Medicinal Mushroom Extract Market by Type (Chaga, Cordyceps, Reishi), Form (Capsules), Function (Antioxidant) and Region - Forecast till 2023
Pune, India -- (SBWIRE) -- 06/22/2018 -- Market Overview:
Medicinal mushrooms are microscopic fungi, which are used for their health-promoting properties. They are used in form of extracts, which include capsules, powder, liquid, and others. Some of the commonly known medicinal mushrooms are chaga, cordyceps, reishi, turkey tail, shiitake, and others. These mushrooms regulate immune system, control cholesterol, help to stave off cardiovascular diseases, improve lung function, fight cancer cells, and much more. These medicinal mushroom extracts are nutrient rich along with their ability to heal various diseases. They are mainly used in dietary supplements and functional foods. However, increasing awareness regarding medicinal mushrooms and continuous R&D are adding fuel to the demand for medicinal mushroom extract from various industries.
Increasing demand for functional foods among the growing health-conscious population is driving the market for medicinal mushroom extract. Moreover, continuous R&D efforts in the medicinal mushroom market are further boosting the growth of the market. However, lack of effective production skills is building a gap between demand and supply market, which is restraining the growth of medicinal mushroom extract market.
Medicinal mushroom extract possesses various health-promoting attributes, which has increased its applications in the pharmaceuticals industry over the last few years. Different medicinal mushrooms perform different health functions including antioxidants, anticancer, immune modulator, hepatic-protective, and others, which have gained popularity among various industries. Rising health problems at the global level have opened doors for the medicinal mushroom market.
Nevertheless, all these factors are projected to contribute to the estimated CAGR of 6.3% of medicinal mushroom extract market during the forecast period 2017-2023.
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Major Key Players:
The major players in the Medicinal Mushroom Extract Market,
Names (North American Medicinal Mushroom Extracts) (Canada)
Oriveda BV (The Netherlands)
Nutra Green Biotechnology Co (U.S.)
Real Mushrooms (Canada)
New Roots Herbal Inc. (Canada)
Amax NutraSource, Inc. (U.S.) and
Medicinal mushroom extract market is segmented by types such as chaga, cordyceps, reishi, turkey tail, shiitake, and others. Among all, shiitake mushroom is the fastest growing medicinal mushroom followed by reishi. The Shiitake mushroom is rich in flavor and texture adding attribute along with its high nutritional value, which includes its ability to aid weight loss, support cardiovascular health, fight cancer cells, improve energy levels and brain function, reduce inflammation, and support the immune system. These attributes of shiitake mushroom are supporting its highest growth in the medicinal mushroom market.
On the basis of the form, the medicinal mushroom extract market is segmented into capsules, powder, liquid, and others. The capsules segment is dominating the market. However, the liquid and powder form of the medicinal mushroom extract is expected to witness substantial growth in the pharmaceutical industry over the forecast period.
Based on the function, the medicinal mushroom market is segmented such as antioxidants, immune enhancer, anti-cancer, skin care, and others. Among all, its application is increasing substantially as an anti-oxidant and immune enhancer over the forecast period. However, its functionality as a skin care agent is likely to witness moderate growth over the coming years.
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Europe is expected to witness substantial growth owing to increasing health conscious population and their inclination towards functional food. Moreover, in North America, the U.S. is dominating the market. Additionally, owing to high nutritional and medicinal attribute, the medicinal mushroom extract market is projected to witness moderate growth in the Middle East over the estimated period.
Global Medicinal Mushroom Extract Market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). Asia Pacific is dominating the global medicinal mushroom market and China, Japan, and Korea are major contributors in terms of production as well as consumption.