Market Insight
Market Research Future (MRFR) expects the medicinal mushroom extract market to post a decent growth rate of 6.40% from 2020 to 2027 (evaluation period). MRFR also projects that by 2027, the market value can be USD 17,558.6 million, which indicates strong growth prospects. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Top Boosters and Barriers
Medicinal mushrooms have garnered a lot of traction over the years, given their health-enhancing properties. These are extensively used in extraction methods, such as fluids, powder, capsules, and others. A few common types of medicinal mushrooms are reishi, shiitake, cordyceps, turkey tail, chaga, to name a few. The MRFR study suggests that the surge in health problems worldwide have been responsible for the strong growth of the medicinal mushroom extract market, while the rising focus on preventive healthcare have also bolstered their demand to a large extent.
The increasing preference for functional foods among the constantly expanding pool of health conscious population is also cited to be a growth booster in the medicinal mushroom extract industry. Given the rising consumption of vegan food among people due to their health-boosting benefits, players in the medicinal mushroom extract market research can be presented with excellent opportunities in the near future. The mounting concerns with regard to the alarming rise in the health issues including obesity, weak immune systems and malnutrition have pushed consumers to opt for enriched and nutritious food & beverages that provide a host of health benefits. The growth in this kind of mindset among people with regard to their health can be a huge plus for the medicinal mushroom extract market.
The surge in R&D activities also seems to be working in favor of the global market, since many of the vendors are highly focused on fortifying their global footprints, while also expanding their offerings and launching new products with medicinal mushroom extracts. To cite an instance, in September 2020, Zoey Henderson launched a line of 0.5% AVB craft beers called Fungtn, which comprise medicinal mushrooms. The brand also caters to vegans and individuals that prefer gluten free products. Some of the beers in this line are Citra Beer brewed with Reishi mushrooms; lager made of Chaga mushrooms and IPA brewed with Lion’s Mane mushrooms.
Market Segmentation
Type, form and function are the primary segments based on which the market study has been carried out in the MRFR report.
The types covered in the study are Reishi, Shiitake, Maitake, Chaga, Turkey Tail, Cordyceps, and more.
Function-wise, the key segments are skin care, immunity enhancer, antioxidants, and others.
Market segmentation, depending on form, includes liquid, powder and capsules & tablets. The capsules & tablets segment is set to secure the top position and touch USD 8,834.1 million by 2027-end. The segment is also anticipated to achieve the fastest expansion rate of 6.3% between 2020 and 2027. Capsules & tablets are considered to be the most convenient forms of medicinal mushroom extracts and have extended shelf life. Therefore, the segment managed to seize a share of 56.62% in the global market in 2019.
Regional Insight
The key markets for medicinal mushroom extract are Europe, Asia Pacific/APAC, North America, and RoW/Rest of the World
APAC can make remarkable strides in the coming years, with a strong possibility of taking the lead in the global market. In 2019, APAC accounted for 73.18% share of the overall market in 2019, with China emerging as the top contributor to the market growth. The APAC market’s growth rate is expected to be 5.8% from 2020 to 2027, as a result of the rising marketing and promotion of medicinal mushroom extracts by leading brands in the region. Consumers’ buying patterns in favor of medicinal food indicate their inclination towards products that provide abundant health benefits. Therefore, the region is predominantly flooded with books and magazines that give information with regard to the health benefits of medicinal mushroom extracts and help boost consumer awareness. This has been significantly favorable for the regional market and can continue to do so even in the years ahead.
In North America, the significant consumer interest in healthy food products has prompted distributors to expand their offerings of functional beverages that contain medicinal mushroom extracts. Moreover, the increased consumer awareness along with the rise in educational marketing is presumed to enhance the medicinal mushrooms extract market size in the region.
Top Vendors
The top vendors active in the worldwide market are New Roots Herbal Inc. (Canada), The Nature's Bounty Co. (US), Nature's Way Products, LLC (US), Oriveda BV (Netherlands), Bio Botanica, Inc. (US), Nyishar (UK), Aloha Medicinals (US), Real Mushrooms (Canada), Sayan Chaga (US), Biofinest (US), and more.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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