Medicinal Mushroom Market Outlook 2024-2033

Market Size –
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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Scope Of Medicinal Mushroom Market
The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Medicinal Mushroom Market Overview

Market Drivers –
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.

Market Trends –
Major companies operating in the medicinal mushroom market are developing innovative products with advanced technologies, such as pulsed UV light technology, to enhance cultivation efficiency and increase the bioactive compounds in their products. Pulsed UV light technology refers to the use of intense, short bursts of ultraviolet light to enhance the safety, quality, and nutritional value of medicinal mushrooms. For instance, in October 2023, Nammex, a US-based company producing organic mushroom extracts, launched two new functional mushroom ingredients ErgoGold and mushroom-derived vitamin D. ErgoGold is a powdered extract of Golden Oyster mushrooms that contains beneficial compounds such as ergothioneine (ergo), beta-glucans, ergosterol, fiber, and secondary metabolites. It is suitable for those with yeast sensitivities and individuals seeking non-synthetic, full-spectrum ingredients. Nammex’s mushroom-derived vitamin D is produced using pulsed UV light technology to convert the fungal sterol ergosterol into high amounts of vitamin D2, making it a vegan ingredient that can provide the recommended daily allowance of vitamin D with as little as 60 mg. This makes it suitable for consumers looking for a plant-based source of vitamin D.

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

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Regional Insights –
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.

Key Companies –

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

Table of Contents
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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31. Medicinal Mushroom Market Other Major And Innovative Companies
32. Global Medicinal Mushroom Market Competitive Benchmarking
33. Global Medicinal Mushroom Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Medicinal Mushroom Market
35. Medicinal Mushroom Market Future Outlook and Potential Analysis
36.Appendix