Global Ginseng Extract Market to Grow at 6.3% During 2023-2028, Facilitated by Increasing Product Utilization in Pharmaceutical Industry

July 03, 2023 | Food & Beverages

According to the latest report by IMARC Group, titled “Ginseng Extract Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global ginseng extract market is expected to exhibit a CAGR of 6.3% during the forecast period (2023-2028). Ginseng extract is a herbal product extracted from the root of the ginseng plant. It contains various active compounds known as ginsenosides and exhibits anti-cancer, antioxidant, and anti-inflammatory properties. It helps promote immune and central nervous system (CNS) function, reduce inflammation, and relieve stress. It also aids in the treatment of cancer, diabetes, and cardiovascular diseases. It is used in the formulation of various dietary supplements on account of its antioxidative and potential neuromodulating effects.

Global Ginseng Extract Market Trends:

The escalating demand for natural food products and increasing consciousness among individuals about the importance of a nutritional diet to lead a healthy lifestyle represent one of the major factors influencing the market positively. In addition, there is a rise in the product utilization in preparing numerous foods and refreshing drinks, such as tea, energy drinks, and salads as ginseng extracts impart health benefits beyond traditional nutrients. Furthermore, the growing geriatric population and the rising prevalence of heart disease, erectile dysfunction, hypertension, and menopausal symptoms create a positive market outlook. Apart from this, widespread adoption of ginseng extracts in the pharmaceutical industry for the formulation of drugs and nutraceuticals are propelling the growth of the market. This, coupled with the increasing use of ginseng in the preparation of creams, lotions, and face masks, is accelerating the market growth. Moreover, the increasing reliance on online shopping platforms offering a huge range of products at discounted rates, supported with free home delivery services and a hassle-free shopping experience, is expanding the sales of products formulated with ginseng extract.

Market Summary:

Based on the form, powder currently accounts for the largest market share.
On the basis of the application, the market has been segmented into cosmetics and personal care, pharmaceuticals, dietary supplements, and food and beverages. Presently, pharmaceuticals hold the largest market share.
Region-wise, the market has been segregated into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, Asia Pacific is enjoying the leading position in the market.
The competitive landscape of the market has also been examined, with some 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 Scope:

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
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Global Ginseng Extract Market to Grow at 6.3% During 2023-2028, Facilitated by Increasing Product Utilization in Pharmaceutical Industry

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