Medicinal Mushroom Extract Market Analysis | COVID – 19 Outbreak, Global Demand by Forecast to 2023
Global Medicinal Mushroom Extract Market is anticipated to upscale at a steady CAGR of 6.3% during the forecast period of 2019-2023. Various factors responsible for such market ascension include the rising popularity of medicinal mushroom extract for its beneficial health attributes. Currently, the medicinal mushroom extract is highly used in supplements and functional foods. Increasing awareness towards medicinal mushrooms and ongoing research and development activities surrounding medicinal mushrooms are promoting potential growth to the global market.
Furthermore, the growing demand for functional foods among the health-conscious population is likely to snowball the market in the foreseeable future. Even though many factors are contributing to the augmentation of the global medicinal mushroom extract market, some factors are restraining the market through the forecast period. Lack of effective production skills is creating a gap between the demand and supply, which is posing as a hindrance in the growth of the global medicinal mushroom extract market.
Some of the significant Medicinal Mushroom Extract Market Analysis vendors include Names (North American Medicinal Mushroom Extracts) (Canada), New Roots Herbal Inc. (Canada), Nutra Green Biotechnology Co (U.S.), Nyishar (U.K.), Real Mushrooms (Canada), Amax NutraSource, Inc. (U.S.), and Oriveda BV (The Netherlands).
May 2019: A retired professor from Madras University was granted a patent to extract anti-cancer compounds from wild mushrooms. According to the professor, Lentinus tuber regium mushroom is edible and is endemic in Asia, Africa, and Australia.
Global Medicinal Mushroom Extract Market is studied for various segments which are based on type, form, function, and region. Based on type, the global medicinal mushroom extract market is segmented into turkey tail, shiitake, cordyceps, reishi, and chaga. Among these segments, the shiitake mushroom is the fastest growing mushroom, followed by reishi. The shiitake mushroom has a rich flavor and texture which acts as a cherry on the cake coupled with its high nutritional value. Shiitake mushroom enables weight loss, supports better cardiovascular health, fights cancer, improves energy levels, and brain function. Apart from that, it also helps in the reduction of inflammation and strengthens immunity. All these factors are contributing to the segment’s augmentation, enabling the shiitake mushroom segment to be the highest grosser over the forecast period.
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Based on form, the global medicinal mushroom extract market is segmented into powder, liquid, and capsules. The capsules segment is anticipated to dominate the market. On the other hand, the liquid and powder segments are likely to ascend at the fastest rate owing to the rapid developments witnessed in the pharmaceutical sector.
On the basis of function, the medicinal mushroom extract market is studied for the segments of immunity enhancer, antioxidants, skin care, and anti-cancer. Among these segments, the antioxidants and immunity enhancer segments are likely to witness a substantial rise in their application over the assessment period. Alternatively, the skin care segment is expected to ascend at a moderate rate in the upcoming years.
Detailed Regional Analysis
Global Medicinal Mushroom Extract Market is regionally segmented into North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). Among these, the APAC is projected to spearhead the global medicinal mushroom extract market. China, Japan, and Korea are anticipated to dominate the country-specific markets in the region owing to a rapid rise in the production and consumption of medicinal mushroom extract in the forthcoming years.
Europe is assessed to grow at a significant rate owing to the increasing health consciousness among the population and a rising inclination towards functional food. Furthermore, in North America, the U.S. is expected to dictate the country-specific market in the region. Additionally, due to a high nutritional and medical attributes of medicinal mushroom extracts, the market is predicted to showcase moderate augmentation over the conjectured time period.
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