Global demand for ginseng extracts is expanding as a result of factors like an increase in chronic disease cases and a sharp rise in the elderly population. During the projected period, ginseng's application in nutraceuticals and pharmaceuticals as well as a rise in consumer awareness of herbs and plant extracts are anticipated to further fuel market expansion.
The rapid rise in chronic diseases including diabetes, heart disease, and cancer is mostly due to the rise in the senior population.
In 2022, the market for Ginseng was estimated to be worth USD 679.90 million. By 2031, it is anticipated to reach USD 1019.13 million, expanding at a CAGR of 4.6% from 2023 to 2031.
Key Companies in the Ginseng Industry:
1. Amway: Owner of retail pharmacies that specialise in health and beauty products with locations in the UK, Ireland, Italy, Norway, the Netherlands, Thailand, and Indonesia. Patients can get appropriate and prescribed products at the company's retail locations, which carry a wide variety of medical, health, and cosmetic products. Built in 1849. Located in England, in the United Kingdom. Boots adds 125 more UK locations to its Deliveroo collaboration.
2. Boots Company PLC: Owner and manager of a fast-moving consumer goods business that aims to offer consumer cosmetics and personal care items directly to consumers. Created in 1959. United States headquarters. Amway and microbiome startup HEM collaborate to create individualised probiotic pills.
3. NOW Foods: Owner of an on-demand delivery platform whose goal is to satisfy clients with prompt delivery. Created in 2015. Headquarter location in Uttar Pradesh's Noida. Today, NOW®, a reputable and family-owned manufacturer of natural products, launches its new "Commit to YOU" campaign, which aims to motivate individuals to prioritise their wellness, make investments in their health, and put their own needs first.
4. Glanbia: The name Glanbia, which means "pure food" in Irish, refers to a manufacturer of branded performance nutrition products. Before Glanbia was founded in 1999, earlier businesses engaged in the dairy processing industry had their beginnings in Ireland in the 1960s. These companies were initially listed in 1988. Created in 1997. Headquarters in Ireland's Kilkenny. A non-binding agreement was signed in 2023 between Glanbia plc and Leprino Foods Company for Leprino Foods to fully manage Glanbia Cheese, a significant producer of mozzarella in Europe comprised of Glanbia Cheese UK and Glanbia Cheese EU.
5. RFI Ingredients: Distributor of ingredients for food. The business deals in the storage, distribution, and packaging of foodstuffs such potassium sorbate rochelle salt, vitamins, and spicy flavours. Established in 1999. Headquarters in Germany's Dusseldorf. A global bulk supplier of components for dietary supplements, medications, and vitamins, Graymor Chemical Company, Union, NJ, has been acquired by RFI components, Blauvelt, NY.
6. Nutra Green Biotechnology: Natural and herbal raw materials are Nutra Green Biotechnology's area of expertise when it comes to the health sectors. Established in 2011. The headquarters of Nutra Green Biotechnology are in Shanghai, China.
*Definition: An herb with a root that has been used in some cultures to treat certain medical problems.
