Global Ginseng Market to Reach US$17.9 Billion by 2030

The global market for Ginseng estimated at US$9.1 Billion in the year 2023, is expected to reach US$17.9 Billion by 2030, growing at a CAGR of 10.2% over the analysis period 2023-2030. Asian Ginseng, one of the segments analyzed in the report, is expected to record a 10.0% CAGR and reach US$11.2 Billion by the end of the analysis period. Growth in the American Ginseng segment is estimated at 10.7% CAGR over the analysis period.

The U.S. Market is Estimated at US$464.6 Million While China is Forecast to Grow at 12.0% CAGR

The Ginseng market in the U.S. is estimated at US$464.6 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$6.3 Billion by the year 2030 trailing a CAGR of 12.0% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 7.3% and 8.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.3% CAGR.

Global Ginseng  Market - Key Trends & Drivers Summarized

Ginseng, a perennial plant belonging to the genus Panax, is widely recognized for its medicinal properties and has been utilized in traditional medicine for centuries. Native to North America and Eastern Asia, particularly Korea and China, ginseng is renowned for its roots, which contain active compounds called ginsenosides. These compounds are credited with various health benefits, including boosting energy levels, reducing stress, enhancing cognitive function, and supporting immune health. Ginseng is typically classified into two main types: Asian ginseng (Panax ginseng) and American ginseng (Panax quinquefolius), each offering distinct therapeutic properties. While Asian ginseng is known for its stimulating effects, American ginseng is prized for its calming and cooling properties.

In recent years, the ginseng market has expanded significantly, driven by rising consumer interest in natural and holistic health remedies. The dietary supplement industry has embraced ginseng, incorporating it into various products such as capsules, powders, teas, and energy drinks. Additionally, the beauty and personal care industry has tapped into ginseng`s antioxidant and anti-aging properties, leading to its inclusion in skincare products like creams, serums, and masks. The increasing awareness of ginseng`s health benefits is also reflected in the food and beverage sector, where ginseng-infused products are gaining popularity. The global appeal of ginseng is evident, with substantial export activities from major ginseng-producing countries like South Korea, China, and the United States to various international markets.

The growth in the ginseng market is driven by several factors, including advancements in cultivation and extraction technologies, which have improved the yield and quality of ginseng products. Innovations in biotechnology and agricultural practices have enabled more efficient and sustainable ginseng farming, addressing issues like pest control and soil health. Additionally, the rising demand for functional foods and beverages, spurred by health-conscious consumers seeking natural alternatives, has significantly contributed to market expansion. The increasing prevalence of chronic diseases and the aging population have also played a crucial role, as more individuals turn to ginseng for its potential therapeutic benefits. Furthermore, effective marketing strategies and collaborations between ginseng producers and pharmaceutical companies have enhanced product visibility and credibility, fostering consumer trust and driving sales. The integration of ginseng into mainstream healthcare and wellness practices continues to bolster its market presence, ensuring steady growth and development in the years to come.