Up to date cost of production figures for ginseng are now available in the updated factsheet “Cost of Production of Ginseng in Ontario”. The figures are based on a discussion with the board of the Ontario Ginseng Growers Association. They are based on a new grower using new shade structure and equipment. They also include custom work where possible. As a result, cost of production can be reduced through purchase of equipment. Costs per acre are also reduced as the acreage increases.
This factsheet is a good starting point for anyone interested in getting into ginseng. It is important to go through the costs before starting a ginseng farm and consider that four crops will need to be established before any root is sold. Also consider that prices for seed and root can fluctuate wildly from year to year and prices may not be the same when the crop is harvested.
The factsheet is available on the OMAF website at http://www.omafra.gov.on.ca/english/crops/facts/gincop.htm.
OMAF and MRA also has a fillable budget form. The form is available under “Specialty Crops” at the following link: http://www.omafra.gov.on.ca/english/busdev/bear2000/Budgets/budgettools.htm#specialty. Default numbers in the template need to be changed to match the new cost of production numbers. This budgeting tool allows a grower to input anticipated price ranges and provides the odds of returning certain levels of profit or loss.