The global ginseng market size is estimated to reach USD 786.5 million in 2024. It will likely exhibit a CAGR of 4.3% during the assessment period, with an overall market valuation totaling USD 1,262.3 million by 2034.
Ginseng is becoming a highly sought-after product globally owing to its multiple health benefits. It is considered a highly effective herb for the treatment of stress, erectile dysfunction, diabetes, and anxiety.
Growing consumer health awareness is a significant factor boosting the growth of the ginseng industry. Similarly, rising demand for healthy and high-nutritional foods will likely boost ginseng sales through 2034.
Today, people are keen to consume healthy food products, prompting food manufacturers to incorporate ingredients like ginseng in their products. This is expected to foster marten growth during the assessment period.
Ginseng is often associated with immune system support. It is believed to possess immune-boosting properties, making it an attractive choice for individuals looking to enhance their body's natural defenses.
As the importance of immune health gains prominence, consumers are turning to ginseng as a potential natural supplement to support their immune systems, particularly during times of increased awareness about health and wellness. This will likely fuel ginseng demand during the assessment period.
Ginseng Market Overview
| Attributes | Key Insights |
|---|---|
| Estimated Ginseng Market Value (2024) | USD 786.5 million |
| Projected Ginseng Market Revenue (2034) | USD 1,262.3 million |
| Expected CAGR (2024 to 2034) | 4.3% |
| Top 3 Countries Market Share | 52.6% |
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Growing Interest in Preventive Healthcare Emerging as a Key Market-shaping Trend
| Market Statistics | Details |
|---|---|
| 2022 Outlook (P) | 4.3% |
| 2022 Outlook (A) | 4.9% |
| Jan to Jun (H1),2023 Projected (P) | 3.9% |
| Jan to Jun (H1),2023 Outlook (A) | 4.6% |
| Jul to Dec (H2), 2023 Outlook (P) | 4.9% |
| Jul to Dec (H2), 2023 Projected (A) | 5.1% |
| Jan to Jun (H1), 2024 Projected (P) | 4.7% |
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Global sales of ginseng increased at a steady CAGR from 2019 to 2023. Over the forecast period, the global market for ginseng is projected to advance at a CAGR of 4.3%, totaling a valuation of USD 1,262.3 million by 2034.
For many years, ginseng has held a significant position in traditional Asian medicine, particularly in China and Korea. Its status for boosting vitality, longevity, and overall well-being has enhanced its popularity across generations. Initially, the ginseng market remained primarily within these regions, driven by local consumption and old practices.
Expanding trade and growing awareness of ginseng's potential health benefits, however, propelled it onto the global stage. This newfound interest fuelled increased cultivation, trade, and the development of diverse ginseng-based products. This historic shift marked a gradual move beyond its traditional use, reflecting a rising interest in natural remedies and herbal supplements.
In the assessment period, the ginseng market is set to grow steadily. Consumers are increasingly attracted to its adaptogenic properties, immune system support, and potential cognitive benefits. This aligns with a growing global focus on health and wellness, where natural and plant-based solutions like ginseng are gaining traction.
The table below shows the ginseng market CAGRs in leading nations. Germany, India, and Japan are expected to emerge as key consumers of ginseng products, with projected CAGRs of 4.2%, 5.1%, and 3.9%, respectively, through 2034.
| Countries | Expected CAGR (2024 to 2034) |
|---|---|
| China | 2.8% |
| United States | 2.3% |
| United Kingdom | 3.1% |
| Germany | 4.2% |
| India | 5.1% |
| Japan | 3.9% |
As per the latest analysis, the United States ginseng market is poised to witness a steady CAGR of 2.3% during the forecast period. This can be attributed to a combination of several factors, including:
Growing demand for ginseng due to the increasing popularity of veganism is expected to boost the growth of the ginseng market in the United States through 2034. Americans are inclined towards consuming plant-based supplements like ginseng because of their health benefits, thereby driving demand.
Another key factor driving sales of American ginseng is the significant application of ginseng in herbal supplements and dietary supplements. In the United States, dietary supplements, including ginseng-based ones, benefit from the growing trend of healthy lifestyles and healthcare spending, particularly among the elderly.
South Korea is set to account for a dominant share of 65.0% in the Asia Pacific ginseng market in 2024. Over the assessment period, ginseng demand in Korea will likely grow steadily, owing to factors like:
People in South Korea believe in ginseng's health benefits, considering it a natural remedy for several ailments. Thus, they widely consume ginseng-based supplements, drinks, teas, and other products, thereby driving the demand for ginseng.
