Global Ginseng Vitamins Market - 2024-2031

Overview

Global Ginseng Vitamins Market reached US$ 29.12 million in 2023 and is expected to reach US$ 49. 29 million by 2031, growing with a CAGR of 6.8% during the forecast period 2024-2031.

Consumers are increasingly opting for natural and herbal supplements over synthetic alternatives. This preference is driving the demand for ginseng vitamins, as ginseng is perceived as a natural remedy with various health benefits. Manufacturers are innovating and diversifying their product offerings to meet the evolving needs and preferences of consumers. This includes the development of new formulations, as well as combination supplements with other herbal ingredients.

For instance, on December 26, 2023, Torque Pharma, a prominent player in the pharmaceutical industry, launched its latest offering, the Multipower Soft Gelatin Capsules. These capsules represent a Nutraceutical Endowment aimed at promoting health and overall well-being. The Multipower Soft Gelatin Capsules feature a potent blend of Ginseng extract and key vitamins including A, B1, B2, B6, B12, C, E, and B3, along with essential minerals such as Calcium, Copper, Iodine, Iron, Manganese, and Zinc.

Consumers in North America are increasingly turning to natural remedies and herbal supplements to address health concerns. Ginseng vitamins, known for their potential health benefits such as boosting energy and improving cognitive function, are gaining popularity in this market. Companies are continuously innovating and diversifying their product offerings to meet the evolving needs and preferences of North American consumers.

Dynamics

Growing Awareness of the Health Benefits of Ginseng Vitamins

As consumers become more aware of the various health benefits associated with ginseng vitamins, there will be a surge in demand for these products. The growing awareness of ginseng's health benefits will lead to market expansion, as more consumers from diverse demographics become interested in incorporating ginseng vitamins into their daily routines. This expansion will contribute to the overall growth and development of the global ginseng vitamins market.

As awareness spreads beyond traditional ginseng-consuming regions, the global reach of the ginseng vitamins market will expand, opening up new opportunities for growth and development. The rising awareness of ginseng's health benefits will encourage manufacturers to innovate and develop new ginseng-based products tailored to meet consumer preferences and needs. This innovation will drive the market and stimulate further growth as companies strive to offer unique formulations and delivery methods.

For instance, on April 25, 2022, Robinsons launched its latest innovation, the Benefit Drops, enriched with added vitamins. Each variant offers a distinct functional benefit, providing consumers with a convenient and delicious means to supplement their vitamin intake while on the move. This launch aligns with Britvic's Healthier People strategy, empowering consumers to make tastier and healthier choices effortlessly.

Rising Demand for Functional Foods

The increasing preference for natural and herbal ingredients in functional foods has created opportunities for ginseng vitamins to gain traction in the market. Consumers perceive ginseng as a natural remedy with potential health benefits, making it a desirable ingredient in functional food formulations. Ginseng vitamins, known for their potential to boost energy levels, support cognitive function, and enhance overall well-being, align well with these trends, driving their adoption in the functional foods market.

Manufacturers are increasingly incorporating ginseng vitamins into functional foods, such as energy bars, beverages, and snacks, to meet consumer demand for health-enhancing products. This diversification of product offerings expands the market reach of ginseng vitamins, as they become more accessible to consumers who prefer functional foods over traditional supplements.

For instance, on April 1, 2022, according to the Institute of Food Technologists Organization, there was a significant increase in global sales of fortified/functional foods, reaching $292 billion in 2021 compared to $274 billion in 2020. A survey conducted by Kerry across 16 countries revealed that 42% of consumers bought more functional foods in 2021 than in the previous year, indicating a growing interest in products offering health benefits.

Limited Cultivation Regions

Limited cultivation regions result in a fragmented market landscape, with key players dominating ginseng production and distribution, limiting competition, stifling innovation, and creating barriers to entry for new market entrants, thereby restraining market growth and diversity. The concentration of ginseng cultivation in specific regions may lead to quality control issues, as market players face challenges in ensuring consistent product quality and authenticity.

Reliance on imported ginseng increases supply chain complexities, transportation costs, and import duties, which can hinder market growth and limit the availability of ginseng vitamin products in certain regions. Compliance with regulatory requirements related to ginseng cultivation, harvesting, and trade poses challenges for market players operating in regions with limited cultivation.

Segment Analysis

The global ginseng vitamins market is segmented based on ingredient, form, distribution channel, application, and region.

Growing Demand for Longer Shelf Life and Encapsulated Formulations of Capsule

Capsule holds the largest share of the global ginseng vitamins market. Capsules offer a convenient and easy-to-consume form of ginseng vitamins, making them popular among consumers. Capsules allow for precise dosage control, enabling consumers to accurately measure their intake of ginseng vitamins. This feature appeals to individuals who prefer standardized dosages for consistent results and is particularly important for those using ginseng vitamins for specific health concerns or conditions.

Capsules typically have a longer shelf life compared to other forms of ginseng vitamins, such as liquid extracts or teas. This makes capsules a preferred choice for consumers who wish to stock up on supplements for extended periods without concerns about spoilage or degradation of potency. Consumers prefer encapsulated formulations for their supplements due to the perceived ease of digestion and absorption. This preference drives demand for ginseng vitamins in capsule form, contributing to the segment's dominance in the market.

