Medicinal Mushroom Extract Market Analysis and Global Forecast 2023-2033

Medicinal Mushroom Extract Market Overview

The Medicinal Mushroom Extract Market Size is expected to reach USD 19.51 Billion by 2033. The Medicinal Mushroom Extract industry size accounted for USD 10.96 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 6.40% from 2023 to 2033. Medicinal mushroom extract refers to a concentrated preparation derived from various Applications of fungi that possess beneficial health properties. These extracts are obtained through a process that involves extracting bioactive compounds and nutrients from mushrooms known for their medicinal value. Rich in compounds like beta-glucans, polysaccharides, triterpenes, and antioxidants, medicinal mushroom extracts are believed to offer immune system support, anti-inflammatory effects, and potential anticancer properties. With a long history of use in traditional medicine, these extracts are now gaining popularity in modern wellness practices and are available in various forms such as powders, capsules, and tinctures, offering a convenient way to harness the potential health benefits of mushrooms in a concentrated and accessible manner.

Global Medicinal Mushroom Extract Market Synopsis

COVID-19 Impact Analysis

The COVID-19 pandemic had a profound and lasting impact on the Medicinal Mushroom Extract market. As the world grappled with the virus, there was a surge in demand for products that could potentially boost immunity and support overall health. Medicinal mushroom extracts gained significant attention during this time, as they were believed to possess immune-modulating and anti-inflammatory properties. Consumers sought natural remedies and supplements to complement their health regimens, leading to increased sales and broader adoption of these extracts. Additionally, the pandemic prompted more research into the potential benefits of medicinal mushrooms, further bolstering their credibility and popularity. While the initial surge in demand might have waned as the situation improved, the pandemic’s impact catalyzed a long-term shift towards preventive health measures, elevating the Medicinal Mushroom Extract market to new heights.

Global Medicinal Mushroom Extract Market Dynamics

The major factors that have impacted the growth of Medicinal Mushroom Extract are as follows:

Drivers:

⮚      Growing Consumer Interest in Natural Health Solutions

There has been a notable increase in consumer awareness and interest in natural health remedies and preventive measures. Medicinal mushroom extracts, with their reputed immune-boosting and health-promoting properties, have been favored by health-conscious individuals seeking alternative and complementary health solutions.

Restraint:

• Regulatory Challenges and Quality Control

The medicinal mushroom extract market faces challenges related to regulations and quality control. As the popularity of these products grew, so did the number of manufacturers and products, leading to concerns about product consistency and authenticity. Ensuring standardized quality and safety measures across the industry can be challenging, potentially leading to consumer skepticism and hindering market growth.

Opportunity:

Advancements in Research and Product Development

Ongoing research into the health benefits of medicinal mushrooms presents a significant opportunity for the market. As scientific evidence supporting the efficacy of these extracts accumulates, it can bolster consumer confidence and drive increased adoption. Additionally, advancements in extraction techniques and formulation technologies could lead to the development of innovative and more potent medicinal mushroom extract products, expanding their applications and attracting new consumers.

Medicinal Mushroom Extract Market Segment Overview

By Type

Based on the Type, the market is segmented based on Chaga, Reishi, Shiitake, Cordyceps, Maitake, Turkey Tail, and Others. The Shiitake segment was projected to hold the largest market share in the Medicinal Mushroom Extract market due to its well-established reputation as a rich source of bioactive compounds, such as beta-glucans and polysaccharides, that have shown significant immune-modulating and health-promoting effects.

By Form

Based on the Form, the market has been divided into Capsules & Tablets, Liquid, and Powder. The Powder segment is expected to hold the largest market share in the Medicinal Mushroom Extract market due to its convenience, ease of use, and versatility in incorporating medicinal mushroom extracts into various food and beverage products, as well as dietary supplements.

By Application

Based on Application, the market has been divided into Skin Care, Antioxidant, Immunity Enhancer, and Others. The Immunity Enhancer segment is expected to hold the largest market share in the Medicinal Mushroom Extract market due to the increased demand for products that can potentially boost the immune system and support overall health, especially in the wake of the COVID-19 pandemic, driving consumer interest in immune-enhancing properties of medicinal mushroom extracts.

Global Medicinal Mushroom Extract Market Regional Analysis

Based on region, the market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The area of North America is anticipated to dominate the market for the usage of Medicinal Mushroom Extract, followed by those in Asia-Pacific and Europe.

Medicinal Mushroom Extract North America Market

North America has consistently maintained a significant market share in the Medicinal Mushroom Extract market due to several factors. First, the region has a growing health-conscious population that is increasingly seeking natural and alternative remedies to support their well-being. With a focus on preventive healthcare, consumers in North America have shown a strong interest in products like medicinal mushroom extracts known for their potential immune-boosting and health-promoting properties. Second, the region has a well-established and diverse herbal supplement market, with a robust infrastructure for distribution and retail. This allows easy accessibility and availability of medicinal mushroom extract products, driving their adoption. Third, ongoing research and innovation in the field of herbal medicine, including medicinal mushrooms, have garnered interest from both consumers and manufacturers. Additionally, North America has witnessed a surge in the popularity of functional foods and dietary supplements, further boosting the demand for medicinal mushroom extracts as an ingredient in various formulations.

Medicinal Mushroom Extract Asia Pacific Market

The Medicinal Mushroom Extract industry in the Asia-Pacific region has been witnessing remarkable growth due to several key factors. First and foremost, the region has a rich history and strong cultural heritage of using medicinal mushrooms in traditional medicine systems, such as Traditional Chinese Medicine (TCM) and Ayurveda. This has led to a well-established consumer base that is receptive to the benefits of these extracts. Second, Asia-Pacific is home to a wide variety of medicinal mushroom Applications, making it a major hub for mushroom cultivation and production. This abundance of raw materials has fueled the growth of the industry, ensuring a steady supply of medicinal mushroom extracts. Third, governments and regulatory bodies in the region have been increasingly acknowledging the potential health benefits of medicinal mushrooms, which has facilitated research, product development, and marketing initiatives. Moreover, rising health consciousness, increasing disposable incomes, and a growing interest in natural and traditional remedies have contributed to the rising demand for medicinal mushroom extracts in the Asia-Pacific region, making it a prominent player in the global market.

Competitive Landscape

The competitive landscape includes key players (tier 1, tier 2, and local) having a presence across the globe. Companies such as Way of Will Inc, M2 Ingredients, Nammex, Mitoku Company, and Hokkaido Reishi Co. Ltd are some of the leading players in the global  Medicinal Mushroom Extract Industry. These players have adopted partnership, acquisition, expansion, and new product development, among others as their key strategies.

Key Market Players:

• Way of Will Inc
• M2 Ingredients
• Nammex
• Mitoku Company
• Hokkaido Reishi Co. Ltd
• Lianfeng (Suizhou) Food Co. Ltd
• Monterey Mushrooms Inc
• RebblStore
• Monaghan Group

Key development:

In July 2022, Vibe Mushrooms introduced an array of five novel mushroom extracts suitable for use as ingredients. These extracts encompassed Lion’s Mane, Turkey Tail, Red Reishi, Cordyceps, and Master Blend mushrooms, appealing to a diverse range of consumers seeking the health benefits associated with these fungi.

Scope of the Report

Global Medicinal Mushroom Extract Market, by Type

• Chaga
• Reishi
• Shiitake
• Cordyceps
• Maitake
• Turkey Tail
• Others

Global Medicinal Mushroom Extract Market, by Form

• Capsule & Tablets
• Liquid
• Powder

Global Medicinal Mushroom Extract Market, by Application

• Skin Care
• Antioxidant
• Immunity Enhancer
• Others

Global Medicinal Mushroom Extract Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: $19.51 Billion
CAGR	6.40% CAGR (2023-2033)
Base year	2022
Forecast Period	2023-2033
Historical Data	2021
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Type, Form, Application
Geographies Covered	North America, Europe, Asia-Pacific, Latin America, Middle East, Africa
Key Vendors	Way of Will Inc, M2 Ingredients, Nammex, Mitoku Company, Hokkaido Reishi Co. Ltd, Lianfeng (Suizhou) Food Co. Ltd, Monterey Mushrooms Inc, RebblStore, Monaghan Group
Key Market Opportunities	• Advancements in research and product development led to innovative and potent medicinal mushroom extract products.
Key Market Drivers	• Increasing consumer interest in natural health solutions and preventive healthcare.

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Medicinal Mushroom Extract Industry trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities analysis in the future
• Historical market size for the year 2021, and forecast from 2023 to 2033
• Medicinal Mushroom Extract market share analysis for each segment
• Competitor analysis with a comprehensive insight into its product segment, financial strength, and strategies adopted.
• Identifies key strategies adopted by the key players including new product development, mergers and acquisitions, joint ventures, collaborations, and partnerships.
• To identify and understand the various factors involved in the global Medicinal Mushroom Extract market affected by the pandemic
• To provide year-on-year growth from 2022 to 2033
• To provide short-term, long-term, and overall CAGR comparison from 2022 to 2033.
• Provide Total Addressable Market (TAM) for the Global Medicinal Mushroom Extract Market.