Nearly 7 in 10 Koreans said they had bought and consumed healthy functional foods last year, according to a survey conducted by the Ministry of Food and Drug Safety (MFDS) in 2021. Growing demand for healthy functional foods is anticipated to boost sales of ginseng, especially red ginseng, across Korea through 2034.
The table below provides in-depth insights into leading segments in the ginseng market. This information can help companies maximize profits by investing in popular ginseng forms and varieties.
The below section shows the cultivated segment dominating the industry, holding a share of 69.7% in 2024. Based on end-use, the pharmaceutical products segment is set to hold a market share of 41.8% in 2024.
| Segments | Market Share (2024) |
|---|---|
| Cultivated (Source) | 69.7% |
| Pharmaceutical Products (End-use) | 41.8% |
Based on the source, cultivated ginseng is estimated to account for a dominant market share of over 69.7% in 2024. This can be attributed to the growing popularity of cultivated ginseng due to its several advantages, including sustainability, low cost, accessibility, and quality control.
In the United States and South Korea, mountain-cultivated ginseng (MCG) is a very basic health-functional material. Most manufacturers operating in the global market are focusing on adopting optimal cultivation techniques, which is expected to foster segment growth.
Cultivated ginseng, however, can accumulate a large amount of bioactive and ginsenoside substances. This is putting the wild or mountain-wild ginseng (MWG). Wild ginseng has certain perceived advantages, such as rarity or potency, which will likely fuel its demand during the assessment period.
As per the latest analysis, pharmaceutical products will likely remain a key revenue-generation segment, holding a market share of 41.8% in 2024. This is due to the increasing usage of ginseng in the pharmaceutical industry.
Key manufacturers of ginseng products are launching innovative products with attractive packaging to meet rising consumer demand for herbs and other natural supplements.
They also employ tactics like partnerships, mergers, collaborations, acquisitions, advertisements, and facility expansions to gain a competitive edge in the global ginseng market.
Recent Developments in the Ginseng Market
| Attribute | Details |
|---|---|
| Estimated Market Size (2024) | USD 786.5 million |
| Projected Market Size (2034) | USD 1,262.3 million |
| Expected CAGR (2024 to 2034) | 4.3% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | USD million for Value, metric ton for Volume, and CAGR from 2024 to 2034 |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; and Middle East & Africa |
| Key Countries Covered | United States of America, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, Japan, South Korea, India, Thailand, Indonesia, Malaysia, Singapore, Australia, New Zealand, GCC countries, North Africa, South Africa, others. |
| Key Segments Covered | Source, Form, Variety, End-use, and Region |
| Key Companies Profiled | Korean Ginseng Export Corporation; Organika Health Products Inc.s; Ilhwa Co. Ltd; Korean Ginseng Corp.; RFI Ingredients, Inc.; Koshiro Co Ltd; Daedong Korea Ginseng Co., Ltd.; Ningbo Gianon Biotech Co., Ltd.; Sino-Nature International Co., Ltd.; Shanghai FanPharma Co., Ltd.; Nature's Way |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Trends, Opportunities, and Hindrances, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The global ginseng market is estimated to be valued at USD 786.5 million in 2024.
The ginseng market size is expected to reach USD 1,262.3 million in 2034.
As per Future Market Insights (FMI), ginseng demand is estimated to grow at 4.3% CAGR through 2034.
The United States, China, South Korea, and Japan.
Around 8000 to 10000 in certain Indian states.
| Market Size (2024E) | USD 11,842.6 million |
|---|---|
| Market Projected Size (2034F) | USD 18,146.7 million |
| Value CAGR (2024 to 2034) | 4.4% |
| Estimated Market Size (2024E) | USD 7,524.6 million |
|---|---|
| Projected Market Value (2034F) | USD 23,874.5 million |
| Value-based CAGR (2024 to 2034) | 11.2% |
| Estimated Market Size (2024E) | USD 74.3 billion |
|---|---|
| Projected Market Valuation (2034F) | USD 170.1 billion |
| Value-based CAGR (2024 to 2034) | 9.5% |
| Market Size in 2023 | USD 17,160 million |
|---|---|
| Market Forecast in 2033 | USD 29,648.6 million |
| Market CAGR (2023 to 2033) | 6% |
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Ginseng Market
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