Expanding food industry due to increasing spending by consumers is propelling the growth of the ginseng market

 

Ginseng Market

One of the most popular and effective traditional Chinese medicinal herbs is Ginseng (Panax quinquefolium). It has been used to improve mental alertness and general well-being by the Chinese for several thousands of years. Ginseng is now considered to be one of the best alternatives to the often dangerous and ineffective prescription drugs. Studies have found that Panax ginseng works by increasing the number of oxygen radicals, which cause the body to attack inflammation-causing cells; increase ginsenoside levels, (which directly increases the activity of anti-inflammatory genes) and reduce the number of inflammatory genes.

Growing awareness regarding plant-based products around the globe is a key factor driving the growth of the ginseng market. Increasing demand for the product from the Pharmaceutical, food, and beverages, and personal care industries is also supporting the growth of the market. Thus expanding cosmetic and personal care industry due to increasing hygiene awareness and a growing number of working female population is favoring the growth of the market. Also, the high prevalence and incidence of chronic diseases such as diabetes, heart disease, and hypertension are again fostering the growth of the ginseng market. Due to its various health benefits, people are including it in diets. Because of this, there is a high demand for the product from the food industry. This is further augmenting the growth of the ginseng market.

North America is projected to gain significant growth over the forecast period and this is attributed to the increasing spending on the food industry in the region. According to the Economic Research Service, in 2019, U.S. consumers, businesses, and government entities spent $1.77 trillion on food and beverages in grocery stores and other retailers and on away-from-home meals and snacks. Food away-from-home accounted for 54.8 percent of total food expenditures, up from 50.1 percent in 2009.

Key Developments:

1.      In April 2019, Belgian has entered into partnerships are for Botalys’ flagship ingredient – hydroponic ginseng HRG80. The company will supply ginseng raw material for both Belgian company Nutrisan and US-based Terry Naturally Vitamins

2.      In August 2002, Asmara announced the launch of two ginseng para-probiotic powdered blends

3.      In January 2021, Korea Yakult develops fermented red ginseng product with patented tech

4.      In April 2019, South Korean red ginseng product maker CheongKwanJang has launched a special edition of Korean Red Ginseng Extract every time

5.      In April 2019, Ginseng Up has introduced our newest product line, the Mosaic Sparkling Tea


Location: India

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