Global Mushroom Extracts Market - 2023-2030

Global Mushroom Extracts Market - 2023-2030

Global Mushroom Extracts Market reached US$ 5.8 billion in 2022 and is expected to reach US$ 11.4 billion by 2030, growing with a CAGR of 8.7% during the forecast period 2023-2030.

Globally, people are trying new and innovative products to live a healthy lifestyle. The demand for various types of mushrooms is increasing rapidly due to their high medicinal benefits that can help in treating various ranges of health conditions. The advancements taking place in the field of mushroom cultivation and extraction methods positively influence market growth, providing cost-effective and easy processing structures.

Increasing consumer health consciousness is increasing the use of dietary supplements. The use of mushroom extracts in the production of dietary supplements increases market size. For instance, in March 2022, VeraVida Naturals, a naturally formulated daily supplements producer company, launched a new immunity-boosting supplement to thier product line. The newly launched product, Not So Magic Mushroom Immune Booster, is a blend of mushrooms, including reishi and Lions Mane.

Consumer awareness regarding the health and environmental advantages associated with organic products is increasing and driving the introduction of organic mushroom extracts into the market. For instance, in August 2023, Four Sigmatic, a superfood company known for its mushroom coffee and protein products, announced the launch of Organic Mushroom Complex Capsules that are enhanced with vitamins and botanicals. These capsules improve brain health, stress relief and mental clarity.

Dynamics

High Medicinal Value of Mushroom Extracts

Mushrooms and mushroom extracts are widely famous for their medicinal value. Different types of mushrooms such as reishi and chaga are highly popular due to their high potential to induce medicinal benefits into the body. These mushroom extracts are used in treating a range of health issues including cancer, insomnia and depression.

The new launches of products with multiple mushroom extracts to improve the health and wellness of consumers are driving the market growth. For instance, in July 2022, Ethical Natural in collaboration with Nammex, launched a new Mushroom-Plus ingredient line into the market. The product, MycoCalm is formulated to support relaxation and stress relief. Organic red reishi mushrooms and an L-theanine ingredient are used in the design of the product.

Similarly, in August 2023, Oceanix Biotechnology, a Canadian biotechnology and biopharmaceutical company, introduced ChangaPure in their product offering. The product, Chaga mushroom extract powder is produced from wild and standardized changa mushrooms and has potential antioxidants that can help in enhancing the immunity of the person.

Increasing Value for Mushroom Extracts in Food and Pharmaceutical Industries

Mushroom extracts are widely used in various industries for their different functions and applications. These are given importance in food & beverage, pharmaceutical and nutraceutical product productions to due their high nutritional value and health benefits. Various manufacturers are targetting food and pharmaceutical industries and releasing mushroom extracts that can be widely used in their preparations.

In September 2023, Applied Food Sciences Inc. announced the partnership with KAAPA Biotech, a Finland-based research company, to introduce Nordic-grown functional mushroom extracts including reishi, shiitake and lion’s mane organic powdered mushroom extracts. These mushrooms can be widely used in food, beverage and supplement applications.

Producers are targeting widely used products such as coffee to enter the competitive market of mushrooms. For instance, in July 2021, Rooted Actives, an Indian-based company, introduced medicinal mushroom extracts and superfood blends. The products use medicinal mushrooms, including reishi, turkey tail and lion mane. The products can be blended into coffee and several other food products.

Allergic Concerns of Mushrooms

Allergic concerns related to various types of mushrooms can be one of the major restraining factors for the global mushroom extract market. Mushroom allergies are under the funges food allergy syndrome. These mushroom allergies can target more than one organ including gastrointestinal and respiratory tract allergies and mucosal and skin allergies.

Mild to severe allergic reactions can be seen in some individuals upon contact and consumption of various types of mushrooms including reishi and other mushrooms. The intake of certain mushrooms such as reishi mushrooms, along with some other drugs for medications of anticoagulants and antiplatelet, may lead to severe damage to the health. The allergic concerns of these mushrooms can badly impact the mushroom extract market growth, as consumers avoid the product with these extracts.

Segment Analysis

The global mushroom extracts market is segmented based on type, form, nature, distribution channel, application and region.

High Demand Due to Increased Health Benefits

The reishi mushrooms segment accounted for the largest share of the market due to the increased use of reishi mushroom extracts in various product developments. The high health advantageous profile of reishi mushrooms is positively impacting the growth of the segment. Manufacturers are developing health supplements with the incorporation of reishi mushroom extracts.

