Functional Mushroom Market

Analysis from GMI Research finds that the Functional Mushroom Market is projected to grow at CAGR of 9.6% during the forecast period 2023-2030.

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Major Functional Mushroom Market Drivers

Functional mushrooms are gaining attention within the food and medicine industry and are on the rise to become next ingredient for different beverages such as smoothies. Cordyceps, chaga and reishi are some of the mushroom species that have always been a part of traditional medicine, due to which it has gained popularity across the globe. Rising consumer awareness for functional food products is a factor that has significantly changed the landscape of the market. In the pharmaceutical industry, functional mushrooms are also known as healing mushrooms, as it helps strengthen the immune system, enhance skin’s glow, balance energy level among others. For instance, according to “Journal of Nutrition and Food Sciences”, 130 medicinal functions have been described in mushrooms and are used as an antioxidant and for antitumor, antidiabetic purposes which has led to the adoption of the functional mushroom in the industry.

Strategic initiatives by the key players in the market, like acquisition, expansion have surged the market’s growth. For instance, in 2019, Half Hill Farm Inc. officially opened two new stores in the U.S., which has expanded the company’s reach by filling the consumer demand gap. In 2021, South Mill Champs expanded mushroom processing which has increased the production capacity, which has added pace to the growth of the market.

Restraint in the Functional Mushrooms Market

The concerns related to the allergies and side-effects of the ingredient is going to hinder the growth of the market.

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Product Type – Segment Analysis

Based on the product type, cordyceps is expected to grow at a higher CAGR in the market over the forecast period. This is due to the growing demand for the from the pharmaceutical and food and beverage industry. Cordyceps is a specie of mushroom that has been traditionally used for medication, and now with the major shift towards healthy eating is witnessed which is expected to propel the growth of the market.

Application – Segment Analysis

Based on the application, dietary supplements is witnessed to grow at a higher CAGR in the market. The population is becoming more aware of the numerous benefits of functional mushrooms, which has raised the demand for the product. For instance, according to “International Nut and Dried Fruit Council”, in European Countries like Greece, Germany, and Spain, more than 70% of the healthy food was shopped which shows the consumer behaviour and market potential. In addition, strategic initiatives by the key the players in the market like product launch, collaboration etc. has surged the pace of the industry. For instance, in 2021 Way of Hill officially launched functional mushrooms capsules and powder which has helped in strengthening and growth of the market.

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Regional – Segment Analysis:

Based on the region, Asia-Pacific is expected to dominate the market over the forecast period. This is due to the higher consumption of functional mushrooms in countries like India, China, and Japan for the list of health benefits offered by the product. In addition, after the pandemic the demand for functional mushrooms in China has increased due to the rising awareness among the population for traditional health products, and functional mushroom offers medical properties leading to the competitiveness in the market.

Top Market Players

Various notable players operating in the market, include, Half Hill Farm Inc, Real Mushrooms, Pan’s Mushroom Jerky, Om Organic Mushroom Nutrition, Yuguo Farms, Four Sigmatic, South Mill Champs, Banken Champignons Groep BV, OKECHAMP SA, BONDUELLE, among others. 

Key Developments:

• • In 2021, South Mill Champ officially announced the acquisition of The Mushroom Company, which has enhanced the production capabilities.

Segments covered in the Report:

The global functional mushrooms market has been segmented based on product type, application, and regions. Based on product type, the market is segmented into reshi, cordyceps, lions mane, turkey tail, shiitake, chaga and others. Based on application, the market is segmented into food and beverage, dietary supplements, personal care and pharmaceutical. 

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Market Segmentation

Global Functional Mushrooms Market by Product Type

• • Reshi
  • Cordyceps
  • Lions Mane
  • Turkey Tail
  • Shiitake
  • Chaga
  • Others

Global Functional Mushrooms Market by Application

• • Food and Beverage
  • Dietary Supplements
  • Personal Care
  • Pharmaceutical

Global Functional Mushrooms Market by Region

• • North America Functional Mushrooms Market (Option 1: As a part of the free 25% customization)

    • By Product Type
    • By Application
    • US Market All-Up
    • Canada Market All-Up

  • Europe Functional Mushrooms Market (Option 2: As a part of the free 25% customization)

    • By Product Type
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Functional Mushrooms Market (Option 3: As a part of the free 25% customization)

    • By Product Type
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Functional Mushrooms Market (Option 4: As a part of the free 25% customization)

    • By Product Type
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Functional Mushrooms (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Half Hill Farm Inc
  • Real Mushrooms
  • Pan’s Mushroom Jerky
  • Om Organic Mushroom Nutrition
  • Yuguo Farms
  • Four Sigmatic
  • South Mill Champs
  • Banken Champignons Groep BV
  • OKECHAMP SA
  • BONDUELLE
  • Way of Will