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Ginseng Extract Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Report Format: PDF+Excel | Report ID: SR112023A3218
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Market Overview:
The global ginseng extract market size reached US$ 8.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 12.1 Billion by 2028, exhibiting a growth rate (CAGR) of 6.3% during 2023-2028.
Panax ginseng refers to a perennial plant found across Eastern Asia and North America that has an oval-shaped root, namely ginseng. This root is dried and processed to obtain ginseng extract that is widely used as a healthy substitute. Comprising high levels of bioactive compounds, including salicylic acid, vanillic acid, phenolic acids maltol, and p-coumaric acid, it is widely available in the market in numerous forms, such as fresh ginseng, red ginseng and white ginseng. It is characterized by anti-cancer, anti-inflammatory and antioxidant properties due to which it is increasingly being used as an essential component in the formulation of multiple pharmaceutical drugs, foods and beverage, dietary supplements, and cosmetics and personal care products.
The global market is primarily driven by the increasing awareness regarding the health benefits offered by the consumption of ginseng extract. This adaptogenic substance comprises ginsenosides, a class of natural product steroid glycosides and triterpene saponins, that provide insulin resistance reduction, immunomodulating properties and antidiabetic effects. This has led to the rising utilization of the extract in the preparation of multiple refreshing drinks and East Asian foods. Supported by the growing preference among the masses to lead a healthy lifestyle and their shifting dietary preferences, this is providing a thrust to the market growth. Moreover, the innumerable health benefits offered by ginseng extract has led to its widespread utilization in the pharmaceutical sector for the formulation of several drugs, along with their increasing applications in the production of nutraceuticals and dietary supplements. The market is further driven by the rising preference for natural and organic skincare and personal care products across the globe. This has impelled the increasing utilization of natural extracts, including ginseng, to form an essential component in the production of numerous creams, lotions and face masks. Facilitated by the easy product availability through online and offline retail channels, this is creating a positive outlook for the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global ginseng extract market report, along with forecasts at the global, regional and country levels from 2023-2028. Our report has categorized the market based on form and application.
Breakup by Form:
- Powder
- Liquid
Breakup by Application:
- Cosmetics and Personal Care
- Pharmaceuticals
- Dietary Supplements
- Food and Beverages
Breakup by Region:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Baoji Herbest Bio-Tech, Changsha Huir Biological-Tech, Clariant AG, Hangzhou Skyherb, KGEC, Koei Kogyo, Naturalin Bio-Resources Co. Ltd., Nino Biotech, Orkla Health, RFI ingredient, Shanti Natural and Sinochem Pharmaceutical.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | US$ Billion |
| Segment Coverage | Form, Application, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | Baoji Herbest Bio-Tech, Changsha Huir Biological-Tech, Clariant AG, Hangzhou Skyherb, KGEC, Koei Kogyo, Naturalin Bio-Resources Co. Ltd., Nino Biotech, Orkla Health, RFI ingredient, Shanti Natural and Sinochem Pharmaceutical |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
We expect the global ginseng extract market to exhibit a CAGR of 6.3% during 2023-2028.
The rising adoption of ginseng extract as an essential component for formulating multiple pharmaceutical drugs, foods and beverage, dietary supplements, etc., owing to their anti-cancer, anti-inflammatory and antioxidant properties, is primarily driving the global ginseng extract market.
The sudden outbreak of the COVID-19 pandemic has led to the changing consumer inclination from conventional brick-and-mortar distribution channels towards online retail platforms for the purchase of ginseng extract.
Based on the form, the global ginseng extract market has been segregated into powder and liquid. Currently, powder holds the largest market share.
Based on the application, the global ginseng extract market can be bifurcated into cosmetics and personal care, pharmaceuticals, dietary supplements, and food and beverages. Among these, pharmaceuticals exhibit a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Asia Pacific currently dominates the global market.
Some of the major players in the global ginseng extract market include Baoji Herbest Bio-Tech, Changsha Huir Biological-Tech, Clariant AG, Hangzhou Skyherb, KGEC, Koei Kogyo, Naturalin Bio-Resources Co. Ltd., Nino Biotech, Orkla Health, RFI ingredient, Shanti Natural, and Sinochem Pharmaceutical.
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