Federal State laws and regulations, the type of ginseng, the age and weight of the roots, demand and supply of ginseng, economic and environmental factors regulate the prices of wild ginseng. These factors can cause price fluctuations globally.Continue Reading
The weight of ginseng determines its longevity. Roots that weigh more than 9 ounces are considered premium, while those that weigh 7 to 8 ounces are extremely valuable.
When the ginseng supply is high, the prices will drop. Poor harvest arising from early frost, drought or rainy climate during the digging season can cause the prices to rise. Other environmental factors, like wildfires and mudslides, also affect ginseng prices.
The age of the roots affects the price. Older roots are considered to be more expensive than their younger counterparts. Ginseng roots that are between 15 to 40 years old tend to be more expensive than those that are below 10 years.
The type of Ginseng also affects the price. Chinese prefer the wild Ginseng to the cultivated one as the former closely resembles the highly esteemed wild Oriental Ginseng. The wild, slower growing and older ginseng has more medicinal powers.
Laws and regulations affect ginseng prices. Convention on International Trade in Endangered Species (CITES) regulates Ginseng globally. Some federal states have listed ginseng as a threatened species controlling its harvesting and sale. Most states and countries propose harvesting roots that are over 5 years. Only certified dealers are allowed to sell ginseng. The dealers should keep records of their transactions and work in collaboration with the State authorities.Learn more about Agriculture