The global ginseng extracts market size is expected to reach USD 43.07 million by 2028 according to a new study by Polaris Market Research. The report “Ginseng Extracts Market Share, Size, Trends, Industry Analysis Report, By Form (Powder, Liquid); By Application; By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The increasing number of chronic diseases owing to the increasing geriatric population and unhealthy lifestyle is the major driving factor behind the growth of the global market. The growing popularity of nutraceuticals and food supplements containing herbal and natural extracts is expected to further propel the growth of the global extracts market over the coming years.
The number of diabetic people living across the globe is estimated to be 463 million adults and it is expected to increase to 700 million, by 2045. China alone accounted for approximately 4.8 million cancer cases, almost a quarter of the newly diagnosed cancer cases across the globe. The increase in chronic diseases will increase the use of ginseng extracts.
Ginseng extracts as a nutraceutical and food supplement are becoming extremely popular in many countries. For instance, in a recent survey conducted in South Korea by the Ministry of Food and Drug Safety (MFDS), it is found that nearly 69% use health functional foods and among them, red ginseng most produced and used product among people in the country. These increasing consumption of functional health foods will boost the growth of this industry in the region.
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New product launch is one of the key strategies followed by industry players to maintain a competitive edge in the industry. For instance, In September 2020, CheongKwanJang launched Donginbi ginseng cosmetics on Amazon.com. Similarly, PepsiCo launched Soulboost a sparkling water beverage that contains functional ingredients including panax ginseng and L-theanine, in May 2021.
The emergence of COVID-19 is expected to further drive the growth of the global industry due to its immunomodulatory properties that may be helpful in the fight against COVID-19. Recently, in 2021, The Ministry of Food and Drug Safety in Korea approved red ginseng as a great immunity booster and it will boost immunity against COVID-19. These factors favor the growth of the market during the forecast period.
Industry participants such as Koei Kogyo, RFI ingredient, Liuyang Naturalin Bio, Shanti Natural, Orkla Health, KGEC, Hangzhou Skyherb, Sinochem Pharmaceutical, Nino Biotech, Herbal Bioactives, Changsha Huir Biological-Tech, and Baoji Herbest Bio-Tech are some of the crucial players operating in the global industry.
Polaris Market Research has segmented the ginseng extracts market report on the basis of form, application, and region:
Ginseng Extracts, Form Outlook (Revenue - USD Million, 2016 – 2028)
Ginseng Extracts, Application Outlook (Revenue - USD Million, 2016 – 2028)
Ginseng Extracts, Regional Outlook (Revenue - USD Million, 2016 – 2028)