Ginseng Market: Market Intelligence and Market Trends

Ginseng is a slow-growing perennial plant with green oval-shaped leaves and meaty roots that can persist for more than a century. Ginseng is classified into two types: American ginseng and Asian ginseng. Panax quinquefolius is the scientific name for American ginseng, whereas Panax ginseng is the scientific name for Asian ginseng. Ginseng is a herb that is utilised all over the world to increase the body's energy levels. Ginseng's antioxidant and anti-inflammatory effects aid to enhance the immune system, lowering the risk of viral and microbial infections.

Ginseng is a very popular herbal medicine, and has been used for more than 4,500 years. Many research studies provide support for the use of ginseng in the management of heart problems, diabetes, hypertension, hyperlipidemia, and various other health issues. It has been used as a herbal medicine in China for a very long time. On the basis of source, the ginseng market can be segmented into wild and cultivated ginseng.

Due to limited seed germination, slow maturation, and overexploitation, the availability of wild ginseng has declined in numerous locations throughout the world, including China, South Korea, and others, resulting in a precipitous rise in the price of wild ginseng. Because the availability of wild ginseng has been limited, ginseng farming has expanded to meet consumer demand. Cultivated ginseng is less expensive than wild ginseng, and the price is determined by the age of the ginseng root. The global market for cultivated American ginseng is expanding, with China being one of the top users.

The excessive use of chemicals during crop cultivation causes degradation of the soil, and therefore, has an adverse effect on crop productivity. These chemicals further enter the food chain and can cause side-effects in humans and other living organisms. The awareness among consumers about the health hazards due to these chemicals has increased, and therefore, they prefer the use of organic products. Due to this trend, manufacturers have started producing organic ginseng products to satisfy the requirements of consumers.