Plant growth regulators are chemical constituents that sturdily impact the growth and isolation of plant cells, tissues, and organs. These constituent function as chemical messengers for intercellular communication. Natural plant growth regulators are formed with in specific of plant in minimal qualities and migrate to other parts, manipulating several physiological functions to regulate the plant growth such as promoting plant cell division and cell expansion, leaf expansion, retarding senescence of leaves, ripening of fruits & vegetables, fruits & flower maturation, and seed germination. There are currently five recognized groups of plant hormones: auxins, gibberellins, cytokinins, abscisic acid (ABA), and ethylene. They work together to coordinate the growth and development of plant cells.
Market Dynamics- Global Ginseng Extracts Market
Increasing investment in agriculture sector across the globe shall be fueling the plant growth regulators market in the coming years. Commercial crops and fruits & vegetables are major application segments in market. The increased production of these application segments is likely to propel product demand over the forecast period.
Low awareness among the masses about the product application and benefits shall have a slow rising product demand for initial few years. Proper guidance is required to farmers about the product usage and benefits. Misuse of it may result into excessively fast crop development. This can lead to the ripening on the fruit surface while core remaining raw. It will degrade the fruit vegetables quality. This disadvantage to crops is likely to hamper the plant growth regulators market growth in near future.j
Impact of COVID-19 on the Industry:
The growth of the ginseng extract market is likely to be hindered by the pandemic COVID-19, which has had a major effect on global imports and exports. Nations like China, Canada, South Korea, and the U.S. are the leading manufacturers of herbal plants, which are traded all over the world for production. This product also plays an important role as an immunity booster for the human body, assisting them fight against the virus and microbes, so the need is anticipated to grow substantially during the period of pandemic. While the short-term impacts are more evident, it is yet to be understood what impacts and what magnitude of impact the outbreak of COVID-19 will have on the supply chain in the long term.
Ginseng Extracts Market Segmental Overview
The study analyses Global Ginseng Extracts market based on form, application and geography. The major sources of Ginseng Extracts include oilseeds, cereals and plant resins.
- Ginseng extracts are accessible in powdered, liquid and capsules form. The powder segment of ginseng extract market is driven by advantageous aspects including anti-cancer, antioxidant and anti-inflammatory.
- The market finds application in dietary supplements, pharmaceuticals, personal care, food and oral care etc. The demand for ginseng extracts from the pharmaceutical industry is anticipated to grow swiftly over the forecast period. Widening market opportunities is attributed to rising unique product launches by pharmaceutical manufacturers for moderating rare diseases together with growing aged population.
- This is predominantly used to improve concentration, thinking, memory, work efficiency, muscle damage prevention, physical stamina, athletic endurance and Alzheimer’s disease treatment.
Ginseng Extracts Market by Geography
Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World. North America Ginseng Extracts market is likely to dominate the market over the forecast period mainly due to rising demand from the food and beverage industry and pharmaceutical industry. Mounting awareness among population concerning their personal and family health in together with high consumer preference towards processed organic medications will aid the demand growth. Moreover, growing applications in organic investments in has led to a substantial growth in the pharma sector.
However, the Asia Pacific market for Ginseng Extracts is likely to be the fastest growing market led by China, India, Japan, and South Korea ad are likely to contribute significantly during the forecast period. Ease of trading across international borders in the region will positively impact the industry growth through the forecast timeframe. Expansion of dietary supplements and personal care industry is a key factor that will stimulate the regional growth.
Global Ginseng Extracts Market-Key Players
The major key players included in this market are Korea Ginseng MFG Co. Ltd., S.A. Herbal Bioactives LLP, RFI Ingredients, Herbal Bio Solutions, BI Nutraceuticals, Clariant AG, KGEC, Orkla Health UK, Hangzhou Skyherb Technologies Co., Ltd., Bioveda Naturals and among others.
