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Medicinal Mushroom Market Anticipated to Reach USD 62.0 Bn by 2032 with 8.7% CAGR | Analysis by Marketresearch.biz

Rising demand for medicinal mushrooms, like reishi, cordyceps, lion’s mane, and chaga, is fueled by their delightful taste and health benefits. They’re…

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Rising demand for medicinal mushrooms, like reishi, cordyceps, lion’s mane, and chaga, is fueled by their delightful taste and health benefits. They’re becoming popular ingredients in various foods and drinks due to their unique flavors.

Global Medicinal Mushroom Market witnessed a valuation of USD 27.5 Bn in 2022 and is anticipated to reach USD 62.0 Bn by 2032, exhibiting a CAGR of 8.7% from 2022 to 2032.

These basidiomycetes mushrooms are renowned as superfoods, nutritional supplements, and nutraceuticals, with a rich history in Traditional Chinese Medicine and a prominent presence in the natural health products category in Asia. Asia, particularly China, holds the distinction of being the largest producer of mushrooms globally, contributing to around 70% of the total production.

With over 14,000 mushroom species worldwide, approximately 350 species are consumed globally. Fungi like Shiitake, Chaga, and Lingzhi (Reishi), among others, have been used as medicinal remedies in Asian countries for centuries, leading to scientific exploration of their medicinal properties, particularly their potential as anticancer agents.

Medicinal mushrooms are commonly consumed in powder form, although they are also available in dried slices, liquids, fresh, and capsules. Fresh mushrooms typically have high moisture content, ranging from 70% to 95%. The dry matter of mushrooms consists of carbohydrates, proteins, essential fatty acids, and trace amounts of vitamins and minerals.

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Key Takeaways

  • The global medicinal mushroom market is projected to reach a value of billions of dollars by 2025, growing at a significant rate.
  • Asia Pacific, particularly China, dominates the global market in terms of production and consumption of medicinal mushrooms with a market share of 78.56%.
  • Popular medicinal mushroom varieties include Reishi, Chaga, Shiitake, Cordyceps, and Lion’s Mane.
  • Medicinal mushrooms are known for their potential health benefits, such as immune system support, cardiovascular health, anti-cancer properties, and cognitive enhancement.
  • North America and Europe are emerging markets for medicinal mushrooms, driven by the growing demand for natural and alternative health products.

Driving Factors

There is increasing consumer demand for medicinal mushroom due to their pleasant taste, unique flavors, and growing popularity. Medicinal mushrooms like reishi, cordyceps, lion’s mane, and chaga have an umami flavor that consumers find appealing. Their exotic flavor profile makes them popular ingredients in teas, coffees, soups and other foods. As more consumers become aware of their potential health benefits, demand for tasty medicinal mushroom products is rising.

Medicinal mushroom contain a variety of bioactive compounds that may offer health benefits. Compounds like polysaccharides, peptides, and triterpenes in mushrooms have shown promising anti-inflammatory, anticancer, antioxidant and immune-boosting properties in studies. Although more research is needed, the potential medicinal properties of mushrooms are gaining interest among health-conscious consumers looking for functional foods and supplements.

Thirdly, growth in the medicinal mushroom market is being driven by larger trends in natural, organic and gut-healthy food products. Consumers are increasingly looking for ways to boost their immunity and gut health using natural ingredients. The perceived health halo around medicinal mushrooms fits well with these natural wellness trends. Companies are incorporating medicinal mushrooms into gut-healthy foods, teas, coffees and dietary supplements to capture this growing market.

Restraining Factors

One of the key restraining factors for the medicinal mushroom market is the supply-demand gap. There is a growing consumer demand for medicinal mushrooms and mushroom-derived products like supplements due to their health benefits. However, mushroom cultivation requires specific conditions and expertise which limits the supply. The limited supply makes medicinal mushrooms more expensive and less accessible to consumers, restricting market growth. More investment and research into efficient mushroom farming practices could help address the supply issues.

Another restraining factor is the short shelf life of fresh medicinal mushrooms. Most medicinal mushroom varieties have a shelf life of only a few days to a week when fresh. Their delicate nature makes large-scale transportation and storage difficult. Drying techniques can extend shelf life but some nutrient loss is inevitable. The short shelf life limits the distribution and sales channels available for fresh medicinal mushrooms. Advancements in packaging and preservation technology to retain nutrients and prolong shelf life can help overcome this restrain.

Opportunities

Increased demand creates opportunities for incorporating mushroom extracts into processed food products. The growing awareness of medicinal mushrooms’ health benefits has increased consumer demand. This presents an opportunity for food manufacturers to incorporate mushroom extracts into processed and packaged foods across categories. Mushroom extracts can be added to frozen foods, snacks, seasonings, beverages and more. Not only would this allow consumers to eat medicinal mushrooms as part of their daily diet, but food companies can also market their products as having added functional benefits.

