Ginseng is a slow growing perennial plant which can live for more than a century and has green oval-shaped leaves with fleshy roots. There are mainly two types of ginseng: American ginseng and Asian ginseng. American ginseng is known as Panax quinquefolius and Asian ginseng is named Panax ginseng. Globally, ginseng is used as an herb that boosts energy levels of the body. Because of its antioxidant and anti-inflammatory properties, ginseng helps to boost the immune system, and hence reduces risk of viral and microbial infections. Furthermore, ginseng helps to reduce the risk of cancers such as lung cancer, skin cancer and liver cancer. Other health benefits associated with ginseng include reducing blood sugar, and improvement in brain functions such as memory and behavioral functions.
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Market Dynamics:-
Ginseng is principally produced in the U.S., Canada, and South Korea. In China, ginseng is used as an herbal medicine for centuries, and is one of its leading consumers. Asia Pacific holds a dominant position in the market for ginseng and is also the fastest growing market. This is due to increasing health awareness among consumers in this region. Ginseng helps to reduce the risk of chronic diseases such as heart disease, high blood pressure, and others. According to India Brand Equity Foundation, India healthcare sector is expected to reach US$ 372 billion by 2022 from US$ 110 billion in 2016. Since ginseng is used as an herbal medicine, it has a wide range of applications in the pharmaceutical industry. A significant growth in the pharmaceutical industry is expected to boost the ginseng market growth in the Asia Pacific region during the forecast period.
Adulteration done to the products in order to increase the volume of the products, is a major restraint to the global ginseng market growth. The side effects observed after consumption of ginseng products are digestive problems, headaches, decreased heart rate, bleeding, diarrhea, and harmful skin reaction. This is expected to adversely affect the market growth for ginseng.
Market Outlook:-
Currently, ginseng is being used in the personal care industry for products such as moisturizers, skin softeners, and others, due to its antioxidant properties that help to cure damaged and dry skin. Ginseng enhances the natural glow of the skin, improves the blood flow and also possesses anti-aging properties. Increasing disposable income and high demand for personal care products is expected to result in a surge in demand for ginseng. According to the Italian Association of Cosmetics Industries, personal care market was expected to reach the total market size of US$ 17,735 million in 2018 from US$ 13,018 million in 2015. Therefore, significant growth in personal care industry is expected to boost the ginseng market growth over the forecast period.
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Key Players:-
Major players operating in the global ginseng market include Amway, Boots Company PLC, NOW Foods, Oxford Vitality, BAYLIS and HARDING, Glanbia, RFI Ingredients, Korean Ginseng Export Corporation, Nature Essential, Jilin Zixin Pharmaceutical Industrial, Starwest Botanicals, Hain Celestial, Nutra Green Biotechnology, Bounce Foods, Hain Celestial, Kefiplant, Naka Focus, Ethical Naturals, Ranbaxy Laboratories, Victoria Health, Allcura Naturheilmittel GmbH, Great Mountain Ginseng, Elemis Ltd., Inovital, and others.
Market Taxonomy:-
On the basis of product form, the global ginseng market is segmented into:
- Powder
- Capsule
- Liquid
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