor during the forecast period.
Ginseng is an adaptogenic plant and is one of the most widely used herbs across the globe. It is often referred to as an adaptogen, which implies a substance that increases resistance to physical, chemical, and biological stress and builds up general vitality. The root of the ginseng plant is the most valuable one due to the presence of a chemical component-ginsenosides. Ginsenosides present in ginseng possess various beneficial characteristics and is thereby used in several dynamic applications including agricultural products, food & dietary supplements, pharmaceuticals, personal care, and others. Ginseng is mainly classified as fresh ginseng (raw ginseng), white ginseng (dried after peeling), and red ginseng (steamed and dried) depending on the way it is processed.
The major factors that drive the growth of the ginseng extract market include significant increase in the prevalence of chronic disorders such as diabetes, cancer, cardiovascular diseases & others, rise in geriatric population across the globe, and surge in preference toward the use of herbal remedies among the patients and consumers to combat diseases. In addition, increase in awareness regarding the medicinal properties of ginseng and government initiatives to promote its market accessibility boost the growth of the ginseng market. The significant market insights that propel the market trend includes easy availability of ginseng products such as dietary supplements, cosmetics, and others owing to the surge in internet penetrance, online retailing, and others. However, high cost of ginseng products and possible side-effects associated with the consumption of ginseng is anticipated to hamper the market growth.
By dosage form, the capsule segment accounted for nearly 38% of the market share in 2017, this is attributed to the fact that capsule dosage form offers more bioavailability of the ginsenosides component. Whereas the tablet segment is anticipated to be the fastest growing segment, at a CAGR of 8.9% from 2018 to 2026.
Among applications, the dietary supplement segment accounted for nearly 42% of the market share in 2017. This is attributed to the rise in consumption of ginseng as a dietary supplement as well as an energy booster and is significantly being used by the geriatric population across the globe to enhance the energy metabolism.
Among end users, the pharmacies segment accounted for nearly 45% of the market share in 2017. This is attributed to the preference among consumers toward pharmacies to buy the desired ginseng product. Whereas, online retailers segment is anticipated to grow at the highest CAGR of 9.3% from 2018 to 2026, owing to the increased internet penetration and shift in preference among consumers toward online stores. In addition, ease of availability of ginseng products in online stores such as HealthKart, Amazon, Walmart, and others contribute to the market growth.
Based on region, North America accounted for the major market share of 36% in 2017 and is anticipated to dominate the market in near future. This is attributed to the ease of availability of ginseng due to considerable increase in the concentration of manufacturers in this region. However, Asia-Pacific is anticipated to grow at the highest CAGR of 9.9% during the forecast period. This is attributed to the rise in awareness among people regarding the benefits of ginseng extract and growth in investments by the manufacturers to promote ginseng products. For instance, Korea Ginseng Corp. in 2018 showcased its red ginseng-based products at the 2018 TFWA Asia Pacific Exhibition & Conference in Singapore, focusing to take on the duty-free and travel retail market in the Asia-Pacific region.
The study offers a comprehensive analysis of the key manufacturers operating globally in the ginseng extract market. An overview of each market player is provided in the study to assist the market players, new entrants, investors, and stakeholders to devise their strategic growth moves.
The report highlights their overview, business performance, key strategic moves & developments, and market share with respect to the market players in the report. The key market players analyzed in the report include Amway, Elemis Ltd, Inovital, RFI Ingredients, Starwest Botanicals, Korean Ginseng Export Corporation, Nature Essential, Allcura Naturheilmittel GmbH, Oxford Vitality, and Ginasana.