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Research Article

Journal of Ginseng Culture 2022; 4(1): 1-12

Published online March 2, 2022

https://doi.org/10.23076/jgc.2022.4.001

© Korean Society of Gingseng

The Global Ginseng Market and Korean Ginseng

In-Ho Baeg*

Korean Ginseng Research Institute, Korea Ginseng Corporation

Received: December 27, 2021; Revised: January 11, 2022; Accepted: January 12, 2022

This is an Open Access journal distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivs (https://creativecommons.org/licenses/by-nc-nd/4.0/), which permits unrestricted noncommercial use, distribution, and reproduction in any medium, provided the original work is properly cited.

Abstract

Ginseng and ginseng products are distributed in approximately 190 countries around the world. The size of the ginseng market varies by country and there are no accurate statistics on production and distribution amounts per country. Therefore, it is difficult to make predictions about the global ginseng market. Governments and ginseng trading companies are in need of comprehensive data that shows the current status of the ginseng market to help them establish effective import, export, and sales and marketing policies. To addressthis need, this study examines the approximate size of the world ginseng market based on estimates of recent quantities of ginseng distributed in specific country as well as production by major ginseng producing countries. In 2018, global ginseng production was about 86,223 tons based on fresh ginseng. China produced 50,164 tons, South Korea 23,265 tons, Canada 11,367 tons, the US 1,285 tons, Japan 30 tons, and other countries a combined 112 tons. The value of global ginseng production is estimated to be approximately $5,900 million, with $2,870 million (48.6%) in China, $2,489 million (42.2%) in South Korea, $478 million (8.1%) in Canada, $54 million (0.9%) in the USA, $4 million (0.1%) in Japan, and $5 million (0.1%) in other countries. The value of ginseng products consumed for the last five yearsin South Korea was $1,162 million in 2014, $1,280 million in 2015, $1,548 million in 2016, $1,638 million in 2017, and $1,762 million in 2018, showing that the market has been increasing in recent years. In particular, the Korea Ginseng Corporation (KGC), the biggest global ginseng company in South Korea, recorded sales of $1,207 million in 2018. This represents about 69% of the South Korean ginseng market, and about 20% of global production. Since interest in alternative medicine and health food among consumers is increasing globally, the market for ginseng is expected to expand into the future.

Keywords: Panaxginseng, World ginseng market, Global ginseng distribution, Global ginseng production

Article

Research Article

Journal of Ginseng Culture 2022; 4(1): 1-12

Published online March 2, 2022 https://doi.org/10.23076/jgc.2022.4.001

Copyright © Korean Society of Gingseng.

The Global Ginseng Market and Korean Ginseng

In-Ho Baeg*

Korean Ginseng Research Institute, Korea Ginseng Corporation

Received: December 27, 2021; Revised: January 11, 2022; Accepted: January 12, 2022

This is an Open Access journal distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivs (https://creativecommons.org/licenses/by-nc-nd/4.0/), which permits unrestricted noncommercial use, distribution, and reproduction in any medium, provided the original work is properly cited.

Abstract

Ginseng and ginseng products are distributed in approximately 190 countries around the world. The size of the ginseng market varies by country and there are no accurate statistics on production and distribution amounts per country. Therefore, it is difficult to make predictions about the global ginseng market. Governments and ginseng trading companies are in need of comprehensive data that shows the current status of the ginseng market to help them establish effective import, export, and sales and marketing policies. To addressthis need, this study examines the approximate size of the world ginseng market based on estimates of recent quantities of ginseng distributed in specific country as well as production by major ginseng producing countries. In 2018, global ginseng production was about 86,223 tons based on fresh ginseng. China produced 50,164 tons, South Korea 23,265 tons, Canada 11,367 tons, the US 1,285 tons, Japan 30 tons, and other countries a combined 112 tons. The value of global ginseng production is estimated to be approximately $5,900 million, with $2,870 million (48.6%) in China, $2,489 million (42.2%) in South Korea, $478 million (8.1%) in Canada, $54 million (0.9%) in the USA, $4 million (0.1%) in Japan, and $5 million (0.1%) in other countries. The value of ginseng products consumed for the last five yearsin South Korea was $1,162 million in 2014, $1,280 million in 2015, $1,548 million in 2016, $1,638 million in 2017, and $1,762 million in 2018, showing that the market has been increasing in recent years. In particular, the Korea Ginseng Corporation (KGC), the biggest global ginseng company in South Korea, recorded sales of $1,207 million in 2018. This represents about 69% of the South Korean ginseng market, and about 20% of global production. Since interest in alternative medicine and health food among consumers is increasing globally, the market for ginseng is expected to expand into the future.

Keywords: Panaxginseng, World ginseng market, Global ginseng distribution, Global ginseng production

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Journal of Ginseng Culture

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