Functional Mushroom Market Size, Share, Trends & Growth Analysis

Global Functional Mushroom Market Size, Share, Trends, Industry Growth by Species (Shiitake, Reishi, Cordyceps, Lions Mane, Turkey Tail, Chaga, Others), by Product Type (Cultivated, Wild), by Nature, by Application, by Region, and Forecast to 2029

Report ID: RC137207 | Report Format: PDF + Excel | Starting Price: 3600/- USD | Last Updated: June 29th, 2023

The global functional mushroom market size is projected to grow at a significant CAGR of around 10% during the forecast period from 2023 to 2029. The increasing awareness among people about functional mushrooms due to their health benefits is a significant factor driving the growth of the market. Furthermore, the growing demand and the increasing application of the product in the pharmaceutical industry are further anticipated to fuel market growth. Moreover, the increasing consumption of packaged food products, rising demand for high protein products, and the increasing adoption of a vegan diet among people due to its various health benefits are expected to propel the market over the forecast period.

Market Drivers:

Increasing consumer awareness of health and wellness: There is a growing awareness among consumers regarding the importance of maintaining overall health and well-being. Functional mushrooms, such as reishi, chaga, lion’s mane, and cordyceps, have gained popularity due to their potential health benefits, including immune system support, cognitive enhancement, stress reduction, and anti-inflammatory properties. The increasing interest in natural and holistic approaches to health drives the demand for functional mushroom products.

Rise in demand for natural and plant-based ingredients: Consumers are increasingly seeking natural and plant-based ingredients in their food, beverages, and dietary supplements. Functional mushrooms are considered natural and plant-based superfoods, offering a rich source of vitamins, minerals, antioxidants, and bioactive compounds. The demand for functional mushrooms is driven by the desire for clean label products and the preference for natural alternatives to synthetic ingredients.

Growing research and scientific studies: The scientific community and research institutions have been conducting studies to explore the potential health benefits and therapeutic properties of functional mushrooms. The findings from these studies support the use of functional mushrooms in various applications, including dietary supplements, functional foods, and nutraceuticals. The availability of scientific evidence and research-backed claims enhances consumer confidence and drives the demand for functional mushroom products.

Expansion of the food and beverage industry: The food and beverage industry plays a significant role in driving the demand for functional mushroom products. Functional mushrooms are increasingly incorporated into various food and beverage products, including coffees, teas, smoothies, snacks, and supplements. The expansion of the functional food and beverage market creates opportunities for the inclusion of functional mushrooms as ingredients.

Growing adoption of alternative medicine practices: Functional mushrooms have been used for centuries in traditional medicine practices, particularly in Eastern cultures such as Traditional Chinese Medicine (TCM). The increasing acceptance and adoption of alternative medicine practices, coupled with the historical use of functional mushrooms, contribute to their popularity as natural remedies and health-supporting ingredients.

Influence of social media and digital platforms: Social media platforms and digital marketing play a significant role in promoting functional mushroom products and educating consumers about their potential health benefits. Influencers, wellness bloggers, and health enthusiasts share information, recipes, and personal experiences related to functional mushrooms, creating awareness and driving consumer interest.

Supportive regulatory environment: Regulatory bodies are increasingly recognizing the safety and potential health benefits of functional mushrooms. As regulatory frameworks are established and safety standards are defined, it becomes easier for companies to develop and market functional mushroom products in compliance with regulations. A supportive regulatory environment fosters market growth and encourages innovation in the functional mushroom industry.

Sustainable and eco-friendly image: Functional mushrooms are often associated with sustainability and eco-friendliness. They are typically cultivated using sustainable farming practices, require minimal resources, and contribute to the health of ecosystems through their symbiotic relationships with plants and trees. The environmentally conscious consumer base seeks products that align with sustainability values, driving the demand for functional mushroom products.

Market Snapshot:

Benchmark Year		2022
Market Size		$ xx.x Mn
Market Growth (CAGR)		~ 10% (2023-2030)
Largest Market Share
Analysis Period		2020-2030
Market Players		Way of Will Inc., M2 Ingredients, Nammex, Mitoku Company, and Hokkaido Reishi Co. Ltd.

