Market Introduction:
Medicinal mushrooms are antibacterial, antifungal, and antiviral in nature. They contain some of the most rejuvenating and nourishing health compounds of any substance on earth. Each medicinal mushroom family has a different medicinal effect. The major share of medicinal mushroom production was witnessed in Asia Pacific, which held 81.45% of market share in the year 2017. It has gained popularity among the growing population for its high nutritional and medicinal benefits including its ability in aiding weight loss, supporting cardiovascular health, fighting against cancer cells, improving energy levels and brain function, reducing inflammation, and supporting the immune system. Additionally, various elements in the medicinal mushroom such as selenium, zinc, and kojic acid are beneficial for healthy skin which is adding fuel to the growth of the medicinal mushroom market.
Market Forecast:
The global market for medicinal mushroom has been experiencing high demand from the last few years and is projected to reach 7,246,936 tons by 2023 compared to 3,548,044 tons in 2017. Increasing application of medicinal mushroom in various industries is driving the market of the medicinal mushroom market. Owing to the high nutritional attributes of medicinal mushroom such as it is a good source of vitamin B & D, it is gaining popularity among the health-conscious population.
Based on the type, reishi mushroom is expected to witness the highest growth rate of 13.13% on the global level. Cordyceps mushroom is also anticipated to grow rapidly during the forecast period. Moreover, on the basis of category, the fresh medicinal mushroom is dominating the market over the past years. However, the dried medicinal mushroom is projected to witness a high growth rate of 14.04% over the forecast period. Additionally, based on the function, the medicinal mushroom is dominating in the functionality as an antioxidant and is expected to grow in this segment at a CAGR of 13.30% over the estimated period.
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By Downstream Analysis
On the basis of the type of the medicinal mushroom, the shiitake mushroom is dominating the market holding a major share of 59.26%. However, the reishi mushroom is anticipated to grow substantially over the forecast period followed by the cordyceps mushroom.
Based on the category of the medicinal mushroom, the fresh mushroom is dominating the market holding a global market share of 48.62%. However, the dried medicinal mushrooms are expected to grow substantially over the forecast period followed by processed medicinal mushrooms.
The functionality of medicinal mushroom as an antioxidant has gained huge popularity and is dominating the market with the major market share of 35.67% in the year 2017. Moreover, it is likely to witness highest growth rate followed by its functionality as an immune enhancer over the coming years.
Competitive Analysis
The major key players in medicinal mushroom are:
- Bonduelle SA (France)
- Monaghan Mushrooms (England)
- Agro Dutch Industries Ltd. (India)
- The Mushroom Company (U.S.)
- Modern Mushroom Farms (U.S.)
- Delftree Mushroom Company (U.S.)
- Banken Champignons (the Netherlands)
Regional Analysis
Among the regions, Asia Pacific is dominating the medicinal mushroom market with over 81.45% of the global market share and is projected to reach more than 6,186,457 by 2023. In Asia Pacific, China is expected to grow at the highest rate followed by Vietnam over the forecast period. Moreover, RoW is projected to witness substantial growth during the forecast period 2017-2023 in which the Middle East is dominating the market and is expected to grow at the highest growth rate of 10.50% over the forecast period.
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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.
