Global Medicinal Mushroom Market Size to worth $59.41 billion by 2031, growing at a CAGR of 8.2%, says Coherent Market Insights

BURLINGAME, Calif., July 22, 2024 /PRNewswire/ -- The global Medicinal Mushroom Market is projected to grow from USD 34.22 billion in 2024 to USD 59.41 billion by 2031, with a compound annual growth rate (CAGR) of 8.2% from 2024 to 2031, as per a recent report by Coherent Market Insights. Increasing demand for functional foods and supplements that promote health and wellness. Medicinal mushrooms are gaining popularity due to their antioxidant, antibacterial, and immune-boosting properties. Many people are incorporating medicinal mushrooms into their diets to support daily wellness and address age-related health issues like heart disease and diabetes. As preventive healthcare becomes more important globally, more consumers are turning to natural products like medicinal mushrooms for their perceived health benefits.

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Market Dynamics:

The global medicinal mushroom market is primarily driven by the growing awareness about various health benefits of medicinal mushrooms. Mushrooms are a good source of various nutrients such as proteins, vitamins, minerals, and fibers. They also contain medicinal compounds that help support immune function and metabolic health. Increasing consumer preference for healthy and nutritious food products is further fueling the demand for medicinal mushrooms in various application sectors such as food & beverages, pharmaceuticals, and personal care products. Rising focus on preventive healthcare and alternative medicine is another key factor boosting market growth.

Global Medicinal Mushroom Market Report Coverage

Market Trends:

Adaptogenic Mushrooms: Adaptogenic mushrooms such as reishi, cordyceps, and chaga are gaining immense popularity owing to their ability to help the body adapt to stresses. The growth in demand for adaptogenic mushrooms is expected to create lucrative opportunities for market players over the forecast period.

Advancements in Cultivation Techniques: Leading players in the medicinal mushroom market are increasingly focusing on developing advanced indoor mushroom cultivation technologies to ensure high yields and consistent supply of mushrooms. For instance, companies are utilizing technologies such as artificial intelligence, IoT, and hydroponics to optimize growing conditions and increase productivity. Such advancements are anticipated to boost the overall market expansion during the forecast period.

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Reishi mushrooms account for the largest share of the global medicinal mushroom market, valued at around $12 billion in 2024. Also known as lingzhi mushroom, reishi is one of the most widely studied medicinal mushrooms for its numerous health benefits. It is known to boost immunity, fight various cancers, lower inflammation, regulate blood sugar levels, reduce stress and anxiety, and promote heart health. The antioxidant and anti-inflammatory properties of reishi help promote overall well-being. The growing awareness about the medicinal properties of reishi is driving its increasing demand from the health-conscious population.

Cordyceps mushrooms hold around 15% of the total medicinal mushroom market share valued at $5.1 billion in 2024. Native to China, cordyceps are known for their ability to enhance athletic performance, boost energy levels, support lung health, and improve sexual functions. Several clinical studies have proven the benefits of cordyceps in increasing oxygen uptake, physical strength and endurance. The increasing popularity of nutraceuticals and functional foods is fueling the demand for cordyceps extracts in dietary supplements, herbal teas and elixirs. Sports nutrition and anti-aging markets offer tremendous potential for cordyceps mushroom products in the coming years.

Key Market Takeaways:

The global medicinal mushroom market is anticipated to witness a CAGR of 8.2% during the forecast period 2024-2031, owing to the growing consumer focus on preventive healthcare and immunity boosting foods.

On the basis of product type, the reishi segment is expected to hold a dominant position, accounting for over 30% of the market share due to its wide range of medicinal properties.

On the application side, the immune system segment dominates with over 40% share on the back of rising health consciousness. By distribution channel, the pharmacies segment holds a major share due to higher consumer trust for medicinal products sold through pharmacies.

On the basis of region, North America is expected to hold a dominant position over the forecast period, due to rising medicinal mushroom consumption in dietary supplements, functional foods and beverages.

Key players operating in the medicinal mushroom market include Host Defense Mushroom, Sin Potion, Four Sigmatic, Om Mushroom, Real Mushroom, MycoMedicinals, North American Medicinal Mushrooms, Golden Eagle Herbs, Rainforest Herbs, FreshCap Mushrooms, Oriveda, Dr.Stamets' PerfectSpore, Fungi Perfecti. These players are involved in new product launches, collaborations and expanding distribution channels to strengthen their market position.

Recent Developments:

In October 2023, North America Reishi Ltd. lunched two new mushroom ingredients: ErgoGold and mushroom-derived vitamin D.

In September 2022, Ethical Naturals, collaborated with Nammex to create Mushroom-Plus, a new range of organic mushroom extract designed to address particular health conditions.

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Detailed Segmentation:

By Product Type:

• • Reishi
  • Cordyceps
  • Lion's Mane
  • Turkey Tail
  • Shiitake
  • Chaga
  • Others

By Application:

• • Immune Support
  • Anti-Cancer
  • Cognitive Support
  • Others (Antioxidant, etc.)

By Distribution Channel:

• • Pharmacies
  • Retail Stores
  • E-commerce
  • Others

By Region:

North America:

• U.S.
• Canada

Latin America:

• Brazil
• Argentina
• Mexico
• Rest of Latin America

Europe:

• Germany
• U.K.
• Spain
• France
• Italy
• Russia
• Rest of Europe

Asia Pacific:

• China
• India
• Japan
• Australia
• South Korea
• ASEAN
• Rest of Asia Pacific

Middle East:

• GCC Countries
• Israel
• Rest of Middle East

Africa:

• South Africa
• North Africa
• Central Africa

About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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SOURCE Coherent Market Insights