The global ginseng extracts market size is projected to reach USD 37.0 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.2% from 2020 to 2027. Growing demand for ginseng extracts in pharmaceutical applications on account of its effectiveness in treating numerous health diseases is likely to enhance market growth over the forecast period.
Significant benefits including potent antioxidants, lowering blood sugar, strengthening the immune system, tackling fatigue, and brain function enhancement, along with improved pharmaceuticals demand, are essential factors for industry expansion.
Ginseng roots are commonly known for their high content of ginsenosides, phenolic, saponins compounds, including carotenoids and carbohydrates. Furthermore, there is a rising awareness regarding the role of ginseng as a functional food or nutraceutical with growing industry value.
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Bioactive compounds and extracts isolated from ginseng are utilized for their numerous health-promoting activities, such as antitumor, antioxidant, skin protecting, antihyperglycemic, anticancer, anti-osteoporotic, respiratory, and anti-infective problems.
The pharmaceuticals application segment is projected to witness substantial growth over the forecast period on account of augmented industry opportunities, which is attributed to increasing new product launches by pharmaceutical producers for mitigating rare diseases, along with growing increasing aged population.
The market is highly competitive in terms of product innovation and portfolio expansion. The companies have been proactive in initiating strategies to gain a competitive advantage in the market. In the near term, privately held market participants are expected to follow the suit.
Ginseng Extracts Market Report Highlights
• In terms of revenue, the dietary supplements application segment is projected to expand at the fastest CAGR of 6.9% based on revenue over the forecast period on account of rise in consumer awareness concerning growth in aging population and preventive healthcare
• Market growth is accredited to rising awareness regarding nutritional enrichment as powder and liquid dosage form are widely utilized in the food application segment since they have anti-aging properties, improve energy levels, boost hair growth, and stimulate neural activities
• North American countries such as U.S. and Canada are expected to witness substantial growth in the years to come as they are the significant manufacturers of ginseng extract across the globe
• In February 2019, Ewha Company proclaimed plans to go global with its food brand Nature’s Food’s signature red ginseng product. Furthermore, it will be mostly entering the China industry to cater to the global end users. During this operational development, the Ewha Company can enlarge its operations in China and gain majority of market share.
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Ginseng Extracts Market Segmentation
Grand View Research has segmented the global ginseng extracts market on the basis of form, application, and region:
Ginseng Extracts Form Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
• Powder
• Liquid
Ginseng Extracts Application Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
• Cosmetic & Personal Care
• Pharmaceuticals
• Dietary Supplements
• Food & Beverages
Ginseng Extracts Regional Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
• North America
o U.S.
o Canada
o Mexico
• Europe
o U.K.
o Germany
o France
o Spain
• Asia Pacific
o China
o Japan
o India
o South Korea
• Central & South America
o Brazil
o Argentina
• Middle East & Africa
o South Africa
List of Key Players of Ginseng Extracts Market
• 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
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.