Global Medicinal Fungi Market: Overview
Medicinal fungi are mushrooms that are cultivated for their high nutrient profile of antioxidants, proteins, amino acids, and vitamins. Medicinal fungi are native to the Asia region, and they are cultivated on a large scale in this region.
Globally, the demand for medicinal fungi is expected to increase drastically, owing to the changing purchasing patterns of consumers towards medicinal food that offer plentiful health benefits.
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Medicinal fungi are known for their cure for common cold, seasonal allergies, alleviating asthma and bronchitis, inflammations, and to enhance the functioning of the nervous system. Globally, with growing consumer interest toward health food products, especially in Europe and North America, distributors are increasing the number of outlets that offer a vast array of functional beverages integrated with medicinal fungi.
In 2017, Kellogg’s announced its investment in a mushroom protein company, in order to fulfill the consumer demand for vegan protein. However, the marketing and promotion of these products are essential, as a large number of consumers are not aware of the health benefits of fungi.
Global Medicinal Fungi Market Likely to Register High Growth Over Forecast Period
The global market of medicinal fungi is likely to increase in the coming forecast period because of its three primary end-use industries – food, cosmetics, and pharmaceuticals. According to Fact.MR, its market is likely to grow at a high CAGR (compound annual growth rate) during the forecast period.
East Asia dominated the global market for medicinal fungi in 2018. Europe and North America are expected to witness a sizable rise in the overall sales of medicinal fungi. Countries such as the U.S., China, and Malaysia, among others, are expected to propel demand for medicinal fungi over the forecast period.
Prominent companies are significantly contributing to the production and various types of medicines from fungi, thereby boosting the growth of medicinal fungi market, globally.
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Pharmaceutical Industry Likely to Create Lucrative Opportunities
Medicinal fungi are primarily known as vegan food, which can enhance the immunity system of humans. Medicinal fungi contain a substantial amount of antioxidants, which is capable of destroying free radicles.
This capability of medicinal fungi is attracting manufacturers in the pharmaceutical industry for the production of medicines from natural ingredients. However, there is limited study available that proves the overall effects of fungi on the human body. Moreover, many studies suggest that, medicinal fungi can also be used for minimizing the effect of cancer on the body.
Global Medicinal Fungi Market: Segmentation
The medicinal fungi market can be segmented into type, form, end use, application, and packaging type. By type, the global medicinal fungi market can be categorized into chaga, cordyceps, enoki, turkey tail, lion’s mane, oyster mushroom, shiitake, maitake (hen of the woods), chanterelle, morel mushroom, and others The medicinal fungi market can be segmented by its form into powder, whole, slices, and extract.
By end use, the medicinal fungi can be segmented into household, commercial, and industrial. The industrial segment is further sub-segmented into dietary supplements, functional food & beverages, and personal care & cosmetics.
The global medicinal fungi market is also segmented into application as antioxidants, immune enhancers, anti-cancer, and skin care. By packaging type, the medicinal fungi market can be segmented into bottle, bulk, and tetra packaging. The global medicinal fungi market can be segmented on the basis of the geographical region into North America, Latin America, Europe, South Asia, East Asia, Oceania, the Middle East & Africa (MEA), and Emerging Countries.
Global Medicinal Fungi Market: Key Players
The global market for medicinal fungi comprises several developers that are primarily converging on developing advanced versions of medicinal fungi mainly for food and beverage products. Companies engaged in the manufacturing and distribution of medicinal fungi are focused on expanding their business footprint by enhancing their product portfolios related to medicinal fungi.
Some key market participants are Nutra Green Biotechnology Co., New Roots Herbal Inc., Names (North American Medicinal Mushroom Extracts), Amax NutraSource, Inc., Nyishar, Real Mushrooms, Oriveda BV, Bonduelle, Agro Dutch Industries, The Mushroom Company, Modern Mushroom Farms, Banken Champignons, Delftree Mushroom Company, Monaghan Mushrooms, Hughes Mushrooms, Scelta Mushrooms, Monterey Mushrooms, etc.
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