Ginseng Market

Ginseng Market Overview

The global Ginseng Market size was valued at USD 1.20 billion in 2023 and is predicted to reach USD 1.40 billion by 2030 with a CAGR of 2.5% from 2024-2030. 

Ginseng or ginsenosides is a medicinal herb known for its health benefits such as reducing stress and anxiety, enhancing cognitive function and others. Its market encompasses the cultivation, production, and distribution across various sectors such as pharmaceuticals, food and beverage, personal care.

The market covers different types of ginsengs, such as Asian ginseng (Panax ginseng) and American ginseng (Panax quinquefolius), each with distinct properties and applications. Thus, the market caters to health-conscious individuals seeking natural remedies and wellness products.

Market Dynamics and Trends

The consumers across the world are shifting towards natural ingredients in food and beverages that offer health benefits, and this in turn propels the demand for ginseng. Its inclusion in various organic F&B products enhances energy level and provide health benefits that are beyond basic nutrition.  For instance, in May 2023, Korea Ginseng Corp launched a new 'K-drink' at the Ginseng Museum Café in New York City and expanded its HSW line with sparkling summer beverages. These offerings, designed to refresh and boost vitality, highlight the versatility and health benefits of Korean red ginseng.

Moreover, the increasing utiliztion of ginseng into personal care and cosmetics is further driving the ginseng market growth. Ginseng is a desirable ingredient in skincare formulations due to its anti-aging properties and antioxidants which promotes skin elasticity and firmness, contributing to a more youthful and radiant complexion. For instance, in January 2024, Sulwhasoo, a Korean skincare brand, launched its radiant skincare products range with ginseng as key ingredient. Through this launch, the company aims to promote the use of Ginsenomics, a formula that leverages ginseng's rejuvenating properties for anti-aging benefits.

However, the availability of synthetic supplements and alternative herbal products offering comparable health benefits at lower costs restraints the growth of the market.On the contrary, rising number of R&D initiatives to study the effectiveness of the integration of ginseng into medications related to various health issues including chronic respiratory diseases, cancer and others, creates ample opportunities of the market in upcoming years. These researches are aimed at utilizing the benefits of ginseng in treating chronic respiratory conditions and in the treatment of cancer cell growth.

Market Segmentations and Scope of the Study 

The ginseng market report is segmented on the basis of type, form, application and region. Based on type, the market is divided into Asian ginseng and American ginseng. Based on form, the market is divided into powder, capsule, liquid and others. On the basis of application, the market is segmented into dietary supplements, pharmaceuticals, cosmetics and personal care, food and beverage, and others. Regional breakdown and analysis of each of the aforesaid segments includes regions, such as North America, Europe, Asia-Pacific, and the Rest of the World (RoW).

Geographical Analysis

Asia-Pacific dominates the ginseng market share due to the rise in the elderly population and the growing focus on their health and well-being in this region. This is leading to the surge in demand for natural medications and remedies such as ginseng, which are believed to promote overall health and longevity. For instance, China is one of the countries with highest number of aging populations in the world and its aging population is expected to reach 28% by 2040. With such growth in the elderly people, there is an increase in the need for natural health solutions to support healthy aging and well-being.

Moreover, the presence of personal care and cosmetics companies in the region is driving the ginseng market expansion. This companies are adopting various strategies to remain dominant and provide new product offerings in the region and beyond to meet the demand of the consumers related to natural cosmetics solutions. For instance, in April 2022, Sulwhasoo introduced concentrated Ginseng that utilizes 'ginsenomics,' anti-aging technology that enhances skin moisture and elasticity. Through this launch the company aims to promote the adoption of traditional ginseng herbal remedies in natural and efficient beauty products.

On the other hand, North America shows a substantial growth in the ginsenosides market due to the increasing demand for natural component in food and beverages that offer health benefits. For instance, in October 2023, Waba Grill an American fast casual restaurant chain focusing in healthy foods, partnered with Iconic Korea Ginseng Corp. The partnership was aimed at introducing three ginseng drinks, HSW Calm, HSW Recharge and HSW Sharp, to the WaBa Grill menu. The products align with WaBa Grill's commitment to offering healthy, convenient options within their menu with innovative ginseng-infused drinks tailored for wellness-conscious consumers present in the region. 

Moreover, the rise in preference of natural health supplements and shifting towards healthier lifestyles further droves the ginseng market demand in North America. As more people are inclined towards usage of natural product due to their positive effects on health, the demand for natural ingredients, including ginseng, is on the rise. As stated by the International Food Information Council, in 2022, 52% of the American population observed a healthy diet or eating pattern. As people learn about the many positive effects of ginseng, including enhancing resistance, upgrading energy levels, individuals in the region are seeking natural and sustainable treatments.

Competitive Landscape

Various key players operating in the ginseng industry includes KGEC, Korea Ginseng Corp, HiYoU, The Boots Company, Starwest Botanicals, RFI Ingredients, Elemis, Jilin Zixin Pharmaceutical Industrial, Great Mountain Ginseng, Hain Celestial and others. These market players are adopting various strategies, such as business expansion and partnership, to remain dominant in the market.

For instance, in September 2023, Korea Ginseng Corp., partnered with Kabuki restaurant chain to include ginseng cuisine at Kabuki's Huntington Beach location. This collaboration blends Asian heritage with health by including ginseng's immunity-boosting and energy-enhancing properties, to align with the "food as medicine" trend.

Moreover, in September 2023, The Boots Company expanded its business into cosmeceuticals and launched its No7 Derm Solutions skin care. The product features advanced formulations such as ginseng in addressing sensitivity and promoting skin hydration and resilience targeted at skin conditions such as eczema, rosacea, and psoriasis.

Key Benefits

• The ginseng market report provides a quantitative analysis of the current market and estimations from 2024 to 2030. This analysis assists in identifying the prevailing market opportunities to capitalize on.

• The study comprises an extensive analysis of the current and future ginseng market trends to depict prevalent investment pockets in the market.

• The information related to key drivers, restraints, and opportunities and their impact on the market is provided in the report. 

• The competitive analysis of the market players along with their market share is provided in the report.

• The SWOT analysis and Porter's Five Forces model are elaborated in the study.

• The value chain analysis in the market study provides a clear picture of the roles of stakeholders.

Ginseng Market Key Segments

By Type

• Asian Ginseng

• American Ginseng

• By Form

• Powder

• Capsule

• Liquid

• Others

• By Application

• Dietary Supplements

• Pharmaceuticals

• Cosmetics and Personal Care

• Food and Beverage

• Others 

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The U.K.

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific 

• Rest of the World (RoW)

  • Latin America

  • Middle East 

  • Africa

Key Players

• KGEC

• Korea Ginseng Corp

• HiYoU

• The Boots Company

• Starwest Botanicals

• RFI Ingredients

• Elemis

• Jilin Zixin Pharmaceutical Industrial

• Great Mountain Ginseng

• Hain Celestial

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2023	USD 1.20 Billion
Revenue Forecast in 2030	USD 1.40 Billion
Growth Rate	CAGR of 2.5% from 2024 to 2030
Analysis Period	2023–2030
Base Year Considered	2022
Forecast Period	2024–2030
Market Size Estimation	Billion (USD)
Growth Factors	Demand for natural ingredients in food and beverages is driving the growth of the ginseng market The inclusion of ginseng into personal care and cosmetics is further driving the growth of the market. Rise in elderly population is propelling the market.
Companies Profiled	10
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.