The ginseng extract market is projected to accrue noteworthy gains on account of rising consumer inclination towards plant-based ingredients to improve immune system, maintain blood pressure levels, and enhance brain functioning. Shifting preference for organic ingredients to reduce risks caused by synthetic products might enhance business outlook of ginseng extract providers.
Rising prevalence of chronic diseases such as cardiovascular disorders, diabetes and cancer coupled with increasing number of geriatric population could drive the adoption of ginseng extracts. A major section of the population is steadily gaining consciousness regarding the number of benefits of herbal remedies against chronic diseases.
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Ginseng extracts are used for manufacturing numerous products in the food, personal care & cosmetics, pharmaceutical and dietary supplement sectors owing to their anti-inflammatory, antioxidant, and anti-cancer properties. With growing demand, Global Market Insights, Inc., estimates that the Global Ginseng Extract Market size exceeded USD 19.5 million, globally in 2018 and is estimated to grow at over 7.5% CAGR between 2019 and 2026.
Emergence of the novel coronavirus has stirred the demand for immunity enhancing products. Countries like South Korea are registering heavy demand for one of the popular immunity products, red ginseng, which is usually considered as a numinous health food that enhances the immune system.
Listed below are a few of the ongoing trends fostering the demand for ginseng extracts:
Lucrative growth opportunities across the U.S. –
Rising consumption of dietary supplements could propel the demand for ginseng extracts across the United States. The region is experiencing a significant demand for products with multiple functional properties to help lower stress, reduce cholesterol & blood sugar levels, treat diabetes, and boost energy.
In 2019, the revenue from dietary supplements across the U.S. was somewhere around USD 39.3 billion. Factors like rising health awareness among population and escalating prevalence of lifestyle diseases could positively impact the regional ginseng extracts market over the forthcoming years.
Imposition of supportive federal regulations -
Increasing enforcement of favorable federal regulations such as the Michigan Ginseng Certification Program could massively benefit industry landscape. For the record, the Michigan program was introduced for promoting the harvest and production of cultivated ginseng.
Estimates suggests that ginseng extract could observe heavy demand as more consumers begin to adopt preventive health management practices. Surging health care expenses are one of the major driving factors of preventive health management solutions.
Adoption of new business strategies -
Prominent industry players like BI Nutraceutical, RFI ingredient, Herbal Bio Solutions, Korea Ginseng MFG Co., Clariant, and S.A. Herbal Bioactives LLP are mainly concentrating on research & development activities to broaden their product portfolio by introducing new innovations that provide remarkable anti-inflammatory and anti-oxidative properties.
Companies are also focusing on expanding business operations by venturing into new regions. Taking December 2020 for instance, Eagle Energy is planning to expand its retail network with 7-Eleven by launching new stores in multiple locations. Eagle Energy is the first and only energy supplement that is produced from natural, plant-based, active ingredients such as ginseng and guarana extracts.
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