The global ginseng market is showing stupendous growth trajectory on the back of rising demand for plant-based products from all across the world. Ginseng is gaining popularity owing to increasing awareness about the health benefits it offers. Pharmaceutical, food and beverages, and personal care are some of the key industries growing the use of ginseng in their products. As a result, the global ginseng market is witnessing stupendous demand avenues from the companies in these industries.
An upcoming research report from TMR on the ginseng market is intended to give comprehensive analysis of key elements of this market. In addition, it offers reliable data on probable demand dynamics and growth avenues. The report offers helpful insights on the said market for the forecast period of 2019–2027. Thus, the analysis of ginseng market works as a valuable guide for market stakeholders and assists them make strategic business moves and propel their businesses.
Major companies working in the cosmetics and personal care sectors are growing the use of ginseng in their products. Key reason for this situation is antioxidant and anti-aging properties of ginseng. To capitalize these benefits, there is considerable growth in the demand for ginseng from vendors manufacturing the cosmetics and personal care products. This factor is stimulating the growth of the global ginseng market.
According to many researches, using ginseng for treating patients with various health conditions can be beneficial. It includes many diseases such as diabetes, heart disease, and hypertension. Thus, the global ginseng market is expected to experience remarkable demand avenues from the healthcare sector in the forthcoming period.
In recent times, there is noteworthy growth in the awareness among the global population regarding the benefits of consumption of ginseng. As a result, there is increased inclination toward including it in diet. Thus, there is rise in buying of food products that contain ginseng. Owing to this factor, there is increase in demand for ginseng from food industry. This is working as a driver for the overall ginseng market growth.
The global ginseng market is moderately fragmented in nature. Presence of many international and regional players signifies that the competition level in the market for ginseng is extremely intense. To stay ahead in this competition, many enterprises are executing strategies such as mergers, acquisitions, new product launches, and partnerships. At the same time, several vendors are growing their investments in research and development activities. These moves are helping them to offer superior quality products. Thus, owing to all these activities, the global ginseng market is expected to expand at a rapid pace during upcoming period.
The list of key vendors in the global ginseng market includes:
The global ginseng market is spread across seven key regions, namely, Asia Pacific Excluding Japan (APEJ), Japan, Middle East and Africa (MEA), Latin America, North America, Western Europe, and Eastern Europe. Of them, the market for ginseng is expected to witness increasing demand from North America and Asia Pacific excluding China. Key reasons supporting this estimation is increased use of ginseng in a wide range of products including medical, personal care, and beverages. In terms of revenue generation, China dominates the market or ginseng. This aside, the ginseng market is projected to experience stupendous growth avenues in South Korea.