Functional Mushroom Market to cross US$ 22,023 Million at a CAGR of 9% during 2023 to 2033 | Future Market Insights, Inc

The global functional mushroom market value was figured out to be around US$ 9,324.7 Million in 2022. FMI anticipates it to grow at an annual rate of 9% from 2023 to 2033. It further predicts the overall valuation to reach US$ 22,023.8 Million by the end of this forecast period.

Due to the recent surge in the use of functional mushrooms in regular diets as a nutritious food alternative, the growth prospects for the market remain positive. Demand for functional mushrooms globally is also predicted to increase as vegan diets become more popular among the younger generations. Additionally, the expansion of the industry could be supported by greater consumer awareness about its properties of preserving overall health and well-being.

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Because most mushrooms are farmed in tropical regions, the Asia Pacific countries are expected to witness higher growth during the forecast years. It can be linked to an increase in interest in functional mushrooms as superfoods strengthening food security in developing countries. Also, their use as a superior substitute for many other nutrient-dense meals, they are becoming more and more popular in developed regions as well.

Other important considerations include the growing urban population and rising spending on functionally enhanced foods. The demand for functional mushrooms in Germany is higher than in other European countries owing to its extensive food and beverages industries.

Key Takeaways from this Report:

• Based on geographic regions, the sales of functional mushrooms in the United States constituted 16.4% of the global revenue in 2022.
• The overall demand for functional mushrooms in Germany generated a global revenue share of around 6.6% as per the 2022 records. Meanwhile, the United Kingdom is anticipated to increase at a higher rate of nearly 5.9% through 2033.
• Japan is the leading country in the Asia Pacific region and it held a global market share of around 7.3% in the year 2022. On the other hand, China is expected to overtake it soon by capturing a 4.5% CAGR between the years 2023 and 2033.
• The production of functional mushrooms in India is anticipated to increase at the quickest rate of nearly 8.9% during the anticipated period.
• Back in the year 2022, the organic segment led the global market in terms of nature and was responsible for a revenue share of more than 21.3%.
• The powdered product segment led the market and was responsible for a revenue share of nearly 23.7% in the year 2022. This was brought on by the product’s increased popularity due to its higher storage and transport feasibility.

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Competitive Landscape:

• Hokkaido Reishi Co., Ltd.
• Om Mushrooms
• Rainbo
• Nammex
• Half Hill Farm Inc.
• Marley One
• Optimi Health Corp.
• Wuling (Fuzhou) Biotechnology Co., Ltd.
• Landish Foods
• Functional Mushrooms
• Hekate
• Others

The Marley Company introduced the Marley One psychedelic and functional mushroom consumer brand in June 2021 in collaboration with Silo Wellness Incorporation. Silo Wellness is a significant Toronto-based psychedelic business working on enhancing immunity and supporting gastrointestinal health and cognitive function. The first product line contains a range of tinctures made from functional mushrooms, such as lion’s mane, cordyceps, reishi, turkey tail, and Chaga.

Key Segmentation:

By Nature:

• Organic
• Conventional

By Product Species:

• Reishi
• Shiitake
• Lion’s Mane
• Chaga
• Maitake
• Cordyceps
• Tremella
• Turkey Tail
• Enokitake
• Oyster Mushrooms
• Others

By Form:

• Liquid Sprays and Drinks
• Powders
• Capsules or Supplements
• Others

By Application:

• Food & Beverages
• Nutraceuticals & Dietary Supplements
• Pharmaceutical
• Sports Nutrition and Functional Items
• Cosmetics & Personal Care
• Pet Care Industry
• Other Applications

By Region:

• North America Market
• Latin America Market
• Europe Market
• East Asia Market
• South Asia Market
• Oceania Market
• The Middle East & Africa (ME&A) Market