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The market share growth of the Chaga Mushroom 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 Chaga Mushroom was valued at USD 3.23 billion in 2018. 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.
These mushrooms, rich in nutrients like vitamins and fibre, are sought for their immune support and anti-inflammatory properties. Their benefits extend to combating health problems such as the common cold, asthma, and chronic diseases. The market is expanding into foodservice outlets and ecommerce, with private labelled brands offering functional ingredients for food and beverages, cosmetics, and skin care. Additionally, exotic cultivation and herbal remedies are enhancing the appeal of medicinal mushrooms. These mushrooms support gut health, digestive health, and cognitive support through their rich content of betaglucans, polysaccharides, and impact on macrophages, neutrophils, and dendritic cells.
Health-promoting benefits of medicinal mushrooms is notably driving market growth. Medicinal mushrooms have gained significant attention in the functional food industry due to their numerous health benefits. These mushrooms, which include functional mushrooms, chaga, reishi mushroom, and Turkey tail, among others, are increasingly being recognized for their immune system-boosting properties. As the vegan population and those following plant-based diets continue to grow, the demand for medicinal mushrooms as nutraceuticals and in packaged foods is expected to surge. The pharmaceutical sector is also exploring the medicinal benefits of these fungi for the treatment of infectious disorders, cancer, and other diseases. Medicinal mushrooms offer various nutritional benefits, including being rich in vitamins B and D, amino acids, calcium, potassium, fiber, and antioxidants. They help in neutralizing free radicals, making them effective immune enhancers and anticancer agents.
Further, the extraction procedures for medicinal mushrooms result in various forms such as powder, capsules, and fluids, making them easily accessible to health-conscious consumers. The skincare industry also utilizes medicinal mushrooms for their antioxidant activity and anti-aging properties. Organic cultivation of these exotic fungi is a growing trend, ensuring the availability of high-quality medicinal mushrooms to meet the increasing demand. Thus, such factors are driving the market growth and trends during the forecast period.
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 market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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.
Further, 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 |
173 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.67% |
Market Growth 2024-2028 |
USD 7.89 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
10.14 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, Japan, Germany, and Canada |
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 Brands 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 growth analysis, 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 market forecast period. |
Customization purview |
If our market 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 Product
7 Market Segmentation by Usage
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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