Technological advancements and innovations in medicinal mushroom is likely to drive the market.
Medicinal mushrooms are tiny mushrooms that are used for their medicinal properties. Vitamin B, vitamin D, amino acids, calcium, potassium and fiber are abundant in medicinal mushrooms. These nutrients are essential for increasing antioxidant activity and reducing the level of free radicals in the body. They are used in a variety of extraction procedures, including powder, capsules, liquids, and more. The market for medicinal mushrooms is expanding due to the increasing incidence of health problems worldwide. With the advent of medicinal mushrooms, the market’s growth is driven by the increased desire for functional foods among the majority of health-conscious consumers. Another important factor in the growth of the market is the high use of medicinal mushrooms in the treatment of the common cold, inflammation, seasonal allergies, bronchitis and asthma. In addition, the advent of private labels and the rise in applications in various end-use industries such as cosmetics, healthcare, and food and beverages are the major drivers that will slow down the growth rate of the market.
Growing awareness about the health benefits of medicinal mushrooms serves as one of the major drivers for the growth of the global medicinal mushroom market. Chaga, cordyceps, shiitake, turkey tail, and reishi are some of the types of common medicinal mushrooms widely used in all parts of the world. These medicinal mushrooms are microscopic mushrooms that are gaining strength due to their health-promoting abilities. Medicinal mushrooms are fast-tracked for their antioxidant, immune-stimulating well-being, anti-cancer and skin care properties. In the recent period, the health problems of people all over the world have increased. As a result, a large portion of the health-conscious population tends to consume functional foods. This factor is stimulating challenging paths for the global medicinal mushroom market.
Medicinal mushrooms are a rich source of vitamins, amino acids and proteins. The increasing use of these mushrooms in the treatment of seasonal allergies, common cold, bronchitis, asthma and inflammation is estimated to help the growth of sales in the global medicinal mushroom market. Additionally, several providers in this market are increasing their investment in research and development activities. Using this strategy, they aim to explore the possibilities of using medicinal mushrooms in various untapped industries. All these factors indicate a bright future for the global medical sponge market during the forecast period of 2022-2030.
The lack of adequate manufacturing skills creates a gap between demand and supply, which will hamper the growth rate of the market. Low product shelf life and environmental factors will also challenge the medicinal mushroom market throughout the projection period.
One of the biggest hurdle in the medicinal mushroom market is taste. Industrial end-users of medicinal mushrooms may have to incur the additional cost of using large amounts of masking agents to mask their slimy, and bitter taste. Because mushrooms reflect the environment in which they grow, obtaining medicinal mushrooms can be difficult. In addition, it is extremely difficult for manufacturers to maintain the transparency of their products.
The report provides an in-depth analysis of the global medicinal mushroom market, including market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. Increasing demand for medicinal fungi due to their high nutritional value will drive the market’s growth, which is expected to witness a growth rate of a specific CAGR from 2022-2029.
The global medicinal mushroom market consists of different market segments like types, form, function, end-user and geography.
The medicinal mushroom market finds key types like:
The shiitake segment is expected to dominate the market over the forecast period. This was due to the growing demand for the product because of its nutritional and medicinal benefits. These mushrooms help boost the immune system, support cardiovascular health, aid in weight loss, and increase energy levels. In addition, shiitake mushrooms are used in the food industry as well as in the dietary supplement industry. Because shiitake mushrooms have an umami flavor, dried shiitake mushrooms are very popular among consumers around the world. In addition, both fresh and dried shiitake mushrooms are used in stir-fries, soups, stews, and other Asian cuisines.
The medicinal mushroom market finds key function like:
The antioxidant segment is expected to dominate the market over the forecast period. High preference of low-fat and low-calorie foods. Mushrooms are low in calories and high in vitamins and nutrients including iron, zinc and fiber. They are low in sodium and have no fat or cholesterol. The study found that various types of mushrooms such as reishi, button, lion's mane, and portabella are rich in total fiber.
