Market Size of Global Functional Mushrooms Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 8.44 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Functional Mushrooms Market Analysis
The global functional mushroom market was valued at USD 25,415.12 million in 2020, and it projected to reach a CAGR of 8.44% during the forecast period 2021-2026.
The demand for mushroom-based products before COVID-19 has been increasing according to the data from the American Botanical Council's 2019 Herb Market Report. According to the report in the natural channel, sales of supplements containing Reishi increased 13.5% year-on-year, Cordyceps increased 8.2%, and general mushroom increased 33%. Further, concerns surrounding COVID-19 have since steepened that trajectory, and mushrooms are now being brought into the spotlight. They are witnessing accelerated growth patterns and product innovations compared to what may have otherwise occurred.
There has been a considerable shift in people's lifestyle and dietary habits over the past two decades, with urbanization and consumerism driving this shift, leading to a rapid rise in the consumption of synthetic food products, thereby resulting in an increased incidence of lifestyle diseases such as obesity, and diabetes. As a result, consumers have been gravitating towards functional foods and beverages, which manufacturers are promoting as beneficial beyond essential nutrition. These products are purported to provide optimal nutrition and reduce the risk of disease occurrence.
Furthermore, manufacturers are incorporating functional mushrooms, which are packed with antioxidants and nutritional value, with a plethora of health claims for each, into their product offerings to offer dietary options low in calories and high in protein content.
Functional Mushrooms Industry Segmentation
Functional mushroom specifically refers to varieties that have a health benefit beyond providing nutrition. The global functional mushroom market is segmented into type, application, and geography. Based on type, the market studied is segmented into reishi, cordyceps, lion's mane, turkey tail, shiitake, Chaga, and other types. Based on application, the market is segmented into food and beverage, dietary supplements, personal care, and pharmaceutical. On the basis of region, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. For each segment, the market sizing and forecasting have been done in value terms of USD million.
| By Type | |
| Reishi | |
| Cordyceps | |
| Lion's Mane | |
| Turkey Tail | |
| Shiitake | |
| Chaga | |
| Other Types |
| By Application | |
| Food and Beverages | |
| Dietary Supplements | |
| Personal Care | |
| Pharmaceutical |
| Geography | ||||||||
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| Rest of the World |
Global Functional Mushrooms Market Size Summary
The functional mushrooms market is experiencing significant growth, driven by increasing consumer interest in health and wellness. This trend has been accelerated by the COVID-19 pandemic, which has heightened awareness of the health benefits associated with mushrooms. As urbanization and consumerism have led to a rise in lifestyle diseases, there has been a shift towards functional foods and beverages that offer benefits beyond basic nutrition. Manufacturers are incorporating functional mushrooms, known for their antioxidant properties and health claims, into various products to meet the demand for low-calorie, high-protein dietary options. The superfood market, which includes functional mushrooms, is gaining traction as consumers seek natural and nutritious alternatives to processed foods, addressing health issues such as cardiovascular diseases, obesity, and diabetes.
Asia-Pacific stands as the largest producer of mushrooms, with countries like China and India playing pivotal roles in meeting both domestic and international demand. In China, functional mushrooms have been a staple in traditional medicine for centuries, valued for their health benefits. The market is highly competitive, with local and regional players like NAMMEX, Mitoku Company Ltd, and Hokkaido Reishi Co. Ltd leading the charge. These companies are innovating and expanding their product offerings, such as mushroom-infused beverages and custom solutions, to cater to the growing consumer base. The adherence to clean label claims and the incorporation of exotic mushrooms through contract farming are further propelling the market's expansion.
Global Functional Mushrooms Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Reishi
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2.1.2 Cordyceps
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2.1.3 Lion's Mane
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2.1.4 Turkey Tail
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2.1.5 Shiitake
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2.1.6 Chaga
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2.1.7 Other Types
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2.2 By Application
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2.2.1 Food and Beverages
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2.2.2 Dietary Supplements
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2.2.3 Personal Care
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2.2.4 Pharmaceutical
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 United Kingdom
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2.3.2.2 Germany
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Russia
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2.3.2.6 Rest of Europe
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2.3.3 Asia Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 Rest of the World
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Global Functional Mushrooms Market Size FAQs
What is the current Global Functional Mushrooms Market size?
The Global Functional Mushrooms Market is projected to register a CAGR of 8.44% during the forecast period (2024-2029)
Who are the key players in Global Functional Mushrooms Market?
NAMMEX, Mitoku Company Ltd, M2 Ingredients, Lianfeng (Suizhou) Food Co. Ltd and Hokkaido Reishi Co. Ltd are the major companies operating in the Global Functional Mushrooms Market.
