Chaga Mushroom Market Reviewing Key Challenges With Top Players Baikal Herbs Ltd., Fungi Perfecti LLC, Annanda Chaga Mushrooms, Bioway (Xi'an) Organic Ingredients Co. Ltd

According to a new report published by Allied Market Research, titled, "Chaga Mushroom Market," The chaga mushroom market was valued at $712.60 million in 2021, and is estimated to reach $1.4 billion by 2031, growing at a CAGR of 7.2% from 2022 to 2031.

The chaga mushroom, also known as Inonotus obliquus, is a fungus that is a member of the Hymenochaetaceae family. Chaga mushrooms are most frequently seen growing on birch trees. Since chaga mushrooms thrive in frigid regions, they are primarily grown in Russia. Birch trees are a natural habitat for chaga mushrooms. The chaga mushroom conk develops in tandem with the tree over a period of 5 to 7 years. Chaga mushrooms are not considered to be either plants or animals. The 150 other species of Basidiomycetes that have been designated as therapeutic mushrooms are vastly inferior to the chaga mushroom, which is categorized technically as a Basidiomycetes mushroom. Chaga mushrooms contain a variety of substances, such as polysaccharides, polyphenols, and triterpenes, which have a number of health advantages.

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The players operating in the chaga mushroom industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market and gain chaga mushroom market opportunities. The key players profiled in this report include Baikal Herbs Ltd., Fungi Perfecti LLC, Annanda Chaga Mushrooms, Bioway (Xi'an) Organic Ingredients Co. Ltd., Sayan Health, Inc., Eartherbs L.L.C., Aloha Medicinals, Oregon Mushrooms Co., Mahogany Organics Private Limited, The Chaga Company LLC., NutraCap Labs, L.L.C., Canadian Pine Pollen Company, The Brainfood Mushroom Company, Touchwood Mushrooms, FreshCap Mushrooms Ltd., and Om Mushroom Superfood.

The most potent component of the chaga mushroom is known for treating and preventing cancers, metabolic issues, and a number of chronic ailments. Additionally, many countries drink chaga tea for its therapeutic properties and health benefits. Such positive effects are largely attributable to the immunomodulatory, anti-inflammatory, and anti-oxidative properties of Inonotus obliquus polysaccharide, such as the branched polysaccharide -glucan, one of the main polysaccharides present in IOP and acting as a dietary fiber that greatly aids in digestion and nutrient absorption as well as having anti-diabetic and anti-proliferative properties. Thus, avove factors are likley to supplement for the growth of the chaga mushroom industry during forecast period.

Consumption of chaga mushrooms is concentrated primarily in the European and American regions. Chaga tea has been popular in health conscious population as it is vital source of antioxidants. The beneficial active components of chaga mushrooms, such as superoxide dismutase (SOD), β-D-glucan, lignin, saponin and betulinic acid, have helped chaga mushroom to gain significant appeal among the health-conscious public. Chaga has a lot of superoxide dismutase enzyme, which is one of its key characteristics. SOD enzymes help humans manage their health and beauty. It is anticipated that increasing use of sports nutrition supplements would increase demand for chaga mushroom-based supplement products worldwide. Additionally, many bioactive substances found in chaga mushrooms are the subject of continuing holistic research studies and clinical trials that try to demonstrate their efficacy. Thus, it is expected that this medical variety of mushrooms will further boost market sentiment. Additionally, there is a growing market for chaga mushrooms as a significant component in several personal care products. Its excellent antioxidant, anti-aging, anti-wrinkle, skin-whitening, and moisturizing effects are accountable for this. The preference of consumers is shifting away from synthetic components and toward products made with plant-based organic ingredients. The high cost of chaga mushrooms, however, is anticipated to restrain the chaga mushroom market growth.

