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Global functional mushroom market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
High Prevalence of Chronic Ailments to Boost Progression of Functional Mushroom Market
Increasing prevalence of chronic diseases has triggered a sense of concern among consumers worldwide. This has given an impetus to the demand for nutrition-rich functional food products to combat chronic ailments. Since past several years, the cases of cardiovascular diseases have been on the rise. For instance, according to Centers for Disease Control and Prevention (CDC), around 382,820 deaths due to coronary heart disease were recorded in 2020 in the United States alone. Moreover, 1 individual dies every 34 seconds in the country due to cardiovascular disease. In addition, causes such as unhealthy diet, irregular food timing and work related problems such as stress have been triggering various types of chronic ailments including diabetes, obesity, and hypertension. This has resulted in individuals consuming nutrition rich diet and food infused with dietary ingredients, which has significantly fuelled the sales of functional mushroom. Moreover, stable rise in GDP per capita in developing countries coupled with growing awareness of functional benefits of the product has further pushed its consumption, in turn bolstering the growth of the functional mushroom market.
Rising Demand for Supplements to Bode Well for Global Functional Mushroom Market
With a considerable shift in dietary habits and lifestyles of consumers backed by growing awareness of lifestyle diseases, the demand for functional mushroom in supplement form has been witnessing an increase. Growing use in nutraceuticals continues to positively impact the functional mushroom market. This is mainly owing to different advantages of functional mushroom such as enhancing immunity system, improving cognitive health, regulating stress and improving digestion. That said, rising nutraceutical sector coupled with growing inclination towards consumption of supplements is expected to augur well for the functional mushroom market.
Shiitake Mushroom Demand to Surge, in Turn Aiding Growth of the Functional Mushroom Market
The consumption for shiitake mushroom increasing significantly, thus complementing the revenue growth of the functional mushroom market. Its demand soared considerably on the back of its medicinal and nutritional advantages. In addition, this type of functional mushroom helps in strengthening the immune system of the body. It also supports in weight loss, boosts energy level, and promotes cardiovascular health. It reduces the cholesterol level and inflammation, thus improving heart health. Being highly rich in polysaccharides such as beta-glucans and lentinans, it is widely used in dietary supplements. These aspects have fuelled its consumption, in turn contributing towards the value growth of the functional mushroom market.
Asia Pacific Likely to Account for a Major Share in the Functional Mushroom Market
In Asia Pacific, the demand and consumption of functional mushroom has been witnessing an upswing on the back of rising prevalence of lifestyle diseases. Backed by growing urbanization, individuals are focusing on work related affairs, however neglecting their regular diet intake. Moreover, having a fast paced lifestyle, working individuals were relying on fast food and junk food products. This triggered a rise in cases of different lifestyle disorders such as diabetes, cardiovascular diseases, stress, obesity, and high blood pressure. However, with rising efforts of authorities with regards to educating people about the severity of such diseases and benefits of consuming functional food and nutrient rich food products, the demand for nutrient rich diet increased significantly. This further increased post COVID 19 scenario when individuals realized the importance of including functional food in their usual diets. The perceived health benefits thus continue to foster the growth of functional mushroom market here.
In addition, the food and beverage industry has picked up steam in the region, and food manufacturing companies have been investing in integrating functional food products and ingredients in their portfolio. This presented an opportunistic landscape for functional mushroom market as the product can be merged or used in combination with other food products, without altering taste but providing ample nutrition. Companies have been leveraging this aspect and infusing their own products with functional mushrooms since past few years. This gained popularity among health conscious consumers in Asia Pacific, thus paving new avenues for functional mushroom market. Furthermore, factors such as rising consumer pool backed by increasing population and lucrative business friendly environment in Asia Pacific continues to influence the production of mushroom and its extracts, in turn driving the growth of the functional mushroom market in the region.
Functional Mushroom Market: Competitive Scenario
New innovations and launches, partnerships, collaborations, acquisitions, and joint ventures have been witnessed in the functional mushroom market. For instance, in 2020, CNC Holding BV which is one of the leading producers of substrates for cultivation of mushroom, was acquired by Sun European Partners LLP’s affiliate. In 2021, a partnership was signed between Silo Wellness Inc. and The Marley. Through this partnership, the company aims to launch first of its kind psychedelic and functional mushroom brand – Marley One. Same year, Psyence Group’s joint venture Goodmind, and South Africa based vida e caffe, the country’s largest coffee retail chain partnered to roll out functional mushroom brand across the country. In February 2022, new functional mushroom supplements were launched by Optimi Health Corp. These supplements are developed using high quality functional mushroom formulations for body and mind optimization.
Few of the major players in the functional mushroom market include Om Mushrooms, Marley One, Hokkaido Reishi Co. Ltd., Nammex, Hirano Mushroom LLC, CNC Exotic Mushrooms, and Mitoku Company Ltd.
The Global Functional Mushroom Market is Segmented as Below:
By Product Type
By Application
By Form
By Region
Key Elements Included In The Study: Global Functional Mushroom Market
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Disclaimer:
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.
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