The rising number of chronic diseases owing to the increasing geriatric population and unhealthy lifestyles is a major driving factor for global market growth. The growing popularity of nutraceuticals and food supplements containing herbal and natural extracts is expected to further drive the growth of the global extracts market over the next few years.
The number of adults with diabetes worldwide is estimated at 463 million and is expected to increase to 700 million by 2045. China alone has about 4.8 million cancer cases, accounting for almost a quarter of the world's newly diagnosed cancer cases. An increase in chronic diseases increases the use of ginseng extract.
Ginseng extract has become very popular in many countries as a nutritional and food supplement. For example, a recent survey in South Korea by the Ministry of Food and Drug Safety of MFDS found that nearly 69 percent of people use healthy functional foods, of which red ginseng extract is the most produced and used product by the people of the country. This growing consumption of functional health food will boost the industry in the region.