Ginseng Prices in 2024: Cost Per Pound and What to Expect When Buying

Are you familiar with ginseng? This potent herb is well-known around the world for its many health advantages. But in recent years, it has also gained almost equal notoriety for its extraordinary scarcity. To address this issue, some people are scurrying to get their hands on it, while others are attempting to farm their own. Let’s examine ginseng prices in 2024 and talk about the variables that affect their erratic cost.

What Is Ginseng?

Plants in the genus Panax yield ginseng as their root. Many have called this plant “man-root” because of its tendency to develop in a human-like shape. Worldwide, ginseng is highly sought-after for its therapeutic qualities. It grows best in cooler climates, though there are notable exceptions to this generalisation. This root comes in a wide variety of forms, including American, Korean, and South China ginseng.

Prices of Ginseng in 2024

Since ginseng grows only in specific areas, there is a strong desire to import it from other parts of the world. Since America is one of the few nations where wild ginseng grows well, many people have found success in this profitable industry. The price of American ginseng during the 2023 harvest season was as high as $700 per pound, according to the Indiana Ginseng Annual Report. This is more costly than it was a year ago, most likely because of growing scarcity. Given the growing difficulty of foraging wild ginseng, this price might rise considerably more in 2024.

Does Ginseng Have Any Health Benefits?

Ginseng consumption is linked to numerous health advantages that make it very appealing to consumers. It can relieve headaches, reduce inflammation, promote calmness, combat anxiety, lower blood sugar, enhance cognitive performance, and treat erectile dysfunction. It also is supposed to increase energy levels when used with coffee.

Notwithstanding all of its advantages, ginseng use should be restricted or avoided by certain populations. “People with schizophrenia or bipolar disorder should not take ginseng, as it may increase the risk of mania,” states the Mount Sinai Today Blog. American ginseng should not be taken by pregnant or nursing mothers. Ginseng is not recommended for women with a history of breast cancer or other disorders that are sensitive to hormones.

What Makes Ginseng So Expensive?

The many health benefits of ginseng are readily apparent. Customers are therefore keen to include this root in their diets, and there is a large demand for it. But providers frequently find it difficult to satisfy that demand. There is relatively little wild ginseng in the world, and it takes a very long time to mature. There are ginseng plants grown on farms, but foraged ginseng is seen to be more powerful by many. Because of overharvesting caused by this, it has grown progressively more rare over time. Its extreme cost is a result of its scarcity, sluggish growth, and strong demand.

Where to Find Ginseng in the Wild

In the nations where it is indigenous, ginseng grows best in cool, shaded forests. The Appalachian mountain region of North America is the primary native habitat of American ginseng, as stated by the New York State Department of Environmental Conservation. It grows wild in forests and is farmed in plantations in the United States and Canada. The plant itself grows very slowly, taking years to reach maturity. Plants barely reach a maximum height of 10 to 15 inches, therefore it could be challenging to identify at peak. In addition, the current wild ginseng supply has almost run out for foragers.

What Does Ginseng Taste Like?

The flavour of ginseng is frequently described as complex. The taste will vary significantly depending on the variation you ultimately choose to try. Ginseng is often bitter, but it also has earthy overtones and hints of sweetness and spice. The flavour is likened by some to licorice. Each person will have a different preferred technique of cooking due to its distinct flavour.

Some people like to consume it in tea, and some people powder it up to put in smoothies. Cooking with ginseng is another common use for it. It complements other spices like cinnamon, cloves, rosemary, and hot peppers and is sometimes used to give soup broth a more earthy flavour. You should start seeing the effects of this potent herb after 48 hours of ingestion.

Last Words

Ginseng is a potent herb with many therapeutic uses, despite being pricey and relatively difficult to get. If you manage to obtain some, count yourself really fortunate. All we can do for the time being is hope that farming will get better in the future. More supply will enter the market as a result, which should lower ginseng prices and make it more accessible to all.