Ginseng Supplement Market Size,Share,Growth,Industry Analysis and Forecast (2024-2031)

Consumers are increasingly turning towards natural remedies and supplements to support their health and well-being. Ginseng, known for its potential health benefits such as boosting immunity, enhancing cognitive function, and increasing energy levels, aligns well with this trend. Manufacturers are continuously innovating and introducing new ginseng supplement formulations to cater to diverse consumer preferences and health needs.In December 2022, Korea Ginseng Corp., a ginseng company, unveiled several new items to commemorate its 123rd anniversary. The new products, which are only available online, include women's probiotics, beetroot root, ashwagandha, milk thistle, American ginseng, and elderberry. They are all considered special-function supplements.

The Asian ginseng supplement accounts for over half of the market share. Similarly, the Asia-Pacific dominates the Ginseng Supplement market, capturing the largest market share. due to the widespread cultural use of ginseng in traditional medicine across countries like China and Korea. Additionally, production of ginseng plants, growing health consciousness and increasing disposable incomes contribute to the region's dominance in the market.

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Market Dynamics

The rising awareness among consumers about the various health benefits associated with ginseng is a significant driver of growth in the ginseng supplement market. As more people become informed about the potential advantages of incorporating ginseng into their daily routines, such as improved energy levels, enhanced cognitive function, and better stress management, the demand for ginseng supplements continues to increase.This heightened awareness is fueled by growing interest in natural remedies and traditional medicine practices. In June 2023, through a partnership with MVR Cash and Carry Dan's Farmaroot announced the introduction of its acclaimed DFEnergy ginseng liquid sachets into independent petrol, supermarket and convenience stores across Canada. DFEnergy is an innovative energy supplement that comes in single-serve 15ML liquid sachets (20 per box), providing the body with an immediate boost that strengthens the immune system and helps combat fatigue.

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By ginseng type, Asian ginseng holds a significant share in the ginseng supplement market due to its long-standing reputation for medicinal and therapeutic properties. Asian ginseng, also known as Panax ginseng, is highly valued in traditional Chinese medicine and has been used for centuries to promote overall health and vitality. It is believed to possess adaptogenic properties, helping the body adapt to stress and support immune function.In December 2023, Korea Ginseng Corp. (KGC) launched a new health supplement product on Wednesday that contains edible bird nests in an attempt to strategically target Chinese consumers. The newest offering from KGC's red ginseng brand, JungKwanJang, includes ampoule bottles containing red ginseng extracts, (Asian ginseng,) swallow nest extracts, and Iranian pomegranate extracts.

Segment Analysis

By ginseng type, Asian ginseng holds a significant share in the ginseng supplement market due to its long-standing reputation for medicinal and therapeutic properties. Asian ginseng, also known as Panax ginseng, is highly valued in traditional Chinese medicine and has been used for centuries to promote overall health and vitality. It is believed to possess adaptogenic properties, helping the body adapt to stress and support immune function.

In December 2023, Korea Ginseng Corp. (KGC) launched a new health supplement product on Wednesday that contains edible bird nests in an attempt to strategically target Chinese consumers. The newest offering from KGC's red ginseng brand, JungKwanJang, includes ampoule bottles containing red ginseng extracts, (Asian ginseng,) swallow nest extracts, and Iranian pomegranate extracts.

Competitive Landscape

The major global players in the market include Korea Ginseng Corporation, NOW Foods, Nature's Bounty, Swanson, Puritan's Pride, Inc., MotherTree Nutra Pvt. Ltd., Ramini Bionutrition Pvt Ltd, Velnex Medicare, NutriSport Pharmacal, Inc., AdvaCare Pharma.

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