The global ginseng extracts market is expected to witness significant growth on account of the rapidly increasing demand for organic supplements to eliminate the side effects posed by synthetic products. The demand for ginseng extract is expected to increase, owing to its increasing applications in foods, pharmaceuticals, and cosmetics & personal care, due to its excellent anti-inflammatory, antioxidant, and anti-cancer properties.
Ginseng is considered to be an adaptogen, which has a quality to offer resistance to chemical, biological, and physical stress that helps to build up general immunity. The root of the ginseng plant contains a chemical named ginsenosides, which has extracts that have health benefits such as, it can limit blood sugar, strengthen the immune system, boost up the nervous system, and offer resistance to fatigue.
The demand for the product is expected to be driven by increasing cases of chronic, such as cancer, diabetes, and cardiovascular disorders. People are getting increasingly aware of the side-effects of artificial and synthetic medicines and moving towards the usage of herbal medicines. Natural health supplements not only help curb the disease, but has long term positive impact on the body, such as strengthen the immune system, kills virus and bacteria present in the body, and helps cleaning blood impurities. Also, old-age people are more vulnerable to catch these diseases and side-effects of medicines, so the demand for herbal medicines. The aforementioned factors are likely to provide market opportunities for ginseng extracts over the forecast period.
The demand for such herbal plants and medicines is also expected to help the growth of the agriculture sector and create new employment opportunities. Governments across various countries are investing heavily in the development of the organic medicines industry. As per the World Health Organization (WHO), countries such as India, Nigeria, U.S., and China, have invested millions of dollars on R&D of these medicines and ways to improve their agricultural production. Besides, governments are supporting various large- and small-scale enterprises for the production of immunity boost, metabolism, energy, and vitamin medicines made of herbal plants, which is likely to support the growth of ginseng extract market growth over the projected period.
The growth of the ginseng extract market is expected to be restrained by the pandemic COVID-19 in the year 2020, which has had a severe effect on global imports and exports. Countries such as China, Canada, South Korea, and the U.S. are the leading producers of herbal plants, which are exported all over the world for production. This product acts as an immunity booster for the human body, helping them fight against the virus and microbes, so the demand is expected to rise. However, the industry may witness a large demand-supply gap as a result of the impact of the pandemic on global trade.
Commercially the product is available in the form of powder, tablet, liquid, and capsule form. Capsules and tablets are expected to draw a major market share. Capsules and tablets are advised by doctors and dieticians as they offer ginseng extract in exact quantities along with other essential nutrients needed by the body. In powders and liquids, the quantity intake by the patient is not always accurate.
Based on application, the market can be segmented into foods, dietary supplements, pharmaceuticals, and cosmetics & personal care. Dietary supplements and pharmaceutical industries are expected to draw a major share of the market. Ginseng extracts are widely added for herbal tea, which increases its nutritional value. These are also widely consumed as dietary supplements in the form of immunity booster, brain function enhancer, and blood purity tablets, and in various protein powders which helps to build strong metabolism. Also, it contains phytoestrogens, which increases estrogen levels in females. These extracts are used in personal care products, to clean the skin pores, making it free of skin problems and dirt.
The Asia Pacific and North American regions are expected to witness high growth in ginseng extracts market. As per the US Food and Drug Administration (FDA), almost 99% of world production of ginseng comes from China, South Korea, the US, and Canada. Also, countries like China, India, and Japan, are considered to be the hubs of organic medicines, and also governments in these countries are investing heavily over the promotion of traditional medicine techniques such as Ayurveda, and Yin Yang. Much personal care and dietary supplement companies present in North America and Europe, such as Amway, Herbalife, and Carlson are making use of such herbal extracts in their products, which is expected to drive the growth of the industry in these regions.
The major players in ginseng extracts market are Korea Ginseng MFG Co., Ltd, S.A. Herbal Bioactives LLP, RFI Ingredients, LLC, Herbal Bio Solutions, BI Nutraceuticals, Clariant AG, KGEC, Herbal Bioactives LLP, Liuyang Naturalin Bio-Tech Co., Ltd, Orkla Health UK, Shanti Natural, Hangzhou Skyherb Technologies Co., Ltd., and Bioveda Naturals.
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