Medicinal Mushroom Market by Application, Share, Size, Regional Revenue, Competitor, Growth, Forecast

Market Insights
Medicinal mushrooms have been attributed with various properties which have been found to offer health benefits such as improved immune system, increased oxygen flow, increased mental acuity, regulation of blood sugar and blood pressure among others. Recently, medicinal mushrooms have witnessed massive demand and are used across several industries. Market Research Future (MRFR) has projected that the global market for medicinal mushrooms is expected to grow at an above average CAGR of 12.60% during the forecast period of 2017 to 2023.
Various mushrooms contain various elements and are finding application in various industries including nutraceuticals, skincare, and pet care. Its growing popularity is associated with the medicinal benefits these mushrooms possess, and MRFR's analysis reveals that the by market volume, it is estimated to reach 7,246,936 tons by the end of 2023. Demand from cosmetics and skincare companies has led to the development of skincare lines which leverage the minerals and other nutrients that these mushrooms can provide. Moreover, they are highly popular in herbal supplements and are being researched for their immunological and anti-cancer properties. Use of medicinal mushrooms in food products is another important driver of the global medicinal mushroom market. Rising imports and exports of these mushrooms are expected to aid market growth significantly.
Mushrooms are delicate, and when consumed fresh, they have a short shelf life, which is a restraint to the growth of the market with regards to specific applications. Moreover, cultivation and extraction of mushrooms is not environmentally friendly and challenges market growth. Notably, research into the advancement of techniques used for cultivation and harvesting of medicinal mushrooms is expected to provide opportunities for growth in the coming years.

Key Players
Prominent players in the global market for medicinal mushrooms include Hughes Mushrooms, Delftree Mushroom Company, Weikfield, Monaghan Mushrooms, Agro Dutch Industries Ltd., The Mushroom Company and Delftree Mushroom Company among others.

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Market Segmentation
MRFR has segmented the market on the basis of type, form, function, and region. By type, the market is segmented to include shiitake, reishi, maitake, chaga, cordyceps, turkey tail, and other types. Shiitake mushroom dominates the market with the largest share due to its extensive use both in the food & beverage industry and int he pharmaceutical as it has a well-rounded range of benefits. It should be noted, however, that the reishi mushroom segment is projected to grow at the highest CAGR of 13.3 over the assessment period.
By form, the market is divided between fresh, dried, and other forms. Fresh medicinal mushroom holds close to 50% of the total market share due to its wide use in the culinary sector. Mushrooms are used in a variety of preparations, and they are often consumed or cooked while fresh. However, dried mushrooms are expecting to witness the fastest growth due to their longer shelf life and multi-purpose use not limited to culinary uses.
By function, the market is segmented into antioxidant, immune enhancer, anti-cancer, skin care, and other functions. Its use as an antioxidant is the most popular function which has a leading share of over one-third of the total market. Use of mushrooms for their antioxidant nature in pharmaceuticals and cosmetics is growing rapidly, thus contributing to the segments leading market position.
Globally, the market is divided into North America, Europe, Asia-Pacific (APAC), and the Rest of the World.

Regional Analysis
Asia-Pacific is the most significant market in the global medicinal mushrooms market and is expected to display a CAGR of 13.48% during the review period. The region has many varieties of indigenous mushrooms which are in high demand for medicinal use. The production of medicinal mushroom from this region is expected to grow rapidly to meet the demand. Increasing awareness regarding medicinal, mushrooms, ongoing practice of using certain mushrooms in traditional herbal remedies, and use in traditional food preparations are expected in increase the consumption of mushrooms in the region over the forecast period. Moreover, the presence of a significant cosmetics and skincare industry in the region is expected to reveal new avenues for growth for the regional market.

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Latest Industry News
Venture Verde has partnered with the Chicago Mushroom Company in a signed agreement for a plan to set up an organic, urban mushroom farm in a controlled environment agricultural facility in Chicago.
Beauty and skincare brand, Moon Juice has just launched a new line called Beauty Shroom. The brand is famous for its use of clean ingredients. One of the new products in the lines is the Plumping Jelly Serum which is made using silver ear mushrooms and hyaluronic acid for hydration.

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