More edible mushrooms are expected to be classified as nutraceuticals. Many common edible mushroom varieties have medicinal properties that can qualify them as nutraceuticals. As research into the bioactive compounds and medicinal benefits of mushrooms expands, more varieties could get approval as nutraceutical ingredients. This would open up opportunities for marketing common mushrooms like button, oyster and shiitake as having functional benefits. More mushrooms qualifying as nutraceuticals could also result in growing consumer demand and incorporation into dietary supplements or functional foods. The nutraceutical classification can help drive mainstream acceptance and adoption of mushrooms as health-boosting ingredients.

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Report Scope

Key Market Segments

Types

The Shiitake mushroom segment is projected to dominate the medicinal mushroom market. Dried Shiitake mushrooms are known for their umami flavor and can be used as a meat substitute. They contain essential amino acids found in meat, making them a healthy option for individuals following a meat-free diet. Other mushroom varieties such as Cordyceps, Turkey Tail, and Chaga also contribute to the market.

Distribution Channels

Supermarkets and hypermarkets are expected to lead the medicinal mushroom market. These stores offer a wide range of fresh mushrooms and processed food products that incorporate mushrooms. Convenience stores and e-commerce platforms also play a significant role in distributing medicinal mushrooms.

Form

Fresh medicinal mushrooms are highly sought after for their nutritional benefits and distinct flavors. Dried medicinal mushrooms offer a convenient and long-lasting option, with concentrated flavors and extended shelf life. Medicinal mushrooms are also available in other forms such as powdered extracts, capsules, tinctures, and liquids.

Applications

Medicinal mushrooms are known for their potent antioxidant properties, immune-enhancing effects, anti-cancer properties, and benefits for skin health. They are also used in the food and beverage industry to enhance flavors and nutritional profiles.

End Users

The food and beverage industry is anticipated to experience the highest growth rate, driven by the increasing demand for ready-to-eat food products and the recognition of the beneficial properties of medicinal mushrooms. The pharmaceutical industry also utilizes medicinal mushrooms for the production of health food and pharmacy products.

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Key Market Segments

By Types

  • Chaga
  • Cordyceps
  • Reishi
  • Lions Mane
  • Maitake
  • Shiitake
  • Turkey Tails
  • Others

By Distribution Channels

  • Supermarkets and Hypermarkets
  • Convenience Stores
  • E-Commerce

By Form

  • Fresh
  • Whole
  • Dried
  • Liquid
  • Capsule

By Applications

By End Users

Regional Analysis

Asia-Pacific, with China at the forefront, stands as the undisputed leader in both the production and consumption of medicinal mushrooms. This dominance is rooted in a rich tradition of utilizing mushrooms for their health benefits, with Chinese herbal medicine incorporating them for centuries. The vast landscapes of Asia-Pacific, favorable climatic conditions, and the availability of a wide variety of mushroom species contribute to the region’s supremacy in this market.

China, in particular, plays a pivotal role in shaping the global landscape of medicinal mushrooms. Its extensive agricultural infrastructure, along with advanced cultivation techniques, allows for large-scale production of varieties like Reishi, Cordyceps, and Maitake, which are highly sought after for their medicinal properties. Furthermore, China’s expertise in traditional herbal medicine provides a strong foundation for research and development in the field of mycology, further propelling its dominance in the industry.

By Geography

North America

  • Mexico
  • US
  • Canada

Europe

  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia
  • Netherland
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • South Korea
  • India
  • New Zealand
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC

Latin America

  • Brazil
  • Mexico
  • Rest of Latin America
  • Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

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Competitive Landscape

The competitive landscape of the medicinal mushroom market is characterized by a dynamic interplay of established players and emerging entrants. Leading companies such as Four Sigmatic, Namex, and Hokkaido Reishi Co. dominate the market with a diverse product portfolio encompassing various mushroom species like Reishi, Chaga, and Cordyceps. These industry players leverage their strong brand presence, research and development capabilities, and distribution networks to maintain a significant market share. At the same time, a surge in consumer awareness about the health benefits of medicinal mushrooms has paved the way for numerous startups and small-scale producers to enter the market. These newcomers often focus on niche or organic offerings, catering to specific customer preferences.

Top Key Players in 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)
  • Mitoku (Japan)
  • Hirano Mushroom LLC (Serbia)
  • Gourmet Mushrooms Inc. (US), and other major players.

Recent Developments

  • In 2022, Innomy, a Spanish business focused on mushroom-based meat substitutes, announced it has successfully raised EUR 1.3 Million (USD 1.26 Million). They say mycelium offers high nutritional value while having low cholesterol and saturated fat content it is one of the most promising protein sources.
  • In July 2022, Ethical Naturals and Nammex collaborated to launch a new line of organic mushroom extracts called Mushroom-Plus. These extracts are specifically formulated to address specific health concerns.
  • In May 2022, Grove Inc. entered the medicinal mushroom market with its latest product line called Cure Mushrooms. This brand offers a range of mushroom extracts that are produced in the United States.
  • In June 2021, The Marley, a company founded by the family of legendary musician Bob Marley, announced a partnership with Silo Wellness Inc., a Toronto-based company that is a leader in the emerging psychedelics industry. Together, the two companies launched Marley One, a new consumer brand focused on functional and psychedelic mushrooms.

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