Medicinal Mushroom Extract Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

In 2024, the market for medicinal mushroom extracts will reach $14.3 billion, reaching $19.05 billion by 2032. This is a compound annual growth rate (CAGR) of 5.6% for the forecast period from 2024 to 2032. The rising awareness of the health benefits of medicinal mushrooms and the increasing popularity of natural and organic products will contribute to the growth of the market. In addition, the development of extraction technology and the growing acceptance of functional foods and food supplements will further boost the market. The leading companies in the medicinal mushroom extract market, such as Host Defense, Four Sigmatic and MycoTechnology, are actively promoting their market shares. The companies are investing in research and development to launch new products and formulations, and establishing strategic cooperation with other companies to expand their distribution channels. Cooperation with health and beauty companies is a good way to tap into new customer groups, thus driving market growth. The trend towards health and natural products is becoming more and more popular, and the medicinal mushroom extract market is well positioned to take advantage of this trend.

Regional Market Size

Regional Deep Dive

The market for medicinal mushrooms is experiencing significant growth across different regions, driven by the growing awareness of their health benefits, the increasing demand for natural food supplements, and the growing trend towards natural and holistic health practices. These trends are shaped by the cultural preferences, the regulatory framework, and the economic conditions of each region. In North America, for example, the trend towards preventive and wellness medicine is playing an important role in the growth of the medicinal mushroom market. In Asia-Pacific, on the other hand, traditional medicine and herbal medicine play a major role in the expansion of the medicinal mushroom market. In all regions, however, the market is growing as more consumers become aware of the therapeutic properties of medicinal mushrooms.

Europe

• The European market is witnessing a surge in interest due to the increasing popularity of functional foods and beverages, with companies such as MycoNutri and Fungi Perfecti innovating in product development.
• The European Food and Agricultural Organization (EU-FOOD) has recently released a guideline on health claims related to the use of medicinal mushrooms, which is expected to increase confidence in the product and thus drive market growth.

Asia Pacific

• In Asia-Pacific, traditional medicine practices are being integrated with modern health trends, with companies like Aloha Medicinals leveraging traditional knowledge to develop innovative mushroom extract products.
• The region is also seeing increased investment in research and development, with government initiatives in countries like China promoting the cultivation and commercialization of medicinal mushrooms, thereby expanding market opportunities.

Latin America

• In Latin America, there is a growing trend towards organic and natural products, with companies like MycoFarm focusing on sustainable cultivation of medicinal mushrooms to meet consumer demand.
• Regulatory frameworks are evolving, with governments in countries like Brazil and Mexico beginning to recognize the health benefits of medicinal mushrooms, which is expected to facilitate market growth and product innovation.

North America

• The rise of e-commerce platforms has significantly increased accessibility to medicinal mushroom extracts, with companies like Four Sigmatic and Host Defense leading the charge in online sales and consumer education.
• In recent years, the U.S. has changed its regulations, allowing a much wider range of research into the medicinal properties of mushrooms. The National Institutes of Health (NIH) is now funding studies into the use of mushrooms for the treatment of various illnesses.

Middle East And Africa

• The Middle East and Africa are emerging markets for medicinal mushroom extracts, with a growing interest in natural health products driven by rising disposable incomes and health awareness among consumers.
• Local companies are beginning to explore the potential of indigenous mushroom species, with initiatives supported by regional health organizations aimed at promoting the benefits of these natural extracts.

Did You Know?

“Did you know that certain medicinal mushrooms, such as Reishi and Lion's Mane, have been used for thousands of years in traditional medicine, particularly in Asian cultures, for their purported health benefits?” — World Health Organization (WHO) and various ethnobotanical studies

Segmental Market Size

The market for medicinal mushrooms is experiencing a rapid growth, owing to the rising interest in natural health products and the rising number of people suffering from chronic diseases. The market is also boosted by the growing number of scientific studies demonstrating the benefits of medicinal mushrooms, such as their immune-enhancing and anti-inflammatory properties. The market is also influenced by favourable government policies that support the use of natural products. In Europe and North America, consumers are increasingly demanding organic and non-GMO products. The market is currently in a mature stage of development, with companies like Host Defense and Four Sigmatic leading the way in product innovation and consumer education. The main applications are dietary supplements, foodstuffs and beverages. For example, lion’s mane and reishi extracts are used in health food supplements and coffee substitutes. The COVID pandemic has increased the interest in immune-enhancing products. The sustainable development trends have increased the demand for products with sustainable ingredients. The technological development is influenced by such factors as advanced extraction and biotechnology, which make it possible to increase the potency and bioavailability of active substances.

Future Outlook

The medicinal mushroom market will grow at a compound annual growth rate (CAGR) of 5.58% from 2024 to 2032, reaching a value of $13.98 billion and $19.05 billion respectively. Its growth will be driven by an increased interest in health and well-being and an increased acceptance of natural and alternative therapies. This is expected to lead to a growing demand for medicinal mushrooms, which are known to have adaptogenic and immune-enhancing properties. In 2032, the market penetration of medicinal mushroom extracts in dietary supplements and food supplements will be about 15%, mainly due to the increasing trend towards preventive medicine and self-medication. The development of extraction methods and formulations is expected to increase the bioavailability of medicinal mushroom extracts, which will further drive the market. Mycelium cultivation and improved extraction methods will further increase the quality and consistency of products, which will benefit both manufacturers and consumers. The supportive regulatory environment and the increasing investment in R & D will also help to launch new products to meet the diverse needs of consumers. The trend towards integrating medicinal mushrooms into daily food and beverage products, as well as the rise of e-commerce platforms for health products, will also play an important role in the future development of the medicinal mushroom market.