Market Research Report
Global Ginseng Extract Market 2020-2026
|Published by||Orion Market Research Pvt Ltd||Product code||960045|
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|Global Ginseng Extract Market 2020-2026|
|Published: July 13, 2020||Content info:||
Global Ginseng Extract Market Size, Share & Trends Analysis Report, By Form (Powder, Liquid, and Tablet and Capsule), By Application (Personal Care and Cosmetics, Pharmaceuticals, Food and Beverages, and Dietary Supplements) and Forecast, 2020-2026
The global ginseng extract market is estimated to witness significant growth during the forecast period. Increasing demand for dietary supplements is one of the crucial factors encouraging market growth. As per the Council for Responsible Nutrition (CRN) 2019 survey, 77% of the US adults take dietary supplements. Vitamins & minerals are among the most commonly adopted dietary supplement, as nearly 76% of the US population consumed these supplements over several years.
Specialty supplements (40%) is the second most commonly consumed supplement, which is followed by herbals and botanicals (39%), sports nutrition supplements (28%), and weight management supplements (17%). Herbal and botanicals supplements are gaining significance across the globe, owing to its potent antioxidant and anti-inflammatory properties. This contributes to an emerging demand for ginseng extract supplements as herbal medicine to treat and prevent certain chronic diseases, including cancer, high blood pressure, and CVD. The root of the Korean ginseng (Panax ginseng) is commonly used in herbal supplements, as it affects several systems in the body, including neurological system, immune system, and reproductive system.
Geographically, in 2019, Asia-Pacific is anticipated to hold a potential share in the market owing to the considerable production of ginseng and emerging demand for herbal medicines in the region. China is the major producer of ginseng, with output accounting for nearly 70% of the global total (as per the Jilin Provincial People's Government). Chinese FDA has also approved a large number of ginseng health products, which shows increasing support to ginseng products in the country. Additionally, increasing shift towards a healthy lifestyle and significant prevalence of chronic diseases is encouraging the demand for ginseng-based supplements, food and beverages, and medicines in the region.
Some crucial players in the market include Korea Ginseng Corp. (KGC), Ginseng Up Corp., Amway Corp., Botalys, and General Nutrition Corp. (GNC). The market players are adopting several strategies including mergers and acquisitions, product launches, and partnerships and collaborations to expand market share. For instance, in May 2019, Botalys declared its new customers for ginseng raw materials, Nutrisan and Terry Naturally Vitamins. The new orders are related to the sale of hydroponic ginseng HRG80, Botalys' flagship ingredient. Nutrisan will introduce a new nutraceuticals food supplement, commercialized under the name FocuSan, that consists of mostly Botalys' HRG80 ginseng and complex of B vitamins (B1, B2, B6, B12).
The market study of the global ginseng extract market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from Secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity in our reports.
Secondary Sources Include:
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
The Report Covers: