The global functional mushroom market is projected to grow with a CAGR of 8.04% during the forecast period (2019 - 2024)

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Mar 03, 2020, 11:15 ET

NEW YORK, March 3, 2020 /PRNewswire/ --

The global functional mushroom market is projected to grow with a CAGR of 8.04% during the forecast period (2019 - 2024).

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- Functional mushrooms are used in a wide variety of healthcare and pharmaceutical products. This increases the applicability of these mushrooms in the food and beverage sector. The application of these mushrooms as a functional ingredient in the medical industry is driving the growth of the market, as functional mushrooms are being increasingly incorporated into health supplements.
- The market studied is expected to experience huge demand for Reishi and Cordyceps, followed by the other types of medicinal mushrooms. Reishi, a traditional Chinese medicine, is also known as the "Elixir of Life", as well as the "Mushroom of Immortality".

Key Market Trends
Shiitake mushrooms are Growing At a Faster Pace

Shiitake mushrooms are native to East Asia and they are most popular in China, Japan, and Korea. They are primarily considered as medicinal mushrooms, due to their health-promoting properties. These mushrooms are widely used in the food industry for their rich texture and smoky flavor. Moreover, they gained popularity primarily due 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 arewidely being accepted in various pharama industries

APAC Holds A Major Share in The Global Market

In the Asian region, China is the largest producer of mushrooms, globally. The country engages in the production of mushroom and truffles to meet the large external and internal market demands. With growing income levels of urban and rural Chinese consumers and with the transformation of comprehensive health awareness and consumption concept, consumers across the market are placing more importance on safety, nutrition, and consumption of healthy food with certain medical benefits. Rapid development of the catering industry stimulates the growth of mushrooms in the respective market. Catering channels are one of the crucial channels for mushrooms marketing where the staff is 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, the market for functional mushrooms in the region is expected to witness significant growth in the coming years

Competitive Landscape
The market studied is highly fragmented, with the presence of many small players in the market. Key players, such as Nammex, CNC Exotic Mushrooms, and Mitoku Company, have focused on expansion by increasing the production capacity of mushroom farms. Nammex and Hokkaido Reishi Co. Ltd are the most active companies operating in the functional mushroom market. Product innovation and expansion are the major strategies adopted by the companies in this industry, owing to the rapidly transforming nature of the market. In order to constantly fulfill the increasing demand for these products, expansion and product innovation have become the most followed strategies by key players.

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