Global Ginseng Market: Snapshot
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.
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Global Ginseng Market: Growth Dynamics
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.
Global Ginseng Market: Competitive Analysis
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:
- RFI Ingredients, Inc.
- Korean Ginseng Export Corporation
- Koshiro Co. Ltd.
- Daedong Korea Ginseng Co. Ltd.
- Sino-Nature International Co. Ltd.
- Nature’s Way
- TCM Adaptogen Warehouse Co. Ltd.
- Herbo Nutra
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Global Ginseng Market: Regional Assessment
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.