According to Stratistics MRC, the “Global Ginseng Extracts Market” is accounted for $16.93 million in 2018 and is expected to reach $38.33 million by 2027 growing at a CAGR of 9.5% during the forecast period. Growing demand for organic supplements, and increasing applications in pharmaceuticals are the major factors propelling the market growth. However, factors such as high cost of ginseng products, and possible side-effects associated with the consumption of ginseng are hampering the market growth.
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Ginseng extract is obtained from a plant called ginseng which is considered to be an adaptogenic plant. Ginseng plant is identified as a single stalk plant with fleshy roots with green oval-shaped leaves. It is one of the herbal supplements and is increasingly being demanded in extracts form owing to anti-cancer, anti-inflammatory, and antioxidant properties. Further, extract prepared from gingeng plant is referred as adaptogen which means that it helps to reduce chemical, biological & physical stress and helps to enhance general vitality. Ginseng is a plant categorized by a single stalk and fleshy roots with green oval-shaped leaves. It is a perennial plant which can live for more than a century. It is an herbal supplement whose extracts are in huge demand commercially, especially for its excellent and extraordinary characteristics of possessing anti-cancer, anti-inflammatory, and antioxidant properties. It is also utilized in the homeopathic treatment of stress, depression, attention deficit hyperactivity disorder, and low libido. Ginseng is considered to be an adaptogen, which has a quality to offer resistance to chemical, biological, and physical stress that helps to build up general immunity. The root of the ginseng plant contains a chemical named ginsenosides, which has extracts that have health benefits such as, it can limit blood sugar, strengthen the immune system, boost up the nervous system, and offer resistance to fatigue.
Opportunity: Increasing demand for herbal medicines would provide ample opportunities for the market growth.
People are getting increasingly aware of the side-effects of artificial and synthetic medicines and moving towards the usage of herbal medicines. Natural health supplements not only help curb the disease, but has long term positive impact on the body, such as strengthen the immune system, kills virus and bacteria present in the body, and helps cleaning blood impurities. Also, old-age people are more vulnerable to catch these diseases and side-effects of medicines, so the demand for herbal medicines. The aforementioned factors are likely to provide market opportunities for ginseng extracts over the forecast period. The demand for such herbal plants and medicines is also expected to help the growth of the agriculture sector and create new employment opportunities.
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Driver: Increase in the prevalence of chronic disorders is driving the market growth.
The major factors that drive the growth of the ginseng extract market include significant increase in the prevalence of chronic disorders such as diabetes, cancer, cardiovascular diseases & others. The prelevance of these diseases is due to the growing geriatric population. As the population is growing drastically across the globe, surge in preference toward the use of herbal remedies among the patients and consumers to combat diseases are getting increased.
Asia Pacific region is anticipated to hold considerable market share during the forecast period:
By geography, the Asia Pacific region is anticipated to hold considerable market share during the forecast period. This is attributed to the rise in awareness among people regarding the benefits of ginseng extract and growth in investments by the manufacturers to promote ginseng products. The Asia Pacific region is expected to witness high growth in ginseng extracts market. The countries like China, India, and Japan, are considered to be the hubs of organic medicines, and also governments in these countries are investing heavily over the promotion of traditional medicine techniques such as Ayurveda, and Yin Yang.
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Some of the key players profiled in the Ginseng Extracts Market include Allcura Naturheilmittel GmbH, Boots, Elemis, Erborian, Ginsana, Molinari, Nature Essential, Orkla Health, Ortis, Oxford Vitality, Pharmaton, and Vitastore.
Molinari: In May 2020, Molinari has partnered with frontline media management to launch Fintech. The partnership will involve broadcasting news and stories around impact/sustainability space, engaging stock exchange markets, and expanding Fintech TV footprint. This comes at a time when the world, more than ever needs to connect and engage in dialogue that yields tangible results with quicker turn arounds.
Orkla Health: In November 2017, Orkla announced that it had entered into an agreement to acquire health and sports nutrition group HSNG AB. The transaction has been approved by relevant competition authorities. The company has been consolidated into Orkla's financial statements.
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