Panacis Quinquefolis Market Size, Share, Growth and Industry Analysis by Type (Canadian Ginseng, American Ginseng, Domestic Ginseng, And, Panacis Quinquefolis), By Application (Fragment/Round, Capsule, Powder, And, Others) Regional Forecast By 2031

Updated On: 08 July 2024

Panacis Quinquefolis Market Report Overview

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The global panacis quinquefolis Market size is anticipated to be worth USD 1.3884 billion in 2022 and the market is projected to touch USD 5,074.75 million in 2031 with a CAGR of 15.7% during the forecast period.

The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Panacis quinquefolis is also known by other names such as panax quinquefolius or American ginseng. This herb is mainly used for medicinal purposes. It is herbaceous and belongs to the ivy family. It is also a perennial plant that is preferred to be used as a Chinese medicine. He health benefits of using this herb is expanding its market.

Panacis quinquefolis is available in the form of capsules, tablets, powders, tea extracts, slices, pieces, whole ginseng roots, extracts, and oil. People suffering from chronic fatigue can use this. They also help in reducing oxidative stress. All of these factors are considered as the driving factors of the panacis quinquefolis market growth.

COVID-19 impact: Bad Health Conditions of People During Pandemic Decreased Market Growth

The pandemic of COVID-19 brought a health crisis in all the nations of the world. Along with the downfall of economy, death rates also saw a spike during the pandemic of COVID-19. Due to the number of people getting affected by coronavirus, more preference was given to finding solutions for the stopping of this virus.

People suffering from other ailments and diseases could not get proper access to healthcare facilities. This increased the focus of people on building their immunity. Herbs like panacis quinquefolis or American ginseng have natural elements that can boost the immunity power by curing various ailments. This increased the demand for this herb and its products. Therefore, the market saw a steady development during the pandemic period.

LATEST TRENDS

"Availability of Panacis Quinquefolis in Several Forms to Increase Market Growth"

This herb is mainly used as a natural cure to numerous diseases. As it is naturally obtained there are no much side effects of using this. In order to make American Ginseng consumable they are made available in different forms.

Consumers can take it in whatever form they prefer. Panacis quinquefolis is available in the form of capsules, tablets, powders, tea extracts, slices, pieces, whole ginseng roots, extracts, and oil. Availability of this herb in several forms, provides a wide range of variety from which the customers can select what they want to intake. This has increased the convenience of using the herb. This is considered as the latest trend in the market.

Panacis Quinquefolis Market Segmentation

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• By Type:

The market can be divided on the basis of type as follows:

Canadian ginseng, American ginseng, domestic ginseng, and, panacis quinquefolis. The Canadian ginseng segment will be seen dominating the market in the upcoming years.

• By Application:

Classification based on application is as follows:

Fragment/round, capsule, powder, and, others. The Fragment/round segment dominates the industry.

DRIVING FACTORS

"Amazing Health Benefits of Panacis Quinquefolia to Accelerate Market Share "

Panacis quinquefolia also popularly called American Ginseng consist of certain chemical compounds that are called as ginsenosides. These chemicals add in the clinical effect to the herb. This herb has the potential to decrease the sugar level of the blood, provides soothing sensations and also promotes relaxation. It can also be used in treating diabetes.

The physical and mental energy can be boosted instantly just by consuming a small amount of this herb. Feelings of weakness, and, fatigue can be cured. People suffering from chronic fatigue can use this as a very effective solution to overcome their tiredness and regain their energy. Apart from this ginseng also helps in lowering the fatigue that is found in cancer patients after they receive their treatments. All of these factors have helped in developing panacis quinquefolis market share.

"Improved Cognitive Function with the Usage of This Herb to Drive Market Growth"

Panacis quinquefolis has several benefits apart from reducing stress, fatigue, and blood sugar level. It is also prone to have a positive effect on the mental health of the user. Certain studies and experiments have found out that the consumption of panacis quinquefolia can boost and sharpen cognitive functions of the brain.

By reducing oxidative stress, these herbs an improve the mental health conditions of the users. Ginsenosides contain components that have anti-inflammatory features. Regular administration of this herb can reduce inflammation within our body. Other ailments like erectile dysfunction can also be cured with the aid of this medication. All of these benefits of American ginseng are driving the market growth.

RESTRAINING FACTOR

"Lack of Conclusive Evidence of the Benefits of This Medication to Decline Market Growth"

One of the major disadvantages of panacis quinquefolis is that there are no researches or studies that firmly prove the benefits of using the herb. Lack of conclusive evidence about the physical and mental benefits provided by American ginseng can hamper the market growth by decreasing the number of customers.

Western health professionals and scientist have very often questioned the benefits provided by this herb. Ginseng can produce tremendous benefits on one person and the same herb may not be effective on another person. There is no guarantee about the outcome of using the herb. This can bring down the market share.

Panacis Quinquefolis Market Regional Insights

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"North America to Dominate Market in Upcoming Years"

North America holds the largest share in the market. This herb also known by the name American ginseng is very widely found in the regions of North America. Easy accessibility to the herb has increased the market development in this region.

Recently there has been a shift in the preference of people. Many people are opting for natural modes of medication in order to avoid the complications of the side effects produced by using allopathic medicines. Panacis quinquefolis is a naturally available herb and does not produce any side effects. This has increased the market share in North America.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Kangmei (China)
• HSUS Ginseng (U.S.)
• Longbao Shenrong (U.S.)
• Yisheng Pharm (China)
• Tak Shing Hong (China)

Report Coverage

The report provides an insight into the crude oil industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations