Functional mushroom can be found in many forms, and is packed with nutrients and health benefits. They contain essential vitamins and minerals, antioxidants, amino acids, prebiotics, and polysaccharides, among other nutrients.
The global functional mushroom market was valued at US$ 27,740.60 Mn in 2021 and is forecast to reach a value of US$ 52,341.00 Mn by 2030 at a CAGR of 8.44% between 2022 and 2030.
Asia Pacific held dominant position in the global functional mushroom market in 2020, accounting for 49.00% share in terms of volume, followed by North America and Europe, respectively.
Figure 1. Global Functional Mushroom Market Value Share (%), By Region, 2021
|Base Year:||2021||Market Size in 2021:||US$ 27,740.60 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||8.44%||2030 Value Projection:||US$ 52,341.00 Mn|
NAMMEX, Hirano Mushroom LLC, Mitoku Company Ltd, Lianfeng (Suizhou) Food Co. Ltd, Monterey Mushrooms Inc., M2 Ingredients, Fresh Mushroom Europe NV, Mycotrition GmbH, Hokkaido Reishi Co. Ltd, and Verhoeckx Paddenstoelen BV
|Restraints & Challenges:||
Growing consumption of functional food and dietary supplements is fuelling growth of the functional mushroom market growth. Consumers are gradually moving toward functional foods and beverages that are promoted as being beneficial beyond basic nutrition. These products are purported to provide optimal nutrition and reduce the risk of disease occurrence.
Factor such as medicinal benefits of functional mushroom is again driving propelling market growth. All functional mushrooms work to balance the energy levels, strengthen immune function, smooth digestion, and enhance the skin's natural glow. However, the presence of substances, like antioxidants, also helps to boost blood flow, reduce stress, strengthen immunity, and offers many other benefits that drive the functional mushrooms market globally.
Figure 2. Global Functional Mushroom Market Value Share (%), By Application, 2021
High cost of the functional mushroom is expected to limit its adoption among consumers. This is expected to hinder the market growth. Reishi mushroom and dried Cordyceps mushroom prices in the Asian market are about USD 51.65 and USD 2,152.41, respectively. Additionally, wild cordyceps sinensis costs over USD 20,000 per kilogram, which makes it the most expensive mushroom in the world. They are almost exclusively sold in Asia and rarely make it into the North American market.
Low public awareness is another key factor projected to hamper the market growth of functional mushroom.
Growing focus of key players to expand its distribution channel by adopting strategic partnership and agreements is projected to offer significant growth opportunities in the near future. For instance, in June 2018, Ecovative Design partnered with the Netherlands-based CNC Exotic Mushrooms to exclusively distribute its raw materials in Europe, supporting a growing ecosystem of mycelium-based companies and products throughout the European Union. This partnership with CNC, which produces and distributes substrates used by professional growers of edible exotic mushrooms, allows Ecovative to support the companies in the EU that want to create new and better products with mycelium.
Launch of new product that are infused with functional mushroom is projected to bring profitable market opportunities for the key players. For instance, in October 2019, California-based Rebbl launched a new super herb elixir, Mayan Cocoa Gold Label Elixir, an organic drink featuring four medicinal mushrooms, to support immune health. Every bottle of Rebbl is certified organic, soy and dairy-free, gluten-free, GMO-free, and made without cane sugar, carrageenan, thickeners, natural flavors, or agave.
Market Trends/Key Takeaways:
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Growing disposable income of consumer is increasing spending on functional food &beverage due to growing health &wellness trend. This is projected to uplift the market growth.
Functional mushrooms are loaded with polysaccharides and antioxidants, so consuming a large variety of these can improve many aspects of health. They may improve sleep, reduce stress, improve immune system, and even boost the mood. They're also safe to consume and do not cause a high. They are available in powder, capsule, or liquid drink that contains a certain quantity of functional mushroom.
Growing demand for functional food &beverage coupled with the rising awareness regarding medicinal benefits of mushroom are major factors propelling growth of the functional mushroom market. The functional mushrooms market is largely dominated by reishi and cordyceps, followed by the other types of medicinal mushrooms. Reishi helps to improve lymphocyte function, which helps fight infections and cancer in athletes exposed to stressful conditions. Also, Cordyceps, mostly used by many professional athletes to increase endurance and stamina, and energy, and also to reduce recovery time after a strenuous workout, increases the mitochondrial ATP synthesis by as much as 40%. All these medicinal mushrooms are used to boost and balance the consumer's immune system.
On the other hand, high cost and low public awareness regarding functional mushroom are key factor hindering market growth.
Key features of the study:
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