The Functional Mushroom Market size is forecast to reach $16.83 billion by 2026, growing at a CAGR of 7.49% during the forecast period 2021-2026. Functional mushrooms are a modified type of mushroom variety that has the added benefits as compared to the traditional mushroom varieties. They are highly nutritious and have several medicinal and flavour-enhancing benefits. They are known to include some of the most nourishing health nutrients and include several commonly required vitamins by the human body. Increasing application of these mushrooms as a functional ingredient in the medical industry and rise in awareness associated with the consumption of functional food and ingredient is the major factor driving the growth of the market. Rising demand for functional mushrooms from various end-use industries is set to further enhance the overall market demand for the Functional Mushroom Market during the forecast period 2021-2026.
Functional Mushroom Market Segment Analysis - By Product Type
The Shiitake held the largest share in the Functional Mushroom Market in 2020 and is estimated to grow at a CAGR of 8.29% during the forecast period 2021-2026 owing to their health-promoting properties. Shiitake mushrooms are widely used in the food industry for their rich texture and smoky flavour. Moreover, they gained popularity primarily owing to their various nutritional and medicinal benefits. They help in weight loss, support cardiovascular health, fight cancer cells, improve energy levels and brain function, reduce inflammation, and support the immune system, thus are widely being accepted in various pharma industries. Cordyceps is a genus of parasitic fungi that grows on the larvae of insects. When these fungi attack their host, they replace their tissue and sprout long, slender stems that grow outside the host's body. Shiitake is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2021-2026.
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Functional Mushroom Market Segment Analysis - By Applications
Food & Beverage held the largest share in the Functional Mushroom Market in 2020. Mushrooms have become attractive as a functional food and as a source of drugs and nutraceuticals owing to their antioxidant, antitumor, and antimicrobial properties. The mushroom protein contains all the nine essential amino acids required by humans. Functional mushrooms offer some specific benefits, but they aren’t particularly hard to include in recipes or incorporate into a variety of other preparations, like house teas and infused beverages. They assist in weight loss, support cardiovascular health, fight cancer cells, improve energy levels and brain function, reduce inflammation, and boost the immune system, therefore are extensively being accepted in various pharma industries. Food & Beverage is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2021-2026.
Functional Mushroom Market Segment Analysis - By Geography
Asia Pacific dominated the Functional Mushroom Market in 2020 with a share of more than 39.10%, followed by North America owing to the growing income levels of urban and rural Chinese consumers and with the transformation of comprehensive health awareness and consumption, consumers across the market are placing more importance on safety, nutrition, and consumption of healthy food with certain medical benefits. The rapid development of the catering industry is also increasing the growth of the Functional Mushroom Market in this region.
However, North America is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the government regulations that are continuously working to ensure the standard on food safety, strengthening the consciousness on raw materials safety, and environmental protection. Techniques of medicinal mushroom and increasing demand for exotic mushroom varieties is also poised to have a positive impact on the market.
Functional Mushroom Market Drivers
Rise in awareness associated with the consumption of functional food and ingredients
The rise in awareness associated with the consumption of functional food and ingredients is increasing the growth of the Functional Mushroom Market. Functional foods provide important nutrients that can help protect against disease. Many are especially rich in antioxidants. These molecules help neutralize harmful compounds known as free radicals, helping prevent cell damage and certain chronic conditions, including heart disease, cancer, and diabetes. Other types are rich in fiber, which can promote better blood sugar control and protect against conditions like diabetes, obesity, heart disease, and stroke. Fiber can also help prevent digestive disorders, including diverticulitis, stomach ulcers, haemorrhoids, and acid reflux. It helps to prevent nutrient deficiencies, protect against disease, and promote proper growth and development. Thus, increasing the growth of the Functional Mushroom Market during the forecast period 2021-2026.
Rising demand for functional mushroom from various end-use industries
Rising demand for functional mushrooms from various end-use industries is increasing the growth of the Functional Mushroom Market. Mushrooms have become attractive as a functional food and as a source of drugs and nutraceuticals owing to their antioxidant, antitumor, and antimicrobial properties. Mushrooms have become attractive as a functional food and as a source of drugs and nutraceuticals owing to their antioxidant, antitumor, and antimicrobial properties. Thus, increasing the growth of the Functional Mushroom Market during the forecast period 2021-2026.
Functional Mushroom Market Challenges
Lack of ability to be included in other recipes
Some of the factors that are set to impede the growth of the Functional Mushroom Market are the lack of ability to be included in other recipes.
Functional Mushroom Market Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Functional Mushroom Market. In 2020, the Functional Mushroom Market share is consolidated by the top ten players present in the market. Functional Mushroom Market, the top 10 companies are Half Hill Farm Inc, Real Mushrooms, Pan's Mushroom Jerky, Om Organic Mushroom Nutrition, Yuguo Farms, Four Sigmatic, The Mushroom Company, Banken Champignons Groep BV, Okechamp SA Bonduelle, Modernmush, Monaghan Mushrooms, and Monterey Mushrooms Inc. among others.
Acquisitions/Product Launches
In January 2018, Four Sigmatic announced the launch of medicinal mushroom-infused coffee products that are aimed at improving the health of individuals that consume particular products.
Key Takeaways
The Asia Pacific dominated the Functional Mushroom Market in 2020 owing to the growing income levels of urban and rural Chinese consumers and with the transformation of comprehensive health awareness and consumption. The Functional Mushroom Market scope for different regions will be provided in the final report.
The rise in awareness associated with the consumption of functional food & ingredients and the rise in demand for applications of functional mushrooms is likely to aid in the market growth of the Functional Mushroom Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Functional Mushroom Market report.
Lack of ability to be included in other recipes is poised to create hurdles for the Functional Mushroom Market.
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