Functional Mushroom Market To Hit Value .8 Billion By 2030 |Grand View Research, Inc.

Posted by Mrudula Karmarkar on December 14th, 2022

The global functional mushroom market size is anticipated to reach USD 65.8 billion by 2030, expanding at a compound annual growth rate (CAGR) of 10.8% over the forecast years, according to a new report by Grand View Research, Inc. The industry is expanding due to the rising demand for functional mushrooms as superfoods in developed regions, such as Europe and North America. Furthermore, the global demand for natural or organic skincare products has been rapidly growing over the past several years mainly on account of increased customer awareness regarding the side effects of synthetic cosmetic products. Mushrooms are rich sources of vitamins, antioxidants, essential oils & oils, hydrocolloids, proteins, terpenoids, and other bioactive compounds.

These compounds exhibit antioxidant, anti-inflammatory, antiseptic, and antimicrobial properties. Thus, extracts or concentrates of mushrooms are widely utilized as ingredients to formulate topical creams, lotions, ointments, and serums. With the growing aging population across the globe, the demand for antiaging or anti-wrinkle creams is increasing significantly. Rising mushroom cultivation and production in the Asia Pacific is a major driver of the regional market. Furthermore, the increasing consumption of superfoods as a result of rising health consciousness among consumers in developed economies is expected to drive industry growth.

Functional mushrooms have multiple health benefits, including blood management regulation and immune system strengthening & anti-inflammatory properties. Functional foods contain specific types of added nutrients, such as probiotics, fiber, prebiotics, and minerals among others. Therefore, these foods aid in the prevention of nutritional deficiencies. Functional foods can also help reduce the risk of chronic diseases. Growing health concerns as a result of rapidly changing lifestyles, particularly in urban areas, are significantly increasing consumers’ preference for functional and healthy foods. Furthermore, during the COVID-19 pandemic, the demand for such functional food ingredients, which aid in boosting their immunity level, thereby positively impacting global consumer preference for functional mushrooms.

This can be attributed to the growing popularity of functional mushrooms as superfoods due to their numerous health advantages. Functional mushrooms can be found in a variety of healthcare and pharmaceutical products. As a result, their demand is likely to grow over the forecast period. In addition, increasing product application scope in the pharmaceutical industry as a health supplement is further driving industry growth. Increasing cases of COVID-19 had led governments of different countries to impose lockdowns in 2020 to contain the spread of the infection.

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This created a disturbance in the supply chain of the industry. Food manufacturing and processing plants were shut down for a brief period to safeguard the health of workers, which, in turn, affected the production capacity. Moreover, due to the global lockdown, the procurement of raw materials was difficult owing to restrictions on international trade activities. Delays in shipments due to restrictions on the movement of people also caused a shortage of raw materials, thereby increasing their prices that eventually raising the costs of functional mushrooms. However, the demand for functional mushrooms increased during the pandemic due to their health benefits, such as immunity-boosting properties, which had a positive impact on the global industry.

A diet high in protein has become increasingly popular over the past few years with the growing consumer awareness about maintaining overall health. Rising consumption of packaged food products due to hectic lifestyles will also support industry growth. To appeal to a customer base that is health-conscious, packaged food manufacturers are enhancing food products with nutritive ingredients, such as functional mushroom extracts or powders. The present production of protein through livestock is negatively impacting our planetary life-support systems. To fulfill the protein needs, livestock production is also growing, which is leading to a significant increase in the emission of Greenhouse Gases (GHG), creating sustainability issues.

Functional Mushroom Market Report Highlights

  • The shiitake mushrooms segment dominated the industry in 2021 owing to the increased cultivation of these mushrooms across the globe
  • The food & beverage application segment led the industry in 2021 owing to the increased use of functional mushrooms as superfoods
  • Asia Pacific dominated the industry in 2021 due to the fact that China produces a sizable portion of the global industrial output
  • Demand for these mushrooms is increasing as a result of the dietary preference for functional foods, which form an integral part of Asia Pacific cuisines
  • Furthermore, due to their favorability in the local diet, the demand for functional mushrooms has increased in the food & beverage industry
  • North America is expected to register the fastest growth rate during the forecast period due to the rising product adoption in dietary supplements

Thus, a major focus is being laid on alternative protein sources. This trend is expected to boost industry growth in the coming years. Eating a plant-based diet has become popular, particularly among young people who care about animal welfare and the environment. As per the Alliance for Science and a study by Kansas State University, as of January 2022, about 10% of Americans over the age of 18 years were vegetarian or vegan. Functional mushrooms are anticipated to be used in a variety of medicinal and health products in the long run. This broadens the range of product applications in the food and beverage industries. Moreover, the industry is expanding as a result of the growing use of such mushrooms as functional ingredients in the pharmaceutical and nutraceutical sectors.

List of Key Players of Functional Mushroom Market

  • Way of Will Inc.
  • M2 Ingredients
  • Nammex
  • Mitoku Company
  • Hokkaido Reishi Co. Ltd.
  • Lianfeng (Suizhou) Food Co. Ltd.
  • Monterey Mushrooms Inc.
  • Rebbl
  • Sotru
  • Monaghan Group

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Mrudula Karmarkar

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Mrudula Karmarkar
Joined: March 30th, 2020
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