The Global Ginseng Extracts Market was valued at US$ 270.33 Mn in 2022, estimated to reach US$ 454.26 Mn by 2030, with a CAGR of 6.67% from 2023-2030.
Market Drivers
The global market for ginseng extracts is primarily driven by the increasing demand for natural and herbal remedies for various health issues. With the rising awareness among consumers regarding the benefits of herbal and natural products, the demand for ginseng extracts is expected to continue to grow.
Additionally, the increasing prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases is also driving the demand for ginseng extracts, as they are believed to have anti-inflammatory and antioxidant properties that can aid in preventing and managing these conditions. Furthermore, the growing popularity of ginseng extracts in the food and beverage industry is also contributing to market growth, as they are used as a natural flavoring agent in various products.
Market Restraints
The global ginseng extracts market could hinder its growth potential with the limited supply of ginseng due to its slow growth rate, which makes it a costly commodity. The cultivation of ginseng requires specific environmental conditions, which are not readily available in many parts of the world, making it challenging to produce ginseng on a large scale. Additionally, strict regulations and guidelines on the cultivation and harvesting of ginseng can limit the supply further.
Another restraint is the lack of awareness and understanding of the potential benefits of ginseng extracts, particularly in developing regions, which can limit the demand for these products.
Market Segmentation
The scope of the global ginseng extracts market covers segmentation based on type, application, and region.
Based on the type of ginseng, the market is divided into American ginseng, Asian ginseng, and Siberian ginseng. Based on application, the market can be segmented into dietary supplements, cosmetics, food and beverages, and pharmaceuticals.
Regional Analysis
The global ginseng extracts market is segmented into 5 main regions, namely, North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The Asia-Pacific region is dominating the ginseng extracts market, mainly due to the widespread usage of ginseng in traditional medicine and dietary supplements in countries such as China, South Korea, and Japan. The region has a rich history and culture of using ginseng for medicinal purposes and is also the largest producer of ginseng globally.
North America and Europe are also significant markets for ginseng extracts due to the increasing demand for natural and organic ingredients in the food and beverage, dietary supplements, and personal care industries. The ginseng extract market in these regions is expected to witness fast growth due to the rising health consciousness and the increasing popularity of traditional medicines and natural remedies.
Market Taxonomy
By Type
- American ginseng
- Asian ginseng
- Siberian ginseng
By Application
- Dietary Supplements
- Cosmetics
- Food & Beverages
- Pharmaceuticals
By Region
North America
- U.S
- Canada
- Mexico
Latin America
- Brazil
- Argentina
- Colombia
- Peru
- Chile
- Venezuela
- Rest of Latin America
Europe
- Germany
- France
- UK
- Russia
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- New Zealand
- Singapore
- Malaysia
- Rest of Asia Pacific
Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest Middle East & Africa
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