Functional Mushrooms Market Size, Share & Industry Analysis, By Type (Cordyceps, Reishi, Turkey Tail, Shiitake, Lion’s Mane, Chaga), By Application (Functional Food & Beverage, Dietary Supplements, Personal Care, Pharmaceuticals) and Regional Forecast, 2022-2029

The global functional mushrooms market is expected to witness steep rise during the forthcoming years, due to rising awareness regarding the benefits offered by consumption of mushroom. The growing trend of functional food consumption across developed as well as developing economies is expected to boost the market growth of functional mushrooms market. Moreover, rising demand for functional mushroom from various end-use industries is expected to impact the global functional mushrooms market significantly during the foreseeable years.

Key companies operating in the global functional mushrooms market are focusing on the launch of new products, merger & acquisition activities, partnerships, and expanding their product portfolio t serve across multiple end-use industries. Concord Farms (U.S.), Half Hill Farm Inc. (U.S.), and Hokkaido Reishi Co. Ltd. (Japan) are some of the key companies operating in the global functional mushrooms market.

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Functional mushrooms are those mushroom varieties that offer functional benefits to boost overall health, along with offering nutritional benefits. Functional mushrooms due to their several functional properties can be utilized in the production of functional food products, medicines, and cosmetic products. The product is rich in antioxidants hence can offer skin-enhancing benefits, aid immune and digestive function, and can balance the energy level.

Anticipated growth in consumption of dietary supplements to remain healthy and disease-free is projected to propel the demand for functional mushrooms during the forecast years. Rapid urbanization, changing lifestyles, and increasing per capita income of people is anticipated to aid the growth of the global functional mushrooms market in the upcoming years.

Furthermore, increasing product launches by key market players and increasing demand for functional mushroom across the personal care industry to manufacture high-quality products is expected to drive the market growth during the forecast years. High price of functional mushrooms as compared to conventional mushroom is predicted to restrain the growth of the global functional mushrooms market during the forecast years.

Key Players Covered

Some of the major companies that are operating in the global functional mushrooms market are Half Hill Farm Inc. (U.S.), Real Mushrooms (Canada), Hokkaido Reishi Co. Ltd. (Japan), Swadeshi Mushroom Spawn (Delhi), Nikkei Marketing Limited (Canada), Concord Farms (U.S.), Rebbl. (U.S.), Pan’s Mushroom Jerky (U.S.), Mitoku Co. Ltd. (Japan), Asia Pacific Farm Enterprises Inc. (Canada), and Yuguo Farms (U.S.).

Segmentation

On the basis of type, the global functional mushrooms market has been segmented into Cordyceps, reishi, turkey tail, shiitake, lion’s mane, and Chaga. Among these, the reishi mushroom segment, followed by Cordyceps is projected to dominate the market during the forecast years, due to the high medicinal benefits associated with them and their ability to boost immune health. Chaga segment is projected to experience considerable growth during the forecast years, owing to their high demand in the production of various functional tea and other beverages, attributed by their ability to improve digestive health.

On the basis of application, the global functional mushrooms market has been diversified into functional food & beverage, dietary supplements, personal care, and pharmaceuticals. The demand for functional mushrooms in the food & beverage industry is expected to grow at a rapid pace during the forecast years, due to increasing consumer inclination towards functional food products & beverages. Utilization of functional mushrooms, especially powdered form, in the formulation of dietary supplements, is projected to grow significantly in the forthcoming years, due to rising consumption of dietary supplements, especially across growing economies, such as China and Japan.

Regional Analysis

The Asia Pacific is expected to hold the major market share in the global functional mushrooms market, owing to higher cultivation and production of mushroom varieties in prominent Asian countries of Asia, such as China, Japan, and others. Higher consumption of functional mushroom in APAC, due to various health benefits offered by the product, coupled with increasing functional mushroom exports to developed economies is projected to aid the growth of functional mushrooms market of Asia Pacific during the forecast years. Europe is projected to show significant growth and hold a prominent market share during the forecast years, due to growing consumer inclination towards functional food. Increased imports of mushrooms by major European economies, such as Germany, Italy, and France is further expected to fuel the growth of functional mushrooms market of Europe.

Key Industry Developments

• In May 2019, a skincare brand ‘For the Biome’ partnered with Om Mushroom Superfood, a significant producer of functional and organic mushroom powder, to launch health & wellness products. The new products launched under ‘For the Biome’ brand that included an Invigorate Powder Mask and Adapt Essence Spray were formulated by using a blend of lion’s mane, king trumpet, reishi, maitake, and Chaga mushrooms (supplied by Om Mushroom).


• In 2018, Blackmores Limited, under its BioCeuticals practitioner-only brand introduced a new suite of medicinal mushroom supplements to boost immunity. The product range claims to be backed by a DNA-testing process.