The medicinal mushroom market finds key form like:
The fresh segment is expected to dominate the market over the forecast period. Fresh mushrooms are 80% water, and when you remove that, you're left with a highly concentrated product full of flavor and nutrients. Unlike vegetables, which lose a large part of their nutritional value during processing, dried mushrooms retain all their medicinal and immune-boosting properties leading to better market capture in the forecasted period.
The medicinal mushroom market finds key end-users like:
The industrial segment is expected to dominate the market over the forecast period. High protein diets have become increasingly popular over the past few years as consumers become more aware of maintaining overall health. Rising consumption of packaged food due to hectic lifestyle will also boost the growth of the industry. To appeal to a health-conscious customer base, packaged food manufacturers are enhancing food products with nutritional ingredients such as functional mushroom extracts or powders.
The medicinal mushroom market is studied for the following region:
Asia Pacific is expected to witness strong growth during the forecast period owing to the growing popularity and cultivation of medicinal mushrooms in the region. The increasing use of medicinal mushrooms in the manufacture of cosmetic products is expected to contribute significant growth to the regional industry. Additionally, a growing number of scientific studies on medicinal mushrooms in countries such as Japan, Korea, and China have brought several benefits of consuming them into the spotlight. The Chinese market is expected to be one of the major regions in Asia Pacific. Medicinal uses of mushrooms, which remained confined to Asian countries for a very long time, are also growing in Western countries such as the US, which is expected to further fuel the growth of the industry in the coming years.
Due to the spread of COVID-19, the functional mushroom market has been largely affected by labor shortages, which in turn have affected production capacity. In addition, due to the closure of wholesale markets, producers have had to rely only on supermarkets and e-commerce merchants to market their mushroom products. Thus, the functional mushroom market was greatly affected during the pandemic. The increasing number of cases of COVID-19 led the governments of various countries to implement lockdowns in 2020 to limit the spread of the infection.
The competitive landscape analysis of the algal oil is primarily focused on expanding the global growth of algal oil market through new technology innovation, business expansion, and the increasing presence of a range of manufacturers operating in algal oil market has led to growing demand for the market.
The key players studied in the market are
November 2021: Chaga Ltd, the largest chaga breeding company in Estonia, acquired 51% of Scandic Organic, the largest indoor producer of medicinal mushrooms in Estonia. As a result, Chaga Ltd becomes the largest Scandinavian producer of medicinal mushrooms.
May 2022: The Grove Inc. division launched the Upexi Medicinal Mushroom product line direct to consumer and on Amazon.
Global medicinal mushroom market is segmented into, type, function, form, end-user and geography. Medicinal mushroom types are segmented into chaga, cordyceps, reishi, turkey tail, maitake, shiitake, tremella, and others. Forms of medicinal mushroom are fresh, dried, others. The medicinal mushroom market end-users are household, commercial, and industrial (dietary supplements, food and beverages, personal care and cosmetics). The functions of medicinal mushroom are categorised into antioxidant, immune enhancer, anti-cancer, skin care, and others. And also market studied for the following countries: North America, Europe, Asia Pacific, and the Rest of World.
|Market Sizing for Year:||2023-2029|
|Market Segment studied:|
|Market Players and its
Banken Champignons BV
Far West Fungi
Gourmet Mushrooms, Inc
Amino Up Chemical
Baikal Herbs Ltd
FREQUENTLY ASKED QUESTIONS
What are the drivers for the global medicinal mushroom market?
Technological advancements and innovations in medicinal mushroom is likely to drive the market.
Which is the leading end-users for the global medicinal mushroom market?
Industrial segment has accounted for the major market share and is expected to witness growth at the highest pace during the forecast period.
Which region is gaining the majority of market share during the forecast period (2023-2029)?
Asia Pacific is expected to gain major market share during the forecast period (2023-2029).