GINSENG MARKET ANALYSIS

Ginseng MarketSize and Trends

Market Dynamics:-

Ginseng is principally produced in the U.S., Canada, and South Korea. In China, ginseng is used as an herbal medicine for centuries, and is one of its leading consumers. Asia Pacific holds a dominant position in the market for ginseng and is also the fastest growing market. This is due to increasing health awareness among consumers in this region. Ginseng helps to reduce the risk of chronic diseases such as heart disease, high blood pressure, and others. According to India Brand Equity Foundation, India healthcare sector is expected to reach US$ 372 billion by 2022 from US$ 110 billion in 2016. Since ginseng is used as an herbal medicine, it has a wide range of applications in the pharmaceutical industry. A significant growth in the pharmaceutical industry is expected to boost the ginseng market growth in the Asia Pacific region during the forecast period.

Market Outlook:-

Currently, ginseng is being used in the personal care industry for products such as moisturizers, skin softeners, and others, due to its antioxidant properties that help to cure damaged and dry skin. Ginseng enhances the natural glow of the skin, improves the blood flow and also possesses anti-aging properties. Increasing disposable income and high demand for personal care products is expected to result in a surge in demand for ginseng. According to the Italian Association of Cosmetics Industries, personal care market was expected to reach the total market size of US$ 17,735 million in 2018 from US$ 13,018 million in 2015. Therefore, significant growth in personal care industry is expected to boost the ginseng market growth over the forecast period.