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The medicinal mushroom market is estimated to increase by USD 5.94 billion at a CAGR of 9.96% between 2022 and 2027. The growth of the medicinal mushroom industry is underpinned by several key factors. One such factor is the increasing demand for mushroom-based products, driven by factors such as changing consumer preferences and growing awareness of their health benefits. The industry is also benefiting from the expanding reach of online retailing, which has made these products more accessible to a wider audience. Additionally, the industry is tapping into previously untapped markets, further fueling its growth trajectory. Overall, these factors are positioning the medicinal mushroom industry for significant expansion in the foreseeable future.
The health-promoting benefits of medicinal mushrooms are notably driving the growth. They are rich in various nutrients such as vitamin D, potassium, calcium, vitamin B, amino acids, fiber, and other nutrients that are essential for the human body. They help in increasing antioxidant activity as they are known to boost both the levels and activity of many vital components of the immune system of the human body. This is supported by a protein-rich diet, packaged food consumption, nutritional elements, and the medicinal mushroom form, whether fresh or dried, as well as their function as antioxidants.
Chaga mushrooms, one of a kind, are known to increase the white blood cell count in the bone marrow. Also, the consumption of Chaga variants reduces low-density lipoprotein (LDL) cholesterol in the blood. Medicinal mushrooms such as the Chaga variety reduce inflammation due to their ability to suppress the expression of chemical mediators of inflammation. Chaga mushroom also reduces inflammation in colon cells, which can help in the treatment of inflammatory bowel disease. Therefore, the growing consumer awareness of the health-promoting benefits of consuming these will drive the global market during the forecast period.
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This report extensively covers market segmentation by usage (antioxidant, immune enhancer, anti-cancer, skincare, and others), product (chaga mushroom, reishi mushroom, and other medicinal mushrooms), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
The market share growth of the antioxidant segment will be significant during the forecast period. Mushroom consumption has grown significantly owing to its high nutritional value, desirable taste, and aroma. During the forecast period, the demand is expected to increase due to the various health-promoting benefits associated with their consumption. The growing health consciousness among consumers is also expected to drive the segment during the forecast period.
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The antioxidant segment was valued at USD 2.61 billion in 2017. The demand for food and beverage products containing these products is expected to increase. The players are introducing new products, and the frequency of new product launches is expected to increase during the forecast period. The introduction of new flavors for medicinal mushroom-based beverages by the players in the market will drive growth during the forecast period.
APAC is estimated to contribute 42% to the global market. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The considerable consumer demand for medicinal mushroom-based products in APAC is attributable to their health benefits. Consequently, the region holds tremendous growth potential for players during the forecast period. Reishi mushroom was being used as a traditional medicine in various countries in APAC, such as China, South Korea, Japan, and others. The entry of new players to the market with their product offerings is expected to drive the market during the forecast period.
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Additionally, the increasing launch of new products based will also help in the growth of the market during the forecast period. The popularity of medicinal mushroom-based products is increasing in China; the expanding millennial population in the country is expected to offer tremendous opportunities for the players to grow in the Chinese market during the forecast period. The millennial population in China is open to experimenting with new products, and also the rising trend of consuming healthy food products among them will accelerate the demand for medicinal mushroom products.
The market is experiencing significant growth driven by the rising interest in functional foods and vegan diets. As more people opt for plant-based alternatives, the demand for medicinal mushrooms is increasing. These mushrooms, such as shiitake, reishi, maitake, and chaga, offer various health benefits, including antioxidant properties. They are available in forms like fresh and dried, catering to different preferences. The market is also influenced by factors like animal welfare, environmental concerns, and the nutritional elements found in these mushrooms, attracting consumers looking for natural health solutions. In the pharmaceutical sector and nutraceutical sector, medicinal mushrooms play a crucial role, driving innovation and health benefits. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing vegan population is the key trend in the market. Veganism is termed the practice of abstaining from the dietary consumption of animal products, and individuals who follow veganism are known as vegans. A growing population of vegans worldwide is adopting a vegan diet primarily due to its health-promoting benefits. Over the last decade, the number of people opting for vegan diets has increased by about 300%.
Food service outlets are also promoting veganism and are adding various options to their menu to attract vegan consumers. For instance, vegan cheese, vegan burgers, and vegan beverages are some of the common vegan food offerings available at various eateries. Numerous young consumers in the age group of 15-30 years are adopting a vegan diet, and this number is expected to increase during the forecast period.
The adverse effects of natural calamities on crop yields are the major challenge impeding growth. Natural calamities include drought, floods, storms such as cyclones and hurricanes, earthquakes, and volcanic eruptions.
Apart from natural calamities, cultivation can be affected by various diseases among plants, which can negatively affect the growth of the global market during the forecast period. Therefore, the increasing damage to crops due to natural disasters may have an adverse impact on the growing global 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.
The Medicinal Mushroom Co. - The company offers medicinal mushrooms that contain high levels of vitamin D, B vitamins, and antioxidants. The company also offers different types of products which can be used for various purposes.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
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 report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their strategies.
Global Market Customer Landscape
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is witnessing significant growth, driven by increasing awareness among Americans about the benefits of vegetarian and plant-based diets. Foodservice outlets and food manufacturing plants are incorporating functional mushroom extracts like Cordyceps, Turkey Tail, Lion's Mane, Reishi, and Shiitake into their products due to their immunity-boosting properties and nutritive ingredients. However, the market faces challenges such as shipment delays and market concentration. To address these, companies are focusing on sustainability, organic practices, and strategic acquisitions. Regulations, including Good Manufacturing Practices (GMP), are also crucial for ensuring the quality and safety of medicinal mushroom products.
Kansas State University is at the forefront of research into the benefits of a plant-based diet and the use of medicinal mushrooms in the pharmaceutical and nutraceutical sectors. Governments are increasingly recognizing the potential of edible fungi in addressing health issues and are investing in pest management systems to ensure a stable supply chain. The pandemic has highlighted the importance of immune system efficiency, driving demand for protein-rich diets and packaged food products. However, challenges such as greenhouse gas emissions from livestock production and shelf life issues are restraining the market. Mushroom varieties like Reishi, Shiitake, Turkey Tail, Chaga, and Maitake are gaining popularity for their bioactive compounds that support heart health and blood sugar control. These mushrooms are incorporated into various products such as capsules, powders, tinctures, and infused products, including coffee and teas, for their umami flavor and health benefits. The industry is also focusing on sustainability and organic practices to meet consumer demands and comply with product registration and approval processes for medicinal or supplement products in the food & beverage, dietary supplements, and pharmaceuticals applications.
Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.96% |
Market growth 2023-2027 |
USD 5.94 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
9.54 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key countries |
US, Canada, China, Japan, and Germany |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aloha Medicinals, Asia Pacific Farm Enterprises Inc., Banken Champignons B.V., Bio Botanica Inc., Concord Farms, DXN Holdings Bhd, Far West Fungi, Four Sigmatic Foods Inc., Fungi Perfecti LLC, Gourmet Mushrooms Ltd., Natures Way Products LLC, Nikkei Canada Marketing Ltd., Nyishar, Oriveda BV, PREMIUM HOKKAIDO Co. Ltd., Real Mushrooms, SSD Bio Sciences, Swadeshi Mushroom, The Medicinal Mushroom Co., and Wholesun Wellness |
Market dynamics |
Parent market analysis, Market forecasting, market growth and trends, Market forecasting, 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 market research 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 Usage
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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