Medicinal Mushroom Global Market 2024 To Reach $57.95 Billion By 2028 At Rate Of 11.2%
Medicinal Mushroom Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
Medicinal Mushroom Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
LONDON, GREATER LONDON, UK, August 28, 2024 /EINPresswire.com/ -- The global medicinal mushroom market2 is poised for significant growth, with market size projected to increase from $34.09 billion in 2023 to $37.88 billion in 2024, at a compound annual growth rate (CAGR) of 11.1%. This growth is driven by rising awareness of the potential health benefits of medicinal mushrooms, a growing interest in functional foods, and increased utilization in sports nutrition. By 2028, the market is anticipated to reach $57.95 billion, reflecting a CAGR of 11.2%. Factors such as the growing vegan population, the shift towards preventative health, and the rising adoption of wellness-oriented lifestyles will contribute to this rapid expansion.
Rising Vegan Population Fuels Growth of Medicinal Mushroom Market
The increasing vegan population is a key driver of the medicinal mushroom market. With ethical, environmental, health-related, and cultural factors leading to the adoption of veganism, medicinal mushrooms have become essential to a balanced vegan diet due to their nutritional support, health benefits, and culinary versatility. For instance, according to the Vegan Society, 2.6 million people in Europe identified as vegan in 2023, representing 3.2% of the population, up from 2020. This growing trend is expected to continue driving the medicinal mushroom market.
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Key Players and Market Trends
Major companies operating in the medicinal mushroom market include Costa Group, Monterey Mushrooms LLC, Nature's Way Brands, Bio-Botanica, Banken Champignons B.V., Aloha Medicinals, Fungi Perfecti, Hirano Mushroom LLC, Fungi Ally, Far West Fungi, FreshCap Mushrooms, Swadeshi Mushroom, Asia Pacific Farm Enterprises, Gourmet Mushrooms Inc., Mycoterra Farm, Green Box Mushrooms, Shroomery, Four Sigmatic, Woodland Mushrooms, Fungaia Farm, Vitality Mushrooms, and Annanda Chaga Mushrooms.
In a strategic move, Vibe Mushrooms Inc. acquired Qi Mushrooms in March 2022. This acquisition allowed Vibe Mushrooms to leverage Qi Mushrooms' systems, experienced team, and research and development pipeline to accelerate growth and strengthen their supply chain in preparation for launching their line of mushroom extracts. Qi Mushrooms, based in Canada, specializes in producing scientifically-proven medicinal mushroom extracts, underscoring the industry's focus on innovation and research.
Trends in the Medicinal Mushroom Market
The forecast period is expected to see several significant trends in the medicinal mushroom market, including a growing interest in alternative and natural medicines, a shift towards natural and holistic health approaches, increased research and development activities, expansion of product diversity and accessibility, and advancements in cultivation and processing technologies. These trends are anticipated to further drive the market's growth and evolution.
Segments:
• By Type: Shiitake, Reishi, Maitake, Chaga, Cordyceps, Turkey Tail, Other Types
• By Form: Fresh, Dried, Other Forms
• By Application: Antioxidants, Immune Enhancer, Anti-Cancer, Skin Care, Other Applications
• By Distribution Channel: Supermarkets And Hypermarkets, Convenience Stores, E-Commerce
Geographical Insights: North America Leading the Market
North America was the largest region in the medicinal mushroom market in 2023, with significant consumption driven by health-conscious consumers. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period, owing to the region's rich history of traditional medicine and increasing consumer interest in natural health products.
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Medicinal Mushroom Global Market Report 20243 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Medicinal Mushroom Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on medicinal mushroom market size, medicinal mushroom market drivers and trends, medicinal mushroom market major players, medicinal mushroom competitors' revenues, medicinal mushroom market positioning, and medicinal mushroom market growth across geographies. The medicinal mushroom market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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