Market Insight
The report by Market Research Future (MRFR) projects that the market for medicinal mushroom will reach 7,246,936 tons by 2023, compared to 3,548,044 tons in 2017. The report further adds that it is set to surge at a CAGR of 12.60% during the forecast period (2017-2023).
Growth Drivers and Challenging Factors
Medicinal mushrooms are food items that are cultivated in order to attain their benefits such as high nutrient profile of proteins, antioxidants, vitamins, and amino acids. These types of mushrooms are commonly grown in Asia, cultivated on a large scale in the countries in the region. These are apt for curing seasonal allergies, inflammations, common cold, bronchitis and for alleviating asthma, thereby boosting the functioning of the nervous system in the body.
On account of the surging consumer interest in healthy food products, particularly in North America, manufacturers as well as distributors are striving to expand their outlets that offer a broad range of functional beverages that have medicinal mushrooms as an ingredient. Case in point is Four Sigmatic Foods, a Finnish company with expertise in medicinal mushrooms-based beverages that took various steps to expand its consumer base in the United States (U.S.) in 2015.
Apart from this, proactive steps being taken to promote and market these products have done wonders for the medicinal mushroom market, revenue-wise. Trade pundits are observing the consumers’ purchasing patterns of consuming medicinal food, which points towards their inclination to buy latest products offering health benefits in abundance. On this basis, the global market is being flooded with health books and magazines that advertise the benefits of medicinal mushrooms, raising consumer awareness. Overall, these factors will bring in excellent business for the global market in the following years.
Market Trends
· High frequency of latest product launches, garnering consumers’ attention at a steady rate.
· The trend of surging health consciousness among consumers to support market growth.
Market Segmentation
The market for medicinal mushroom is segmented on the basis of type, category and function.
The type-wise segments in the market are shiitake, reishi, maitake, chaga, cordyceps, turkey tail, wherein the shiitake mushroom leads the global market, holding the lion’s share of 59.26%. rising awareness regarding the high nutritional value as well as medical benefits of shiitake mushroom such as bone-building, improved cardiovascular health, healing chromosome damage caused by anti-cancer treatments, improved digestion, and others will elevate the application of shiitake mushroom across numerous industries. But it is the segment of reishi mushrooms that is growing at the fastest rate of 13.13% during the review period.
Category-wise, the market is considered for fresh and dried. Among these, the fresh medicinal mushrooms have raced ahead of its competitors, accumulating the substantial share of roughly 48.62% in the global market. Fresh medicinal mushrooms have widespread use in the preparation of diverse cuisines owing to its robust and rich flavor. The report identifies Asia Pacific to be the largest user of fresh medicinal mushroom globally, trailed by Europe. But at the moment, North America is considered to be the second largest growing consumer of fresh medicinal mushrooms, with the growth rate of 11.11% during the assessment period.
The function-dependent segments in the global market include antioxidant, immune enhancer, anti-cancer, skin care, out of which the antioxidant segment will reign with the leading share of 35.67%. It has been on an upward rise the past couple of years owing to augmented demand in numerous industries, including pharmaceuticals and cosmetics. Moreover, in the food industry, antioxidant segment has risen at an exhilarating pace, with its increasing application as an immune enhancer. The report mentions the segment to be growing at a CAGR of 12.86% during the conjectured time frame.
Regional Outlook
Geography-wise, the global medicinal mushroom market spans multiple regions of Europe, Asia Pacific, North America as well as Middle East & Africa.
Among all these regions, Asia Pacific grabbed the substantial share of the global medicinal mushroom market, garnering more than 81.45% in total. Furthermore, it is presumed to reach over 6,186,457 tons by 2023. In the region, China is projected to surge at the highest growth rate, with Vietnam just behind it.
The Europe market benefits immensely owing to the massive contributions made by the government as well as international agencies for the improvement of the medicinal mushroom quality. This is done by encouraging mushroom developers to adopt the latest research and development (R&D) technologies. Thus, continuous technological developments coupled with growing number of government initiatives will provide growth opportunities to the regional market in abundance over the coming years.
Moreover, in the rest of the world (RoW) consisting of the Middle East and Africa, there is a substantial growth expected from 2017 to 2023. The report also states that the Middle East and Africa region will expand at the highest CAGR of 10.50% over the assessment period.
Access Complete Report @ https://www.marketresearchfuture.com/reports/medicinal-mushroom-market-5556
Key Vendors
At present, the players at the top in the global medicinal mushroom powder market include Modern Mushroom Farms (U.S.), Agro Dutch Industries Ltd. (India), Hughes Mushrooms (U.K), Weikfield (India)The Mushroom Company (U.S.), Scelta Mushrooms BV (the Netherlands), Bonduelle SA (France), Delftree Mushroom Company (U.S.), Banken Champignons (the Netherlands), Monaghan Mushrooms (England), among others.
Industry Update
March 2019
Cha Temple Herbal Teas brand has recently launched a long range of tea flavors, namely chaga, oolong, burdock, and thyme, along with Turmeric ginger teas. One of the primary flavors Chaga comes from the chaga mushroom, which is a great antioxidant, supports the immune system, in addition to lowering the blood pressure, reducing blood sugar and slowing the aging process.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
Contact us:
Market Research Future (part of Wantstats Research and Media Private Limited),
99 Hudson Street,5Th Floor, New York, New York 10013, United States of America
Market HighlightsGlobal Medicinal Mushroom Extract Market is projected to be valued at USD 27,334.4 Million by 2026, recording a CAGR of 7.1% during the forecast period.
Health benefits associated with medicinal mushrooms, and an increasing focus on preventive healthcare, are the major factors driving the growth of the market.
The rise of the organized retail sector is fueling the growth of the market in the region, with products being widely available to consumers.
The increasing use of medicinal mushroom extracts as immunity boosters, along with other health benefits, is driving the growth of the European medicinal mushroom extract market.Key PlayersMarket Research Future has recognized Aloha Medicinals (US), New Roots Herbal, Inc. (Canada), Real Mushrooms (Canada), Nyishar (UK), Oriveda BV (Netherlands), Sayan Chaga (US), Bio Botanica, Inc. (US), Nature's Bounty Co. (US), Biofinest (US), and Nature's Way Products, LLC (US) as the key players in the global medicinal mushroom extract market.Segmental AnalysisThe global medicinal mushroom extract market has been segmented based on type, form, function, and region.By type, the market has been divided into shiitake, reishi, chaga, maitake, cordyceps, turkey tail, and others.
Cordyceps is widely used for treating kidney disorders.Based on form, the global medicinal mushroom extract market has been classified as capsules & tablets, powder, and liquid.
Compared to other forms, capsules & tablets have a longer shelf life, which makes them more convenient to use.Based on function, the global medicinal mushroom extract market has been classified as antioxidants, immunity enhancers, skin care, and others.
