Global Functional Mushrooms Market Report and Forecast 2024-2032

Global Functional Mushrooms Market Outlook

The global functional mushrooms market size reached a value of about USD 32.37 billion in 2023. The market is further estimated to grow at a CAGR of 8.3% in the forecast period of 2024-2032 to reach a value of nearly USD 66.35 billion by 2032.

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Rising Demand in the Pharmaceutical Sector to Propel the Market Growth  of Functional Mushrooms

Based on application, functional mushrooms are used in the pharmaceutical sector owing to their bioactive compound content. Medicinal mushrooms possess numerous pharmacological actions such as anti-inflammatory, antimicrobial, immunomodulatory, antidiabetic, cytotoxic, antioxidant, anticancer, antioxidant, antiallergic, and prebiotic properties, among others. The expanding interest in the biotechnological cultivation of mushrooms is also surging the demand for mushroom based biotech products in the pharmaceutical sector. 

The growing importance of functional mushrooms to reduce the risk of life threatening diseases is aiding the market. Functional molecules from mushrooms enhance the quality of life of patients on lifelong therapeutic drugs, which is invigorating the functional mushrooms market expansion. In addition, functional mushrooms, when used as drugs, can supplement other treatments and complement modern medicine. 

The rising inclination towards using natural products, such as functional mushrooms, in traditional therapies is bolstering the market growth. The ongoing research studies to understand the bioactive metabolites of mushrooms are further expected to accelerate the use of functional mushrooms in pharmaceutical applications over the forecast period.

Market Segmentation

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Functional mushrooms are types of fungi that offer several health benefits beyond their nutritional compositions. Functional mushrooms can be medicinal mushrooms or adaptogenic mushrooms. They are often taken through capsules, powders, liquids, and sprays. The various types of functional mushrooms include cordyceps, reishi, and turkey tale, among others.

The functional mushrooms market by product type is divided into:

• Reishi

• Cordyceps

• Lion’s Mane

• Turkey Tale

• Others

Based on application, the market is segmented into:

• Food and Beverage

• Dietary Supplements

• Personal Care and Cosmetics

• Pharmaceutical

On the basis of distribution channel, the market is classified into:

• Supermarket and Hypermarket

• Convenience Stores

• Online Stores

The regional markets for functional mushrooms can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Rising Health Consciousness to Drive the Market Growth of Functional Mushrooms

The increasing health-consciousness and the surging focus on healthy lifestyles are increasing the consumption of functional mushrooms owing to their multiple health benefits. The ever-increasing vegan population and the inclination of people towards plant-based functional foods, like mushrooms, are also propelling the functional mushrooms market demand. 

Various skin-enhancing benefits of functional mushrooms due to their antioxidant properties are increasing their demand in the cosmetic sector. Functional mushrooms are also utilised in the expanding catering sector in the form of powders and tinctures for beverages such as smoothies and coffee, among others. Moreover, innovations for the development of new culinary dishes using functional mushrooms and the surging demand for high-quality food products are propelling the market expansion. 

The expanding distribution channels and the rising availability of functional mushrooms through e-commerce platforms are significantly fuelling the market development. The increasing government initiatives to promote the cultivation of mushrooms and meet their growing demand are providing further impetus to the market growth. Moreover, the increasing penetration of market players and the expanding distribution of high-quality mushrooms are expected to prove as significant functional mushrooms market drivers in the forecast period.

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Key Players in the Global Market for Functional Mushrooms

The report gives a detailed analysis of the following key players in the global functional mushrooms market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Hokkaido Reishi Co., Ltd

• Hirano Mushroom LLC

• Banken Champignons B.V.

• Half Hill Farm Inc

• Asia Pacific Farm Enterprises Inc.

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report