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The lions mane mushroom extract products market size is projected to increase by USD 121.94 million, at a CAGR of 19.84% between 2023 and 2028
APAC's growth rate in such products surges due to their myriad benefits. In countries like China, South Korea, and Japan, they're widely embraced for convenience and consumer health. With rising consumption trends globally, the market shows promising forecasts and analysis, especially amidst the global rise of health-conscious consumers. Meanwhile, in India, where cancer is a pressing concern, the demand for such products underscores their potential impact on health markets.
The market shows an Accelerated CAGR during the forecast period.
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Increasing demand for functional mushroom products is the key factor driving market growth. The growing prevalence of obesity and other chronic health conditions is encouraging health-conscious consumers to opt for food and beverage products that have various functional benefits. Several players in the market are introducing new products that are rich in nutrients and antioxidants, which cater to the changing demands of consumers.
Furthermore, the number of consumers taking part in fitness activities is increasing globally, which is expected to accelerate the demand during the forecast period. Consumers are ready to pay a premium price for products that offer various functional and several other health-promoting benefits, such as lowering fat and others. Thus, such factors will drive the market during the forecast period.
Growth in online retailing is one of the primary market trends. The growing penetration of smartphones, coupled with the rising accessibility to the Internet worldwide leads to the expansion of e-commerce businesses across the globe. Online retailing has provided opportunities for market players to increase their sales, expand their geographical presence, and improve customer relations and profitability. The rising penetration of smartphones, coupled with the increasing accessibility to the Internet, is promoting the sale online.
Moreover, market players are motivated to provide products through online platforms as it gives them easy access to the market along with reach to a wider base of consumers and, at the same time, decreases overhead costs by decreasing the need for retail store premises and sales personnel. Marketing products online also provides them with the option to expand market share to regions that they cannot reach physically. Consequently, the increasing online presence of market players will spur market expansion during the forecast period.
The availability of counterfeit products is a challenge that affects market growth. Growing market prospects and the surging demand for these products drive the market for counterfeit products. The growing penetration of e-commerce across different geographic regions is propelling the sales of counterfeit consequences. Customers find it challenging to distinguish between genuine and counterfeit as they look similar. Counterfeit are in high demand because of their low price. The growing number of counterfeit available, particularly on online distribution channels, will adversely affect the sales and pricing strategies of genuine market players.
Additionally, a major reason for the low price of counterfeit is the high cost that the manufacturers of counterfeit save on production and transportation, as these manufacturers generally operate in regional or local markets. This makes counterfeit products less costly than genuine products. The low price of counterfeit, however, is a huge challenge for market players, thereby impeding the market expansion during the forecast period.
During the forecast period, the powder is poised for growth. Extracted from mushrooms through a solvent-soaking process followed by evaporation, this powder variant boasts a longer shelf life, making it a preferred choice for customers. However, its quality hinges on crop factors like weather conditions and moisture content. Standardization is crucial to maintain potency. With versatile usage options, including mixing into beverages or culinary applications, its strong absorbability and therapeutic properties drive demand amidst a growing health-conscious consumer base. Thus, such factors increase the demand for the powder in the market during the forecast period.
The market share by the offline segment will be significant during the forecast period. Offline distribution channels include brick-and-mortar stores. Most products are sold through offline distribution channels, which include retail formats such as specialty stores, hypermarkets, departmental stores, convenience stores, and supermarkets. Though the offline segment will continue to dominate the market, the revenue of the offline distribution channel is expected to decline gradually during the forecast period, owing to the shift in customer preferences to online shopping.
The offline segment was valued at USD 27.81 million in 2018.
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Moreover, the offline retail landscape is highly competitive, with the presence of several retailers that offer products at competitive prices. To sustain in a competitive market and counter the declining preference for offline shopping, companies are widening their product assortments sold in offline retail stores. Physical stores are still seen as reliable in both developed and developing markets. Many retailers worldwide are expanding their presence by opening new outlets in both developed and developing regions. This segment has accounted for the maximum market share, due to diverse benefits delivered by offline distribution channels. Thus, such factors are expected to contribute to the offline segment growth of the market during the forecast period.
APAC is estimated to contribute 43% to the growth of the global market during the forecast period
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The Food Safety and Standards Authority of India (FSSAI) promotes healthy eating by ensuring the safety and quality of food products. Consequently, the high prevalence of cancer in the region and cancer awareness programs are anticipated to increase the use of such products for cancer therapeutic treatment and enhance immunity among cancer patients. Additionally, the increasing launch of new products, especially medicinal products, will also spur the market in APAC. The popularity of products is increasing in China and India; the expanding purchasing power among the Millennial population in these countries is expected to offer tremendous opportunities for the players to grow in the regional market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 10 market companies, including:
Double Wood LLC, Four Sigmatic Foods Inc., Fungi Perfecti LLC, Good Mushroom Nutrition Ltd., Hybrid Herbs, Mahogany Organics Pvt. Ltd., Mind Nutrition Ltd., Mycelium India Biotech Pvt. Ltd., Navi Organics Ltd., Numi Inc., Nuvedo labs Pvt. Ltd., Om Mushroom Superfood, ORIGO Holding bv, Pure Essence Labs, Pure Nootropics LLC, PurpleRock Wild Foods Opco LLC, Real Mushrooms, and Terrasoul Superfoods
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research and growth report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market is experiencing rapid growth within the broader Functional Mushroom Market due to its recognized health advantages. Amidst disruptions caused by the global lockdown, supply chain challenges, and shipment delays, interest in healthcare and pharmaceutical products incorporating functional mushroom extracts has surged.
As consumers prioritize immune support and cognitive benefits, medicinal mushroom offerings like Shiitake and Reishi mushrooms gain traction across food and beverage, dietary supplements, and pharmaceuticals sectors. This shift aligns with rising concerns over greenhouse gases from livestock production, prompting a shift towards alternative protein sources and plant-based diets. Manufacturers focus on innovation to meet quality and safety standards, navigating regulations and Good Manufacturing Practices (GMP). Strategic acquisitions and blends of multiple mushroom varieties drive market concentration, shaping post-harvest transportation, storage, and product registration processes.
Lions Mane Mushroom Extract Products Market Scope |
|
Report Coverage |
Details |
Page number |
157 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 19.84% |
Market Growth 2024-2028 |
USD 121.94 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
17.07 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 43% |
Key countries |
US, China, Japan, South Korea, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Activa Naturals Inc., Biofinest, Double Wood LLC, Four Sigmatic Foods Inc., Fungi Perfecti LLC, Good Mushroom Nutrition Ltd., Hybrid Herbs, Mahogany Organics Pvt. Ltd., Mind Nutrition Ltd., Mycelium India Biotech Pvt. Ltd., Navi Organics Ltd., Numi Inc., Nuvedo labs Pvt. Ltd., Om Mushroom Superfood, ORIGO Holding bv, Pure Essence Labs, Pure Nootropics LLC, PurpleRock Wild Foods Opco LLC, Real Mushrooms, and Terrasoul Superfoods |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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