Global Ginseng Extract Market

Global Ginseng Extract Market Size, Share, Growth Analysis, By Form(Powder, Liquid), By Application(Personal care & cosmetics, Food) - Industry Forecast 2024-2031

Report ID: SQMIG30A2014 | Region: Global | Published Date: March, 2024
Pages: 198 | Tables: 65 | Figures: 68

Global Ginseng Extract Market News

  • In January 2023, the FDA approved a new ginseng-based dietary supplement for the treatment of erectile dysfunction. The supplement, called GinsengRx, is made by the company Leading Edge Health.
  • In February 2023, the American Botanical Council (ABC) released a new report on the health benefits of ginseng. The report, which is based on a review of scientific literature, found that ginseng has a number of potential health benefits, including reducing fatigue, improving cognitive function, and boosting the immune system.
  • To increase its market share in America, Korean Ginseng Corp. established a new research and development facility in March 2023.
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Global Ginseng Extract Market size was valued at USD 29.42 million in 2022 and is poised to grow from USD 31.27 million in 2023 to USD 50.98 million by 2031, growing at a CAGR of 6.3% in the forecast period (2024-2031).

The competitive landscape of the ginseng extract market is characterized by a mix of established players and emerging entrants, all vying for prominence in this dynamic sector. Key industry players such as Korean Ginseng Corp, ILHWA Co. Ltd., and Ningbo Gianon Biotech Co., Ltd. have solidified their positions through a strong global presence, robust product portfolios, and strategic partnerships. These companies are known for their extensive expertise in ginseng cultivation, extraction, and formulation, enabling them to offer high-quality ginseng extract products across various applications. 'Shanti Natural', 'RFI ingredient', 'Orkla Health', 'KGEC', 'Herbal Bioactives', 'Hangzhou Skyherb', 'Nino Biotech', 'Sinochem Pharmaceutical', 'Liuyang Naturalin Bio', 'Clariant', 'Changsha Huir Biological-Tech', 'Baoji Herbest Bio-Tech', 'Koei Kogyo'

Rising consumer awareness and preference for natural health and wellness products are driving the demand for ginseng extract due to its perceived herbal and therapeutic benefits.

Growing Demand for Natural Health and Wellness Products: The trend towards natural and holistic health solutions has led to an increased demand for ginseng extract, as it is perceived as a natural remedy with potential health benefits.

Asia Pacific held the dominant revenue share of 67.2% in 2022, primarily attributed to its swift integration of ginseng extract into food product manufacturing, witnessing unparalleled growth compared to other regions. This surge can be attributed to shifting consumer preferences, favoring natural food items due to concerns over adverse effects linked to artificial additives. Such preferences have acted as a significant driver, propelling the market's expansion across the region.

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