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Over the past few decades, there has been a trend and a notable uptick in the creation of natural medications for the prevention and treatment of numerous immunological illnesses. Hence, people are becoming more conscious of their dietary demands due to easy access to a depth of information. The majority of consumers prioritizes healthfulness when selecting food and beverage goods. Due to this, customers are changing their beverage consumption habits in favor of healthier options, such as adding chaga mushroom juice to tea, coffee, and smoothies. The growth of healthy food choices is also linked to an increase in demand for food and beverage items that are seen to be clean label, plant based and organic. Today, labels that are clean and clear are regarded as global standards. Thus, increase in demand for organic and natural ingredient based functional foods are likely to support for the growth of the chaga mushroom market size.

According to the chaga mushroom market analysis, the chaga mushroom market is segmented into nature, form, end use, and region. As per nature, the market is categorized into organic and conventional. According to form, it is segregated into powder and liquid. As per end use, it is segmented into food and beverage industry, cosmetics and personal care, pharmaceuticals. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, France, Spain, Italy, Russia, Germany, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

On the basis of nature, the conventional segment has gained highest market share in 2021 and is expected to grow at CAGR of 7.4% during forecast period. Wild craft chaga mushrooms are only produced in a very limited region since they must be grown or found in cold climates. It can be found primarily in Canada, Russia, Siberia, northeastern China, as well as northern regions of Europe and the U.S. As a result of these circumstances, traditionally grown chaga mushrooms have gained popularity. Additionally, the government has set aside forest areas for the development of birch trees and chaga mushrooms. Increasing demand for chaga mushroom which cannot be catered with such limited wild chaga production and improvement in the lab grown chaga mushroom are likely to generate chaga mushroom market demand through conventional segment during the forecast period.

On the basis of form, the liquid segment is expected to reach $486.9 million by 2031, with a CAGR of 7.7%. The chaga mushroom's liquid form is becoming increasingly popular in the pharmaceutical sector since it is smooth and has almost no texture, making it simple to blend with other ingredients. The global chaga mushroom market share has been significantly underrepresented by liquid chaga mushroom, however this is likely to change over the forecast period of 2022-2031. Chaga mushrooms are typically favored in liquid form from an industrial and transportation perspective. The cost of shipping liquid chaga mushrooms is four times less than that of shipping powder chaga mushrooms.

According to the chaga mushroom market trends, depending on end use, the cosmetics and personal care segment was valued at $81.4 million in 2021, and is expected to grow at highest CAGR of 8.3%. According to the Integrity Ingredients Corporation (IIC), along with vitamins B, C, and E, chaga mushrooms are also bursting with critical minerals like zinc, copper, magnesium, selenium, and potassium, which has a variety of skin care benefits. In capitalizing on the anti-aging and antioxidant properties of the chaga mushroom, Integrity Ingredients Corporation (IIC), a provider of sustainable, clean beauty ingredients, has added Chaga Mushroom Liquid Extract which is composed of glycerin, water and chaga mushroom. The chaga mushroom is wild-harvested. According to the firm, the mushroom has the greatest antioxidant strength oxygen radical absorbent capacity (ORAC) score of 146,700 for antioxidant strength-the highest ORAC score ever recorded in any natural food.

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According to chaga mushroom market opportunity, region wise, North America garnered a significant chaga mushroom market share in 2021 and is expected to maintain its market share throughout chaga mushroom market forecast period. The market for chaga mushrooms in North America is expanding as a result of consumer preference shifting toward functional foods, a positive outlook for organic personal care, advancements in the sector, growing acceptance of mushrooms' medicinal properties, and mushrooms' emerging role in the food industry. Additionally, businesses in the North American chaga mushroom sector are always focusing on methods like mergers and acquisitions, investments, and advancements to broaden their global reach and satisfy the escalating market need. Governments in North America are also concentrating on strategic actions for the agricultural and agri-food industries.

Key finding of the study

By nature, the conventional segment is estimated to witness the fastest growth, registering a CAGR of 7.4% during the forecast period.

By form, the powder segment is estimated to witness significant growth, registering a CAGR of 6.9% during the forecast period.

In 2021, depending on end use, the segment was valued at $199.3 million and is expected to grow at a CAGR of 7.1%.

In 2021, China was the most prominent market in Asia-Pacific, and is projected to reach $115.9 million by 2031, growing at a CAGR of 8.5% during the forecast period.

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