Geographical Penetration

High Consumer Awareness and Innovations in North America

North America dominates the global ginseng vitamins market. The region boasts a population that is highly health-conscious and actively seeks out natural supplements to support well-being contributing to its dominance in the global market. The region's advanced healthcare infrastructure and emphasis on preventive healthcare encourage consumers to proactively seek out supplements like ginseng vitamins to maintain their health and vitality contributing to the dominance of the region in the global ginseng vitamins market.

North American consumers exhibit a growing preference for natural and herbal products driven by concerns about synthetic ingredients and their potential side effects. Ginseng vitamins, known for their natural properties and health benefits, align well with this trend, further propelling market dominance in the region. North America has numerous manufacturers and research institutions that are focusing on developing innovative formulations and delivery methods for ginseng vitamins.

For instance, on March 8, 2022, Korea Ginseng Corporation (KGC), renowned as the leading ginseng brand globally, introduced its KORESELECT product line to the U.S. market. The launch takes place at the Natural Products Expo West 2022, where KGC showcases its range of premium supplements. The KORESELECT line features plant-based products crafted exclusively with six-year-grown red ginseng, offering a time-tested, natural solution for essential aspects of health and wellness.

COVID-19 Impact Analysis

The pandemic disrupted supply chains worldwide, affecting the sourcing of ginseng roots and other raw materials essential for producing ginseng vitamins. Volatility in currency exchange rates, fluctuating demand, and supply chain disruptions influenced pricing dynamics, affecting profit margins for market players. Consumers have also been price-sensitive due to financial constraints, impacting purchasing decisions.

The pandemic prompted changes in consumer behavior, with a heightened focus on health and wellness. While demand for health supplements, including ginseng vitamins, increased as consumers sought to boost their immune systems and overall well-being, purchasing patterns shifted. Consumers gravitated towards online channels for purchasing ginseng vitamins, preferring contactless shopping methods to minimize exposure to the virus.

Russia-Ukraine War Impact Analysis

Geopolitical tensions arising from the Russia-Ukraine conflict affected trade relations and market dynamics in regions reliant on imports of ginseng vitamins. Trade restrictions, tariffs, and sanctions imposed as a result of the conflict disrupted the flow of ginseng products, leading to market uncertainty and volatility. Import-dependent markets sought alternative sources of ginseng vitamins to mitigate supply risks, reshaping global trade patterns.

The Russia-Ukraine conflict had long-term implications for the global ginseng vitamins market, depending on the duration and severity of the conflict. Market players needed to reassess supply chain strategies, diversify sourcing options, and strengthen partnerships to mitigate geopolitical risks and ensure business continuity. Geopolitical instability fueled interest in ginseng vitamins as consumers sought natural remedies to support health and well-being during uncertain times.

By Ingredient

• Vitamin C
• Vitamin B1
• Vitamin B12
• Vitamin B2
• Others

By Form

• Capsule
• Syrup
• Tablets
• Powder

By Distribution Channel

• Online
• Offline

By Application

• Anticancer
• Antioxidant
• Anti-inflammatory
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On June 21, 2021, Fitday, a holistic and omnichannel nutraceutical start-up, announced the nationwide launch of seven Vitamin Gummies on International Father's Day. This strategic initiative aims to promote a healthy, enjoyable, and cost-effective lifestyle in the current circumstances. It is available in a range of herbal, mineral, and vitamin options, these gummies include DHA + Multivitamin, Biotin, Vitamin C, Ashwagandha, Korean Ginseng, Calcium, Vitamin-D3, Ginger Licorice Tulsi (Cold & Flu Gummies), and Iron Folic Acid.
• On September 8, 2021, Sun Pharma announced the expansion of its consumer healthcare division into the nutrition bar segment in India with the introduction of Revital NXT. This new product represents a brand extension of Revital H, an established health supplement brand. Revital NXT has been launched in two distinct variants: Revital Energy NXT and Revital Protein NXT. It is packed with Ginseng, 16 essential vitamins and minerals, and a triple blend protein formula, Revital NXT offers consumers a comprehensive nutritional solution.
• On July 14, 2020, Singapore-based personalized nutrition firm Imagine Labs entered the immune health market with several new offerings. These include a ginseng vitamin blend and a DNA test designed to assess an individual's genetic predispositions for nutritional deficiencies.

Competitive Landscape

The major global players in the ginseng vitamins market include DM Pharma, Soigner Pharma, United Laboratories, Aden Healthcare, Kabir Lifesciences, AdvaCare Pharma, ZOIC BIOTECH PRIVATE LIMITED, Aelida Healthcare, Velnex Medicare, and Stensa Life Sciences.

Why Purchase the Report?

• To visualize the global ginseng vitamins market segmentation based on ingredient, form, distribution channel, application, and region, as well as understand critical commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous global ginseng vitamins market-level data points with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of critical products of all the major players.

The global ginseng vitamins market report would provide approximately 62 tables, 54 figures, and 213 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies