Overview and Scope
Medicinal mushrooms refer to various species of fungi that have been used for their health benefits. They contain bioactive compounds that boost immunity, reduce inflammation, fight infections, and exhibit anti-cancer effects. The primary aim is to enhance health and wellness through their therapeutic properties.
Sizing and Forecast
The medicinal mushroom market size has grown rapidly in recent years. It will grow from $34.09 billion in 2023 to $37.88 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to rising awareness about medicinal mushrooms of their potential health benefits, increasing desire for functional foods, growth in sports nutrition, increasing desire for functional foods, and increasing high utilization of medicinal mushrooms.
The medicinal mushroom market size is expected to see rapid growth in the next few years. It will grow to $57.95 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to the growing vegan population, rising adoption of vegan food, growth in the shift to preventative health and wellness-oriented lifestyles, health-promoting benefits of medicinal mushrooms, and increasing demand for mushroom-based products. Major trends in the forecast period include growing interest in alternative and natural medicines, the growing shift towards natural and holistic health approaches, a rise in research and development activities, expansion of product diversity and accessibility, and advancements in cultivation and processing technologies.
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Segmentation & Regional Insights
The medicinal mushroom market covered in this report is segmented –
1) By Type: Shiitake, Reishi, Maitake, Chaga, Cordyceps, Turkey Tail, Other Types
2) By Form: Fresh, Dried, Other Forms
3) By Application: Antioxidants, Immune Enhancer, Anti-Cancer, Skin Care, Other Applications
4) By Distribution Channel: Supermarkets And Hypermarkets, Convenience Stores, E-Commerce
North America was the largest region in the medicinal mushroom market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medicinal mushroom market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing vegan population is expected to propel the growth of the medicinal mushroom market going forward. The increasing vegan population is driven by ethical, environmental, health-related, informational, and cultural factors, reflecting a growing awareness and acceptance of veganism as a viable and beneficial lifestyle choice. Medicinal mushrooms provide valuable nutritional support, health benefits, and culinary versatility for the vegan population, making them an important component of a balanced vegan diet and lifestyle. For instance, according to the Vegan Society, a UK-based registered educational charity, in 2023, 2.6 million people in Europe are now vegan, representing 3.2% of the European population, up from 2020. Therefore, the growing vegan population is driving the medicinal mushroom market.
Key Industry Players
Major companies operating in the medicinal mushroom market are Costa Group, Monterey Mushrooms LLC, Nature’s Way Brands, Bio-Botanica, Banken Champignons B.V., Aloha Medicinals, Fungi Perfecti, Hirano Mushroom LLC, Fungi Ally, Far West Fungi, FreshCap Mushrooms, Swadeshi Mushroom, Asia Pacific Farm Enterprises, Gourmet Mushrooms Inc., Mycoterra Farm, Green Box Mushrooms, Shroomery, Four Sigmatic, Woodland Mushrooms, Fungaia Farm, Vitality Mushrooms, Annanda Chaga Mushrooms
The medicinal mushroom market report table of contents includes:
1. Executive Summary
2. Medicinal Mushroom Market Characteristics
3. Medicinal Mushroom Market Trends And Strategies
4. Medicinal Mushroom Market – Macro Economic Scenario
5. Global Medicinal Mushroom Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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