The high medical value of reishi mushrooms drives their use in producing health care supplements. For instance, in April 2021, Gaia Herbs introduced a new line of mushroom capsule additives for whole-body health and well-being. Reishi and turkey tail mushroom extracts are used in the preparation of these supplements that are claimed to support lung, heart and brain health.

Geographical Penetration

Increasing Health Consciousness Among Consumers

North America dominated the global mushroom extracts market, with United States and Canada leading the market. Improving lifestyles and increased focus on health and diet, consumers of this region are helping in the wide expansion of natural and healthy products. Improving consumer knowledge regarding the benefits of the various mushroom extracts is positively driving market growth.

The wide acceptance of mushroom extract-based products including supplements in this region, is improving the greater expansion of the market. In addition, the presence of major players and the wide availability of technological advancements can be used in the easy and high-yield various mushroom extraction processing, positively affecting the market growth. Further, the increasing purchasing power boosts the regional market growth.

Various collaborations and partnerships among the market players help in the wide expansion of the regional market. For instance, in July 2022, Ethical Naturals Inc., a leading supplier of natural source ingredients, collaborated with North American Medicinal Mushroom Extracts, a mushroom ingredient specializer, to introduce a new product, Mushroom-Plus. Organic red reishi and L-theanine are the major ingredients of this new line of products.

Competitive Landscape

The major global players in the market include NAMMEX, Xi'an Greena Biotech, Swanson, Life Extension, Nature's Answer, Bio Botanica, Inc., Innophos, Baikal Herbs, Naturalin Bio-Resources Co, Ltd, and New Roots Herbal, Inc.

COVID-19 Impact Analysis

The outbreak of the COVID-19 pandemic had a mixed impact on the global mushroom extract market. The strict regulations from the government resulted in the shutdown of many manufacturing industries temporarily, negatively influencing market growth. Manufacturers of every industry, including mushroom extracts faced challenges in raw material sourcing and labor maintenance.

The decreased production and availability of mushrooms created challenges not only for the mushroom extract processing industries but also for the end-use industries that use mushroom extracts in the preparation of various food and pharmaceutical products. In addition, the disrupted distribution channels also impacted the market in a negative way.

During a pandemic, most people became health conscious and increased their consumption of healthy products that help in improving their immune system to stay healthy and active. Mushroom extracts acted as one of the key ingredients in the product of health supplements and pharmaceutical products to improve health, positively driving the market growth. In addition, the increased use and accessibility of e-commerce sector and the wide availability of these products in online sales increased market demand.

Russia- Ukraine War Impact

The Russia-Ukraine war had a negative impact on many industrial sectors, including food. The war among these countries resulted in economic disturbance in the whole commercial sector including the food and pharmaceutical industries. The disturbance in supply chain activities and trade transactions had a negative impact on the market. The political and economic uncertainty created due to the war had a negative impact on the mushroom extract market.

By Type
• Reishi Mushroom
• Shiitake Mushroom
• Lion’s Mane Mushroom
• Cordyceps Mushroom
• Chaga Mushroom
• Turkey Tail
• Others

By Form
• Liquid Extract
• Powder Extract

By Nature
• Organic
• Conventional

By Distribution Channel
• Supermarkets and Hypermarkets
• Convenience Stores
• E-commerce
• Others

By Application
• Food and Beverages
• Dietary Supplements
• Personal Care and Cosmetics
• Other

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Russia
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• In March 2023, Ilesol Pharmaceuticals, a B2B producer of intermediates and finished products, announced the expansion of their product offering with the launch of a new product line including botanical extracts and functional mushrooms that help in supporting the immune system and improving cognitive health.
• In March 2022, Vibe Mushrooms Inc., a functional mushroom company, declared its acquisition of Qi Mushrooms, a medicinal mushroom extract provider. Vibe Mushrooms Inc.'s research, developmental activities, and acquisition with Qi's acquisition helped the company to produce an improved final product.
• In July 2022, Vibe Mushrooms, a British Columba-based functional mushroom company, presented five new mushroom extracts in their product line. Various products introduced include lion's mane, turkey tail and red reishi, which can be used as ingredients.

Why Purchase the Report?
• To visualize the global mushroom extracts market segmentation based on type, form, nature, distribution channel, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of mushroom extracts market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global mushroom extracts market report would provide approximately 78 tables, 81 figures and 234 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies