Pune, India, June 2020, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Medicinal Mushroom Extract Market.
Global Medicinal Mushroom Extract Market is projected to be valued at USD 27,334.4 Million by 2026, recording a CAGR of 7.1% during the forecast period. Medicinal mushroom extracts are the dried powder or liquid extract derived from medicinal mushrooms. The global medicinal mushroom extract market is expected to register a notable growth rate during the forecast period. Health benefits associated with medicinal mushrooms, and an increasing focus on preventive healthcare, are the major factors driving the growth of the market. Moreover, the untapped markets in various developing countries promise new opportunities for the growth of the market. However, environmental constraints associated with mushrooms hamper market growth.
Asia-Pacific constituted a dominant share of the medicinal mushroom extract market in 2019 owing to the health benefits associated with medicinal mushrooms. China dominated the lucrative Asia-pacific market. The increasing consumer awareness has led to a growth in retail sales of medicinal mushroom extracts. The rise of the organized retail sector is fueling the growth of the market in the region, with products being widely available to consumers. The market in Europe is estimated to exhibit the highest CAGR during the review period. The increasing use of medicinal mushroom extracts as immunity boosters, along with other health benefits, is driving the growth of the European medicinal mushroom extract market.
The global medicinal mushroom extract market has been segmented based on type, form, function, and region.
By type, the market has been divided into shiitake, reishi, chaga, maitake, cordyceps, turkey tail, and others. The shiitake segment accounted for the largest market share in 2019, whereas the cordyceps segment is expected to record the highest CAGR of 6.9% during the forecast period. The cordyceps fungi grow on certain caterpillars in the high-altitude regions of China. Natural cordyceps are hard to get and may be expensive. Most supplements are made from cordyceps grown in laboratories. Cordyceps is widely used for treating kidney disorders.
Based on form, the global medicinal mushroom extract market has been classified as capsules & tablets, powder, and liquid. The capsules & tablets segment accounted for the larger market share in 2019 in terms of value. Capsules & tablets are the most widely available form of medicinal mushroom extracts in the market. Compared to other forms, capsules & tablets have a longer shelf life, which makes them more convenient to use.
Based on function, the global medicinal mushroom extract market has been classified as antioxidants, immunity enhancers, skin care, and others. The antioxidants segment accounted for the largest market share in 2019 in terms of value. Antioxidants are substances that help in protecting human cells against free radicals, which may cause heart disease, cancer, and other diseases. Free radicals are molecules produced when the human body breaks down food or exposed to tobacco smoke or radiation. For instance, antioxidants present in reishi helps in neutralizing free radicals in vitro. Similarly, antioxidants present in chaga help in supporting cellular regeneration and protect against cellular damage and genetic mutation.
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Geographically, the global medicinal mushroom extract market has been categorized as North America, Europe, Asia-Pacific, and the rest of the world. As per MRFR analysis, Asia-Pacific dominated the global market, with the largest share in 2018. The Europe medicinal mushroom extract market is projected to register the highest CAGR of 6.8% during the forecast period.
Market Research Future has recognized Aloha Medicinals (US), New Roots Herbal, Inc. (Canada), Real Mushrooms (Canada), Nyishar (UK), Oriveda BV (Netherlands), Sayan Chaga (US), Bio Botanica, Inc. (US), Nature's Bounty Co. (US), Biofinest (US), and Nature's Way Products, LLC (US) as the key players in the global medicinal mushroom extract market.
Key Findings of the Study