April 22, 2024
Global Medicinal Mushroom Market

Global Medicinal Mushroom Market is Estimated to Witness High Growth Owing to Increased Immunity Boosting Properties

The global Medicinal mushroom market consists of various types of edible and medicinal mushrooms such as shiitake, reishi, turkey tail, maitake, cordyceps etc. These mushrooms have high nutritional value and contain various vitamins, minerals and antioxidants. They are known to have medicinal properties such as immunity boosting, anti-cancer, anti-inflammatory, antioxidant etc. Especially during the Covid-19 pandemic, demand for mushrooms with immunity boosting properties such as shiitake, reishi, cordyceps etc. saw a significant rise. The consumption of medicinal mushrooms help boost overall health and provide energetic and anti-aging benefits.

The Global Medicinal Mushroom Market Demand is estimated to be valued at US$ 34.22 BN in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Global Medicinal Mushroom market are Host Defense Mushrooms, Sun Potion, Four Sigmatic, Om Mushrooms, Real Mushrooms, MycoMedicinals, North American Medicinal Mushrooms (NAMM), Golden Eagle Herbs, Rainforest Herbs, FreshCap Mushrooms, Oriveda, Dr. Stamets’ PerfectSpore, Fungi Perfecti, Redd Remedies, Vital Plankton, Aloha Medicinals.

The key opportunities in the market include rising awareness about health benefits of mushrooms, growing demand for immunity boosting products, increasing investments in research and development of novel medicinal mushroom products.

Technological advancements such as cultivation of rare and exotic mushrooms through controlled environmental conditions, development of standardized medicinal mushroom supplements and products are expected to drive the market growth.

Market drivers: Increased consumer health awareness about benefits of natural medicinal products is a major market driver. The COVID-19 pandemic fueled the demand for immunity boosting foods and supplements including medicinal mushrooms. Rising disposable income levels in developing nations provide growth opportunities. Increased R&D on medicinal properties and clinical validation of mushrooms is supporting the market expansion.
Current challenges in the Global Medicinal Mushroom Market
Declines in edible mushroom production due to climate change have increased uncertainties in the steady supply of raw materials for medicinal mushroom. Environmental regulations have made cultivation processes more complex and costly. Research studies demonstrating the clinical efficacy and health benefits of certain medicinal mushroom species are still limited and more evidence-based research is required for wider acceptance. Some medicinal mushrooms have complex extraction methods and specialized processing requirements which challenge large-scale commercial production. New entrants find it difficult to acquire technical expertise and differentiate in a market dominated by established brands.

SWOT Analysis
Strength: Medicinal mushrooms have a long history of traditional use and growing body of scientific research supporting various health benefits. Increasing consumer preference for natural preventive healthcare products is driving demand.
Weakness: Lack of standardized cultivation practices and product quality assurances. Clinical evidence is limited for some key functional properties attributed to medicinal mushrooms.
Opportunity: Ageing global population offers opportunities for functional foods/supplements supporting immune health, cardio-protection and cognitive functions. Growing interest in integrative medicine widening acceptance of traditional Asian healing modalities.
Threats: Vulnerability of open-field cultivation to climate change impacts. Competition from other natural health products targeting similar consumer benefits. Stricter regulatory oversight may be imposed on new health claims.

Geographical regions with market concentration
The Asia Pacific region currently dominates the global medicinal mushroom market in terms of value, led by China, Japan, Korea and other Asian countries where these healing mushrooms have deep roots in traditional medicine practices. Mushroom species native to Asia like Reishi, Cordyceps, Shiitake and Turkey Tail account for the bulk of medicinal mushroom products consumed across the region.

Fastest growing region
North America region is projected to be the fastest growing market for medicinal mushrooms during the forecast period. This can be attributed to wider research validating the evidence on mushrooms’ disease-modifying potential, growing consumer preference for natural remedies and supplements, and higher disposable incomes supporting premiumized product trends in the developed markets of U.S. and Canada.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it