Thu. Jan 21st, 2021
Market Insight
Medicinal mushrooms are food items that are cultivated in order to attain their benefits such as high nutrient profile of proteins, antioxidants, vitamins, and amino acids. These types of mushrooms are commonly grown in Asia, cultivated on a large scale in the countries in the region. These are apt for curing seasonal allergies, inflammations, common cold, and bronchitis and for alleviating asthma, thereby boosting the functioning of the nervous system in the body.
Apart from this, proactive steps being taken to promote and market these products have done wonders for the medicinal mushroom market, revenue-wise. Trade pundits are observing the consumers’ purchasing patterns of consuming medicinal food, which points towards their inclination to buy latest products offering health benefits in abundance. On this basis, the global market is being flooded with health books and magazines that advertise the benefits of medicinal mushrooms, raising consumer awareness. Overall, these factors will bring in excellent business for the global market in the following years.
Key Vendors
At present, the players at the top in the Global Medicinal Mushroom Market Analysis include Modern Mushroom Farms (U.S.), Agro Dutch Industries Ltd. (India), Hughes Mushrooms (U.K), Weikfield (India) The Mushroom Company (U.S.), Scelta Mushrooms BV (the Netherlands), Bonduelle SA (France), Delftree Mushroom Company (U.S.), Banken Champignons (the Netherlands), Monaghan Mushrooms (England), among others.
Market Segmentation
The market for medicinal mushroom is segmented on the basis of type, category and function.
The type-wise segments in the market are shiitake, reishi, maitake, chaga, cordyceps, turkey tail, wherein the shiitake mushroom leads the global market, holding the lion’s share of 59.26%. rising awareness regarding the high nutritional value as well as medical benefits of shiitake mushroom such as bone-building, improved cardiovascular health, healing chromosome damage caused by anti-cancer treatments, improved digestion, and others will elevate the application of shiitake mushroom across numerous industries. But it is the segment of reishi mushrooms that is growing at the fastest rate of 13.13% during the review period.
Category-wise, the market is considered for fresh and dried. Among these, the fresh medicinal mushrooms have raced ahead of its competitors, accumulating the substantial share of roughly 48.62% in the global market. Fresh medicinal mushrooms have widespread use in the preparation of diverse cuisines owing to its robust and rich flavor. The report identifies Asia Pacific to be the largest user of fresh medicinal mushroom globally, trailed by Europe. But at the moment, North America is considered to be the second largest growing consumer of fresh medicinal mushrooms, with the growth rate of 11.11% during the assessment period.
The function-dependent segments in the global market include antioxidant, immune enhancer, anti-cancer, skin care, out of which the antioxidant segment will reign with the leading share of 35.67%. It has been on an upward rise the past couple of years owing to augmented demand in numerous industries, including pharmaceuticals and cosmetics. Moreover, in the food industry, antioxidant segment has risen at an exhilarating pace, with its increasing application as an immune enhancer. The report mentions the segment to be growing at a CAGR of 12.86% during the conjectured time frame.
Regional Outlook
Geography-wise, the global medicinal mushroom market spans multiple regions of Europe, Asia Pacific, North America as well as Middle East & Africa.
Among all these regions, Asia Pacific grabbed the substantial share of the global medicinal mushroom market, garnering more than 81.45% in total. Furthermore, it is presumed to reach over 6,186,457 tons by 2023. In the region, China is projected to surge at the highest growth rate, with Vietnam just behind it.
The Europe market benefits immensely owing to the massive contributions made by the government as well as international agencies for the improvement of the medicinal mushroom quality. This is done by encouraging mushroom developers to adopt the latest research and development (R&D) technologies. Thus, continuous technological developments coupled with growing number of government initiatives will provide growth opportunities to the regional market in abundance over the coming years.