Functional Mushroom Market to Grow with a CAGR of 10.92% through 2028
Increase in the health and wellness trends, diverse
product offerings, and evolving regulatory environments are expected to drive
the Global Functional Mushroom Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Functional
Mushroom Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Functional Mushroom Market stood
at USD 26.95 billion in 2022 and is anticipated to grow with a CAGR of 7.17%
in the forecast period, 2024-2028. This can be attributed to regional variations.
Different regions around the world have their preferred mushroom varieties,
leading to localized markets. For example, reishi and lion's mane are highly
popular in Asian countries, while shiitake and maitake have gained traction in
Western markets. This regional diversity fuels global market growth as
companies adapts their product offerings to cater to specific consumer tastes.
In addition, climate change poses challenges to
agriculture, including mushroom cultivation. Breeders are developing mushroom
varieties that are more resilient to climate fluctuations, ensuring a stable
supply chain. Climate-resilient mushrooms can mitigate the impact of
weather-related disruptions on the market.
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Functional mushrooms have various applications in
healthcare and pharmaceutical products, and their demand is expected to
increase in the foreseeable future. Furthermore, their expanding role as health
supplements in the pharmaceutical industry is contributing to industry growth.
The outbreak of COVID-19 in 2020 led to government-imposed lockdowns in many
countries to curb the spread of the virus. These measures disrupted the supply
chain of the industry, with temporary closures of food manufacturing and processing
facilities to protect workers' health, impacting production capacity. Global
lockdowns also made it challenging to procure raw materials due to restrictions
on international trade activities. Shipping delays caused by restrictions on
people's movement further led to raw material shortages, subsequently
increasing their prices and raising the costs of functional mushrooms. However,
the demand for functional mushrooms surged during the pandemic due to their
immunity-boosting properties, positively affecting global industry.
In recent years, high-protein diets have gained
popularity as consumer awareness of overall health maintenance has grown.
Increased consumption of packaged food products due to busy lifestyles will
also drive industry growth. To cater to health-conscious consumers, packaged
food manufacturers are enhancing their products with nutritious ingredients,
such as extracts or powders from functional mushrooms. Current protein
production through livestock is negatively impacting the environment, leading
to increased greenhouse gas emissions and sustainability concerns. Hence, there
is a significant focus on alternative protein sources, a trend expected to
drive industry growth in the coming years. Plant-based diets, particularly
among environmentally and animal welfare-conscious young people, have gained
popularity. According to the Alliance for Science and a study by Kansas State
University as of January 2022, around 10% of Americans over 18 were vegetarian
or vegan.
Functional mushrooms are anticipated to find use in
various medicinal and health products, expanding their applications in the food
and beverage industries. Moreover, the industry is growing due to the
increasing use of these mushrooms as functional ingredients in the
pharmaceutical and nutraceutical sectors. Scientific studies suggest that
functional mushrooms and mushroom-derived products can enhance the efficiency
of the immune system, further fueling market expansion. Functional mushrooms
have a short shelf life of one to three days due to their high-water content,
making proper post-harvest transportation and storage crucial. Inadequate
transportation practices can lead to a decline in quality even if high-quality
mushrooms are grown, ultimately impacting the final product's cost. Many
mushrooms, including paddy straw mushrooms, have an extremely short shelf life
of just a few hours, necessitating prompt processing, preservation, or
refrigeration upon harvest to minimize post-harvest losses. This is expected to
pose a challenge in the market.
The Global Functional Mushroom Market is segmented
into product, application, regional distribution, and company.
Based on its application, the industry has been
divided into categories such as food and beverage, dietary supplements,
pharmaceuticals, and other uses. The food and beverage application segment took
the lead in the global industry in 2022, contributing the largest share of
total revenue. Factors such as shifting consumer lifestyles, the expanding
urban population, and rising disposable incomes are among the key drivers
prompting consumers to embrace healthier eating habits. As a result, people
worldwide are incorporating functional mushroom-infused foods and beverages
into their diets. Consequently, the global food processing industry has seized
this trend, and it is anticipated that this inclination will continue to boost
the demand for functional mushrooms throughout the forecast period.
Meanwhile, the pharmaceutical application segment is
projected to experience the swiftest CAGR from 2023 to 2030. Functional
mushrooms are abundant in various bioactive compounds, including antioxidants
like flavonoids, quercetin, baicalein, polyphenols, polysaccharides,
triterpenes, proteins, amino acids, and organic germanium. Consequently,
extracts from functional mushrooms are employed as ingredients in the
development of medicinal or supplement products aimed at addressing conditions
such as diabetes, hypertension, sleep disorders, vitality enhancement, cancer,
and high cholesterol levels. This is expected to drive significant growth
within this segment during the forecast period.
Based on region, Asia Pacific held the dominant
position in 2022, primarily due to the majority of mushroom cultivation taking
place in China. Another significant factor driving the regional market was the
strong demand for these mushrooms, given their potential as functional foods.
Furthermore, there is a high demand for functional mushrooms in the food and
beverage industry in the Asia Pacific region, driven by the increased
incorporation of these mushrooms into regular diets as a nutritious food
choice.
North America is expected to experience the most rapid
growth within the projected timeframe. This can be attributed to the increasing
popularity of functional mushrooms as superfoods. Developed regions are
increasingly embracing functional mushrooms as a superior choice to numerous
other nutritious foods. Additionally, the region's growth is supported by
rising consumer awareness about maintaining overall health and well-being. The
growing preference for a vegan diet is also expected to boost the demand for
functional mushrooms in North America.
Major companies operating in
Global Functional Mushroom Market are:
- Way of Will Inc
- M2 Ingredients Inc.
- Nammex
- Mitoku Co Ltd
- Hokkaido Reishi
- Lianfeng Foodstuff Co Ltd
- REBBL Inc
- Monterey Mushrooms Inc
- Monaghan Mushrooms
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“The global functional mushroom market is poised for
continued growth, driven by the emerging trends. From innovative beverage
formulations to personalized nutrition solutions and skincare products,
functional mushrooms are diversifying their presence in the health and wellness
industry. As consumer awareness and demand for natural health solutions
continue to rise, the future of the functional mushroom market looks promising,
with ample opportunities for innovation and expansion,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Functional Mushroom Market By
Product (Reishi, Cordyceps, Lions Mane, Turkey
Tail, Shiitake, Chaga, Others), By Application (Food & Beverage, Dietary
Supplements, Pharmaceutical, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Functional Mushroom Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Functional Mushroom Market.
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