Medicinal Mushroom Extract Market Is Estimated To Record a CAGR of Around 6.40% During The Forecast Period
Evolve Business Intelligence has published a research report on the Global Medicinal Mushroom Extract Market, 2023–2033. The global Medicinal Mushroom Extract market is projected to exhibit a CAGR of around 6.40% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Medicinal Mushroom Extract Market: Way of Will Inc, M2 Ingredients, Nammex, Mitoku Company, Hokkaido Reishi Co. Ltd, Lianfeng (Suizhou) Food Co. Ltd, Monterey Mushrooms Inc, RebblStore, Monaghan Group.
Market Highlights
The Medicinal Mushroom Extract market is projected to be valued at USD 19.51 Billion by 2033, recording a CAGR of around 6.40% during the forecast period. Medicinal mushroom extract refers to a concentrated form of biologically active compounds derived from various species of fungi known for their therapeutic properties. These extracts are obtained through a process that involves isolating and concentrating beneficial components, such as beta-glucans, polysaccharides, triterpenoids, and other bioactive molecules, from the mushrooms. Medicinal mushroom extracts have been utilized for centuries in traditional medicine systems, like traditional Chinese medicine, and have gained increasing interest in modern healthcare for their potential immune-modulating, antioxidant, anti-inflammatory, and adaptogenic effects. These extracts are commonly used as dietary supplements or functional ingredients in various formulations, promoting overall well-being and supporting the body’s natural defense mechanisms. However, it’s essential to use them under proper guidance and with appropriate dosages to ensure safety and efficacy.
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The COVID-19 pandemic significantly impacted the Medicinal Mushroom Extract market, leading to both short-term fluctuations and long-lasting changes. Initially, during the early stages of the pandemic, there was a surge in demand for health supplements and natural immune-boosting products, including medicinal mushroom extracts, as consumers sought ways to strengthen their immune systems. This led to a rapid increase in sales and production of these extracts. However, disruptions in the global supply chain and restrictions on international trade caused challenges in sourcing raw materials and manufacturing, leading to supply shortages and price fluctuations. Additionally, the pandemic accelerated the adoption of e-commerce platforms and direct-to-consumer sales channels, allowing companies to reach consumers remotely. Furthermore, heightened awareness of health and wellness during the pandemic has perpetuated the demand for natural products, leading to a sustained interest in medicinal mushroom extracts beyond the crisis, and opening up new growth opportunities for the industry.
Segmental Analysis
The global Medicinal Mushroom Extract market has been segmented based on Type, Application, Form, and region.
Based on the Type, the Medicinal Mushroom Extract market is segmented based on Chaga, Reishi, Shiitake, Cordyceps, Maitake, Turkey Tail, and Others. Shiitake are expected to have the largest market share throughout the forecast period, while Chaga is expected to grow at the fastest rate.
Based on the Application, the global Medicinal Mushroom Extract market has been divided into Skin Care, Antioxidant, Immunity Enhancer, and Others. The Immunity Enhancer segments are anticipated to dominate the market.
Based on the Form, the global Medicinal Mushroom Extract market has been divided into Capsules & Tablets, Liquid, and Powder. The Powder segments are anticipated to dominate the market.
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Regional Analysis
The Medicinal Mushroom Extract market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. North America and Europe have traditionally been significant markets for natural supplements and alternative medicine, with increasing interest in medicinal mushroom extracts due to their perceived health benefits. In the Asia-Pacific region, countries like China, Japan, and South Korea have a long history of using mushrooms in traditional medicine, contributing to a substantial market for medicinal mushroom extracts. Latin America is also witnessing a growing trend of incorporating natural remedies, while the Middle East and Africa are experiencing steady growth, driven by increasing awareness of natural health solutions. Factors like local availability of mushroom species, cultural practices, and government regulations also play a role in shaping the market dynamics in each region.
