Impact Analysis of Covid-19
The complete version of the REPORT will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Cordyceps Sinensis and Militaris Extract Market Insights
Cordyceps Sinensis and C. militaris is a combination of parasitic fungus species and dead caterpillars that offer several potential health applications. It has been used in Traditional Chinese medicine, and Tibetan medicine as a remedy for around 21 ailments such as low immunity, high blood pressure etc. Cordyceps spores grow inside the caterpillar’s body and infect it, thus slowly degrading the living larva and mummify it in the soil. A cordyceps stem eventually emerges from head part of the caterpillar.
Major active ingredients in cordyceps sinensis extract include cordycepin, adenosine, exopolysaccharide fraction (EPSF), cordyglucans, and monosaccharide saponin. Scientific studies and clinical trials have found that cordyceps sinensis extract can aid treatment of diabetes, high cholesterol, and hypertension. Furthermore, it boosts immunity and acts as a stress reliever in stress related disorders.
The global cordyceps sinensis and militaris extract market size was valued at US$ 473.4 million in 2018, and is expected to witness a CAGR of 10.4% during the forecast period (2018 – 2026).
Figure 1. Global Cordyceps Sinensis and Militaris Extract Market value Analysis (US$ Mn) and Forecast and Absolute $ Opportunity
Source: Coherent Market Insights Analysis (2019)
Increasing emergence of traditional Chinese medicine in medicinal community is expected to drive growth of the cordyceps sinensis and militaris extract market
Traditional Chinese medicine (TCM) Cordyceps sinensis and C. Militaris are the potential bio-metabolites for herbal medicines. This cordyceps category has shown considerable significance in several clinical and biotechnological applications such as genetic and nutritional requirements.
TCM comprises traditional Chinese medicinal materials, decoction pieces, Chinese patented medicines, herbal extracts, and healthcare products. Internationalization of TCM products is expected to help other countries and regions to develop and produce traditional Chinese medicines in order to serve the healthcare industry. Among all the TCM products, Cordyceps sinensis is the most explored species, followed by C. millitaris.
For instance, as per the National Center for Biotechnology Information report, in 2016, the total import and export value of TCM was accounted for US$ 4.6 Bn, which represented 4.45% of the total value of import and export of Chinese pharmaceutical products. However, the value of export declined by 9.13%, from US$ 3.77 Bn in 2015 to US$ 3.426 Bn in 2016, while the import value increased by 14.50%, from US$ 1.025 Bn in 2015 to US$ 1.174 Bn in 2016.
High cost of cordyceps sinensis is a major factor that hinders the market growth. In emerging economies such as Africa and Latin America, adoption of such expensive traditional Chinese medicine is low.
Wild cordyceps sinensis is not used in most of the cordyceps supplements due to its high price. In 2016, according to BBC estimation, the cost of wild cordyceps sinensis was over US$ 20,000 per kilogram.
Cordyceps Sinensis and Militaris Extract Market- Regional Analysis
Regional segmentation of the global Cordyceps Sinensis and Militaris Extract Market comprises North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
Manufacturers in North America region are importing cordyceps sinensis extract to produce different types of medical formulations such as tablets and capsules. For instance, in August 2018, HANAH Life, the developer of Ayurvedic super food HANAH ONE, launched its Cordyceps+ in the North America market. Cordyceps+ is a combination of wild Bhutanese Cordyceps sinensis, with eight other herbs and minerals. The price of HANAH Cordyceps+ is US$168 for 30 capsules in the U.S. Furthermore, increasing number of patients with mental disorders is expected to significantly expand adoption of cordyceps sinensis extracts as it has immense benefits in lowering symptoms related to mental disorders such as depression, anxeity.
Asia Pacific is expected to exhibit significant growth in the cordyceps sinensis and militaris extract extract market, owing to increasing production of cordyceps sinensis and militaris extract in this region. Cordyceps species including C. sinensis and C. militaris are mainly found at province with high altitude high altitude such as Tibet, and Chinese provinces of Sichuan, Yunnan, Qinghai and Gansu which is contributing to growth of this market in this region. For instance, according to data presented by the Ministry of Agriculture and Rural Affairs of the People’s Republic of China in 2011, China has 200,000 kg of Cordyceps, out of which 120,000 kg was harvested.
Figure 2: Global Cordyceps Sinensis and Militaris Extract Market Value (US$ Mn), By Region
Source: Coherent Market Insights Analysis (2019)
Cordyceps Sinensis and Militaris Extract Market - Competitive Landscape
Key players operating in the cordyceps sinensis and militaris extract market include Naturalin bio-resources co., Ltd, The Lubrizol Corporation, Quyuan sunnycare Inc., Shanghai Kangzhou Fungi Extract Co., Ltd., Xi'an Saina Biological Technology Co., Ltd. (Herbsino), Dalong Biotechnology Co., Ltd, Health Choice Limited, Nutrastar International Inc., Nutra Green Biotechnology Co., Ltd.