The global medicinal mushroom market comprises various mushrooms species that are known for their nutritional and medicinal properties. Mushrooms like Reishi, Shiitake, Cordyceps, Lions Mane, Turkey Tail etc. are richest sources of polysaccharides, antioxidants, vitamins and minerals that help boost immunity, lower inflammation and provide other health benefits. The growing awareness about benefits of consuming functional foods and the willingness to adopt preventive healthcare approaches is driving more people to consume medicinal mushrooms in their diet.
The Global Medicinal Mushroom Market Demand is estimated to be valued at US$ 34.22 BN in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the global medicinal mushroom market are Host Defense Mushrooms, Sun Potion, Four Sigmatic, Om Mushrooms, Real Mushrooms, MycoMedicinals, North American Medicinal Mushrooms (NAMM), Golden Eagle Herbs, Rainforest Herbs, FreshCap Mushrooms, Oriveda, Dr. Stamets’ PerfectSpore, Fungi Perfecti, Redd Remedies, Vital Plankton, Aloha Medicinals. The increasing awareness about health benefits of medicinal mushrooms as immunity boosters and natural remedies is driving strong demand for various medicinal mushroom products in different forms like powders, capsules and extracts. Major players are expanding their production facilities and global footprint to cater to the growing demand.
The growing demand in the market is attributed to increasing consumer preference for healthy, plant-based and functional foods over the past years. Mushrooms are considered superfoods and their consumption has been associated with lowering risk of cancer, heart disease, diabetes and improving cognitive functions. This is boosting consumption of various mushroom-infused foods and beverages.
Global expansion of the market is witnessed with players focusing on strategic partnerships and acquisitions to strengthen their international presence. Popular mushroom varieties like Reishi, Cordyceps and Lions Mane are gaining high demand in key regions like North America, Asia Pacific and European countries. Domestic markets in China, Japan, Korea are also significantly contributing to the global market revenues.
Market key trends
One of the key trends in the global medicinal mushroom market is the increasing use of mushrooms in capsule and powder supplement formulations. Ease of consumption and effective dosage measurement is boosting the popularity of capsules and powders. Players are coming up with various mushroom blends and formulations targeted for specific health benefits like immunity, cognitive function, anti-aging etc. Innovation in product offerings catering to personalized nutrition is another trend. With growing health-conscious consumer base, the market is expected to witness stronger demand and witness high growth over the coming years.
Porter’s Analysis
Threat of new entrants: The global medicinal mushroom market has high barriers of entry with high production costs and regulatory compliance requirements.
Bargaining power of buyers: Buyers have moderate bargaining power as medicinal mushrooms have numerous health benefits and there are many suppliers in the market.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as they depend on a few large buyers for bulk of their sales.
Threat of new substitutes: Threat of substitutes is low as medicinal mushrooms have unique health promoting properties that are difficult to substitute.
Competitive rivalry: The global market is highly competitive with presence of many regional and international players.
Geographical Regions of Concentration
The Asia Pacific region accounts for the largest share of the global medicinal mushroom market by value mainly due to highest consumption and production in countries like China, Japan and Korea. Traditional medicine practices use mushrooms as herbal supplements since ancient times in these countries.
Fastest Growing Geographical Region
North America region is poised to be the fastest growing market for medicinal mushroom during the forecast period. Increasing consumer preference for organic, natural ingredients based food and supplements along with rising expenditure on preventive healthcare is driving market growth in the US and Canada.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it