Medicinal Mushroom Market - Growth, Trends, Covid-19 Impact, And Forecast (2023 - 2029)

Market Overview:

The Medicinal Mushroom Market was valued at USD 214.99 million in 2021 and is expected to reach USD 373.26 million by the year 2028, at a CAGR of 8.2%

Fungal species known as medicinal mushrooms, more specifically basidiomycetes, are used as superfoods, dietary supplements, and nutraceuticals. They are a component of the huge market for organic health products in Asia, where TCM has been using herbal remedies for thousands of years. Asia is also recognized as the first place where mushrooms were grown. China is said to have invented the cultivation of Shiitake, a medicinal fungus, in the 12th century, and the country now produces 70% of the world's mushrooms. For thousands of years, medicinal mushrooms have been used in Eastern medicine, and they have recently become increasingly well-known. In addition, 350 of the 14,000 types of mushrooms that exist in the world are eaten by people all over the world.

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Market Dynamics:

Driver:

The primary factor propelling the growth of the medical mushroom market over the anticipated period is the fast-rising demand for medicinal mushrooms due to their popularity among consumers, pleasant taste, and distinctive flavors. The bioactive components found in medicinal mushrooms, including superior proteins, polysaccharides, unsaturated fatty acids, minerals, triterpene sterols, and secondary metabolites, make them a valuable product for use in medicine. Popular medicinal mushrooms include those that help prevent or treat conditions like obesity, hypertension, immunodeficiency, cancer, inflammation, and hypercholesterolemia.

Opportunities:

A lucrative potential for market players to use mushroom extracts in various processed food products has been created by the huge rise in demand for medicinal mushrooms, which is linked to their health-promoting advantages. As sources of significant secondary metabolites that can be used as food supplements, 270 species of mushrooms have been identified. However, only a small number of the 270-known species of therapeutic mushrooms are regarded as nutraceuticals. In the predicted period, it's anticipated that many edible mushrooms would be labeled as nutraceuticals. Different civilizations throughout the world have long used medicinal mushrooms to treat and prevent a wide range of illnesses.

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The Report Will Include A Major Chapter

•Patent Analysis
•Regulatory Framework
•Technology Roadmap
•BCG Matrix
•Heat Map Analysis
•Price Trend Analysis
•Investment Analysis
•Company Profiling and Competitive Positioning
•Industry Value Chain Analysis
•Market Dynamics and Factors
•Porter's Five Forces Analysis
•Pestle Analysis

Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years.

Market Segmentation

Depending on the form, the dried segment is forecasted to have the highest share of the medicinal mushroom market in the forecast period. Dried mushrooms are not manufactured for immediate consumption, but as an ingredient after rehydration. Moreover, they are widely utilized for household cooking, as an ingredient in dehydrated meals and spices, and as an ingredient in health food and pharmacy products. After rehydration (soaking in water for 30-60 minutes), they can be cooked in a similar way to fresh mushrooms. The characteristic of dried mushrooms is that the intensity of the taste and flavor increases after drying. Dried mushrooms, or powdered form of mushrooms, are most widely utilized for the production of food supplements than fresh mushrooms. Also, scientific studies have proven that sun-dried mushrooms provide more nutrients compared to fresh ones. For instance, a scientific study conducted on shiitake mushrooms indicates that 100g of fresh mushrooms, after having been placed in the sun for 12 hours, contained an additional 1000μg of vitamin D2.

Depending on the type, the Shiitake segment is forecasted to dominate the medicinal mushroom market. Shiitake mushrooms in the dried form are a great source of umami flavor. This mushroom can also be utilized as a meat substitute as it contains all the amino acids found in the meat thus, making it one of the healthiest mushrooms which can be consumed by individuals following a meat-free diet. Moreover, eritadenine, a compound found in shiitake mushrooms is known to reduce cholesterol levels in the blood. In addition, it also contains beta-glucans that help in reducing inflammation. Furthermore, lentinans and other beta-glucans found in shiitake protect against cell damage boost the immune system and white blood cell production to ward off microbes thus, supporting the growth of this segment in the forecast period.

Depending on the distribution channel, the supermarket and hypermarket segment is anticipated to lead the medicinal mushroom market in the forecast period. Supermarket and hypermarket stores offer a wide range of fresh mushrooms and mushroom-incorporated processed food products. Moreover, the discounts offered by these stores are attracting consumers thus, increasing the sales. The penetration of supermarkets and hypermarket stores is more in developed regions such as North America and Europe. Furthermore, buying mushrooms at supermarkets and hypermarket stores ensures the authenticity of the products thus, supporting the development of this segment in the forecast period.

Depending on end-users, the food and beverage industry segment is expected to develop at the highest growth rate in the projected period. The growing inclination toward ready-to-eat food products and the rising popularity of the beneficial properties of medicinal mushrooms are the essential factors driving the growth of the segments. Moreover, food and beverage companies are introducing new mushroom-based food and beverage products to meet the growing demand thus, driving the development of the food and beverage industry segment.

By Type:

•Shiitake
•Cordyceps
•Turkey Tail
•Chaga
•Others

By Distribution Channel:

•Supermarkets and Hypermarkets
•Convenience Stores
•E-Commerce

By Form:

•Whole
•Dried
•Liquid
•Capsule

By End User:

•Food & Beverage Industry
•Pharmaceutical Industry

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Regional Analysis of Medicinal Mushroom Market

The Asia-Pacific region is forecasted to dominate the medicinal mushroom market during the forecast period attributed to the growing inclination of consumers towards the benefits of medicinal mushrooms and an upsurge in the cultivation of mushrooms. Moreover, in this region, medicinal mushrooms have been utilized since ancient times. Furthermore, China is a prominent producer and a leading exporter of mushrooms all over the world. In addition, China has developed significant breeding and cultivation techniques of edible mushrooms, as well as product innovations, which has led to an increase in the production of mushrooms. The supportive government initiatives for the production of mushrooms are one of the vital components driving the expansion of the market in this region.

By Region:

•North America (U.S., Canada, Mexico)
•Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
•Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
•Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
•South America (Brazil, Argentina, Rest of SA)

Key Players For The Global Medicinal Mushroom Market

•FreshCap Mushrooms LTD. (Canada)
•Banken Champignons B.V. (Netherlands)
•Far West Fungi (US)
•Swadeshi Mushroom (India)
•DXN (Malaysia)
•Nikkei Marketing Limited (Canada)
•Chaga Mountain Inc (US)
•Asia Pacific Farm Enterprises (Canada)
•NC Exotic Mushrooms (Netherlands)
•Bonduelle SA (France)
•Nammex (Canada)
•Naturalin (China)
•Real Mushrooms (Canada)

Key Industry Development In Medicinal Mushroom Market

In February 2021, FreshCap Mushrooms LTD., a global leading manufacturer of mushroom-derived nutrition products, declared the launch of three new functional mushroom beverage products. Mushroom Coffee, Focus Lion's Mane Elixir, and Unwind Reishi Elixir are the new launches products. These new products are manufactured to offer individuals with refreshing drinks in their leisure time.

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Key questions answered in the report:

•What is the growth potential of the Medicinal Mushroom market?
•What growth opportunities might arise in the Medicinal Mushroom industry in the years to come?
•What are the most significant challenges that the Medicinal Mushroom market could face in the future?
•Who are the leading companies on the Medicinal Mushroom market?
•What are the main trends that are positively impacting the growth of the market?
•What growth strategies are the players considering to stay in the Medicinal Mushroom market?

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