Korean Red Ginseng Market Size,Share,Geography Global and Forecast (2024-2031)

Increasing trend towards natural health remedies driven by consumer preferences for holistic wellness solutions. Korean red ginseng, with its reputation for promoting vitality and overall well-being, is witnessing rising demand in the market as consumers seek alternatives to synthetic supplements. Market players are investing in marketing campaigns to raise awareness about the health benefits of Korean red ginseng in a competitive market landscape.For instance, on December 28, 2022, CheongKwanJang, the flagship red ginseng brand of Korea Ginseng Corp. (KGC), launched its inaugural tonic, Korean Red Ginseng Tonic 24/7, in the online market. This revitalizing beverage represents a modern reinterpretation of CheongKwanJang's life-enhancing Korean Red Ginseng Tonic brand.

The health and wellness trend in North America is spurring interest in Korean red ginseng as a natural remedy for supporting immune health, energy levels, and stress management. Market players are capitalizing on this trend by positioning Korean red ginseng as a premium health supplement with proven benefits supported by scientific research. Market players in North America are innovating and diversifying their Korean red ginseng product offerings to cater to diverse consumer preferences and needs.

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Market Dynamics

As the aging population grows, there is a corresponding surge in demand for products that promote vitality, energy, and overall wellness. Korean red ginseng, renowned for its rejuvenating properties and traditional use in addressing age-related issues, is well-positioned to capture this heightened demand in the market. Market players can tailor their marketing strategies to resonate with the needs and preferences of the aging demographic, and drive market growth.According to the World Health Organization (WHO) on October 1, 2022, projected that by 2030, approximately one out of every six individuals worldwide will be aged 60 years or older. During this period, the proportion of the population in this age group is expected to rise from 1 billion in 2020 to 1.4 billion. Furthermore, by 2050, the global population of individuals aged 60 years and above is anticipated to double, reaching 2.1 billion.Rising Chronic DiseasesAs awareness of the health benefits of Korean red ginseng spreads among consumers, driven by healthcare professionals, media coverage, and educational campaigns, there is a corresponding increase in demand for products that can help mitigate the risk factors associated with chronic diseases.

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Segment Analysis

Onions holds the largest share of the global market. Onions are the most widely consumed vegetables globally, with a presence in various cuisines and culinary traditions worldwide. This widespread consumption contributes to the significant market share held by the onions segment. The high concentration of flavonoids in onions makes them highly sought after by health-conscious consumers, further boosting segment growth.For instance, according to the U.S. National Onion Association, global onion production is estimated to reach around 105 billion pounds annually. On average, each person worldwide consumes approximately 13.67 pounds of onions per year. Notably, Libya stands out with the highest onion consumption, boasting an impressive average per capita intake of 66.8 pounds.

Competitive Landscape

The major global players in the Korean red ginseng market include Korea Ginseng Corp., Daedong Korea Ginseng Co., Ltd., Korea Ginseng Bio-Science, KT&G Corp, The Himalayan Organics, Auragin, Solgar Inc., aSquared Brands, LLC, Swanson Vitamins, and Prominent Nutrition.

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