Published Date: 2019-07-31 | Pages: Ongoing | Tables: Ongoing | Report ID: 7335
Industry: Chemical & Material
The global ginseng market is forecast to achieve growth due to rising demand for nutrient-based food. Ginseng being a superfood is commonly used in the food and beverage and also other profit-making industries such as pet food, health and hygiene, and beauty products. In the US, ginseng vendors are finding new ways of improving their sales as the US-China trade war has given a hard time to local farmers. Some ginseng vendors in desperate need to increase sales are increasing awareness about the medicinal root by allowing common people to tour their farms and introducing their products to local restaurants. They are also using different marketing styles and exploring new markets to strengthen their consumer base.
Having said that, American ginseng vendors are expected to receive some tariff relief with the help of the US Department of Agriculture’s revised 2019 county per acre payment rates under the Market Facilitation Program. According to a July 2019 press release, farmers in the US state of Wisconsin will receive $15 to $59 per acre in tariff aid payments for the year. Industry experts are of the opinion that ginseng and cranberry farmers in Wisconsin will receive much better payments for their 2019 production.
Rising Demand for Organic Products to Support Global Market Growth
High consumer preference for clean-label and organic products is prophesied to create lucrative opportunities in the global ginseng market. Important healthcare applications such as decreasing the risk of some cancers and infections from viruses and microbes, improving immunity, treating erectile dysfunction, regulating blood sugar levels, and improving memory and brain functions could push the demand for ginseng. Ginseng is also recommended for animals to avoid the risk of certain diseases and help with immunity improvement. It is rich in antioxidants, minerals, and vitamins. Therefore, it is also largely used in the skin care industry.
● Medicinal properties of ginseng helping to avoid the risk of some types of cancer to drive demand
● Oriental ginseng to attract a remarkable market share in the coming years
● Application of ginseng in dietary supplements to increase in the near future
● Asia Pacific to gain position of strength in the global ginseng market
Fortified Ingredients Content as Key Competition Factor in Global Market
Some of the prominent players of the global ginseng market are Korean Ginseng Export Corporation, Organika Health Products Inc., Starwest Botanicals, Daedong Korea Ginseng Co., Ltd., Ilhwa Co. Ltd., Korea Ginseng Corp., Shanghai FanPharma Co., Ltd., Ningbo Gianon Biotech Co., Ltd., Sino-Nature International Co., Ltd., Koshiro Co. Ltd., and RFI Ingredients, Inc. Established players are predicted to acquire small-scale companies to increase their presence in the global market. Most players could mainly compete with each other on the basis of fortified ingredients content and product price.
According to a June 2019 press release, Korea Ginseng Corporation partnered with a popular illustrator on Instagram using the handle ‘kimi_and_12’ to introduce a new product named Hongsam Jeong Everytime Travel Edition. Containing red ginseng extract, this product is said to help prevent post-vacation syndrome.
● Oriental Ginseng
● American Ginseng
● Siberian Ginseng
● Personal Care Products
● Dietary Supplements
● Food and Beverage Processing
● Pharmaceuticals Products
The report includes detailed analysis of three ginseng forms, viz. liquid, powder, and raw. Among different product varieties, Oriental ginseng is anticipated to account for a substantial market share because of favorable factors such as Chinese regulations that support the use of ginseng in food products. Among applications, dietary supplements are foreseen to gain a significant share of the global ginseng market due to increasing geriatric population and preventive healthcare awareness.
Regionally, Asia Pacific is foretold to show higher growth in the global ginseng market on the back of China’s leading ginseng consumption in the world. China imports massive amounts of ginseng from Canada, which is one of the world’s top ginseng producers. South Korea could also largely contribute to the market growth in Asia Pacific, considering its high use of ginseng in personal care and food and beverage applications. Asia Pacific is also expected to benefit from its increased use of ginseng as herbal medicine.
The report offers comprehensive pricing analysis that takes into account various factors such as competitor price data, price trends, price changes, regulatory changes, consumer preferences, and market responsiveness. The pricing analysis study is specifically included in the report to help ginseng vendors stay at the top of the global market while giving a tough competition to other players in terms of price.
NOTE - The analysis, thoughts, views, facts, and opinions expressed in this report are of the respective research analysts. QYR Consulting does not necessarily endorse it or it is also not essentially formal views of QYR Consulting.
The chemicals and materials sector has been witnessing an exponential rise in the past few years. The industrial boom and infrastructural growth across the globe has had a positive impact on the chemical and materials industry. Chemicals are an integral part of many industries, which, over the years, have created lucrative opportunities for players. Similarly, materials are an indispensable part of myriad industries. The rise of the chemicals and materials sector has been mapped by QYR Consulting through exhaustive research reports.
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