Global Ginseng extract market is projected to cross USD 35 million by 2026, according to a new research report by Global Market Insights, Inc. Rising demand for organic products to mitigate risks posed by synthetic ingredients should fuel product demand.
Increasing prevalence of chronic disorders including cancer, cardiovascular diseases and diabetes along with geriatric population and utilization of herbal remedies for mitigating diseases shows elevating market opportunities for ginseng extract. Ginseng extracts play a vital role in the manufacture of various products in personal care & cosmetics, food, dietary supplement and pharmaceutical applications owing to its anti-cancer, anti-inflammatory and antioxidant properties.
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As per market insights, supportive government regulations including Michigan Ginseng Certification Program which was established for promoting production and harvest of cultivated ginseng will instigate market growth prospects for ginseng extract. Ginseng extract market is subject to propel owing to rising consumer preference towards preventive health management practices due to escalating health care expenses. However, side effects on excessive utilization posed by ginseng extract including increased heart rate, high or low blood pressure, loss of appetite, headache, itching, diarrhea, rash, and dizziness may hinder product demand, thus limiting market growth.
Some major findings of the ginseng extract market report include:
- Shifting consumer preferences towards ginseng extract to enhance brain function, immune system, maintain blood pressure and to battle fatigue will support ginseng extract market growth over the forecast period
- Major market players are undertaking several R&D initiatives for superior product utilization in personal care & cosmetics, food, dietary supplements and pharmaceutical products manufacturing
- Some of the key market players in ginseng extract are RFI ingredient, BI Nutraceutical, Korea Ginseng MFG Co., Ltd, Herbal Bio Solutions, KGEC, S.A. Herbal Bioactives LLP, Clariant
- Market size for ginseng extract across dietary supplements applications were the highest and the segment is further anticipated to grow at the fastest rate than the personal care & cosmetics, food and pharmaceutical applications
- Asia Pacific acquired a prominent share in the global ginseng extract industry.
As per ginseng extract industry trends, companies are engaged in expanding their manufacturing capabilities to improve productivity and contribute to market growth. For instance, in September 2018, Foxconn, a Taiwanese electronics conglomerate has signed an agreement with Ginseng Board of Wisconsin and University of Wisconsin Carbone Cancer Center to jointly develop Wisconsin’s ginseng industry and grow Foxconn ginseng brand. Through this agreement, the company will be able to deploy high end inspection technology and improve production capability in order to cater growing demand for ginseng extract in America along with strengthening market share.
According to industry analysis, ginseng extract market demand for dietary supplement products in U.S. has strengthened due to the need for products having multiple functional properties including reduction in blood sugar & cholesterol levels, reduce stress, boost energy, and treat diabetes. Revenue from dietary supplement market in U.S. generated a revenue over USD 39.3 billion in 2019 which shows significant market opportunities. According to market analysis, U.S. dietary supplements market growth is due to escalating prevalence of lifestyle diseases and rising health awareness among population. Presence of major dietary supplement manufacturers in U.S. including Amway, Abbott Laboratories and Pfizer will generate opportunities for the market.
According to industry trends, market players are focusing on extensive research & development to promote product innovations which offer superior anti oxidative and anti-inflammatory properties. Manufacturers are strengthening their market presence by setting up new manufacturing facilities across the globe to sustain the growing competition in these markets.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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