Market Insights:

By species, the shiitake segment dominated the global functional mushroom market in the benchmark year

The global functional mushroom market is bifurcated into species, product type, nature, application, and geography. On the basis of species, the market is segmented into shiitake, reishi, cordyceps, lions mane, turkey and others. The shiitake segment dominated the global market in 2022 and expected to hold the largest revenue share of over 1/3 market share by 2029. The rising demand for the product due to its nutritional and medicinal properties is one of the key factor driving the segment growth. Furthermore, the growing popularity of the product among people and the increasing use in food industry and dietary supplement are further anticipated to propel the segment growth over the forecast period.

By application, the pharmaceutical industry is estimated to register the highest CAGR over the forecast period

On the basis of application, the market is segmented into food and beverage, dietary supplements, pharmaceuticals, and others. The food & beverage segment dominated the global functional mushroom market in 2021 and expected to hold a significant revenue of over 1/3 market share by the end of the analysis period. The growing urbanization, increasing disposable income per capita, and the changing lifestyle are some major factors driving the segment growth. On the flip side, the pharmaceuticals segment is accounted to register the fastest growth rate over the forecast period. The presence of various bioactive compounds in functional mushrooms including antioxidants is expected to increase the demand for the product in the pharmaceutical industry.

Functional Mushroom Market Growth

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The functional mushroom comprehensive study analyzes industry trends, market size, competitive analysis, and market forecast – 2023 to 2029. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The functional mushroom market research report presents the analysis of each segment from 2020 to 2029 considering 2022 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2023 to 2029.

Historical & Forecast Period

2020-21 – Historical Year
2022 – Base Year
2023-2029 – Forecast Period

Market Segmentation:

By Species:

Shiitake
Reishi
Cordyceps
Lions Mane
Turkey Tail
Chaga
Others

By Product Type:

Cultivated
Wild

By Nature:

Conventional
Organic

By Application:

Food and Beverage
Dietary Supplements
Pharmaceutical
Others

By Region:

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

Geographic Coverage:

Geographically, the functional mushroom market report comprises dedicated sections centering on the regional market revenue and trends. The functional mushroom market has been segmented on the basis of geographic regions into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The functional mushroom market has been extensively analyzed on the basis of various regional factors such as demographics, gross domestic product (GDP), inflation rate, acceptance, and others. Functional mushroom market estimates have also been provided for the historical years 2020 & 2021 along with forecasts for the period from 2023 – 2029.

Competitive Assessment:

Some of the major market players operating in the global functional mushroom market are Way of Will Inc., M2 Ingredients, Nammex, Mitoku Company, and Hokkaido Reishi Co. Ltd. Companies are exploring markets through expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

Way of Will Inc.
M2 Ingredients
Nammex
Mitoku Company
Hokkaido Reishi Co. Ltd.
Lianfeng (Suizhou) Food Co. Ltd.
Monterey Mushrooms Inc.
Rebbl
Sotru
Monaghan Group

Key Questions Answered by Functional Mushroom Market Report

Global functional mushroom market forecasts from 2023-2029
Regional market forecasts from 2023-2029 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
Country-level forecasts from 2023-2029 covering 15 major countries from the regions as mentioned above
Functional mushroom submarket forecasts from 2023-2029 covering the market by species, product type, nature, application, and geography
Various industry models such as SWOT analysis, Value Chain Analysis about the market
Analysis of the key factors driving and restraining the growth of the global, regional, and country-level functional mushroom markets from 2023-2029
Competitive Landscape and market positioning of the top 10 players operating in the market

Table of Content:

1. Preface

1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.4. Assumptions

2. Executive Summary

2.1. Global Functional Mushroom Market Portraiture
2.2. Global Functional Mushroom Market, by Species, 2022 (USD Mn)
2.3. Global Functional Mushroom Market, by Product Type, 2022 (USD Mn)
2.4. Global Functional Mushroom Market, by Nature, 2022 (USD Mn)
2.5. Global Functional Mushroom Market, by Application, 2022 (USD Mn)
2.6. Global Functional Mushroom Market, by Geography, 2022 (USD Mn)

3. Global Functional Mushroom Market Analysis

3.1. Functional Mushroom Market Overview
3.2. Market Inclination Insights
3.3. Market Dynamics
3.3.1. Drivers
3.3.2. Challenges
3.3.3. Opportunities
3.4. Attractive Investment Proposition
3.5. Competitive Analysis
3.6. Porter’s Five Force Analysis
3.6.1. Bargaining Power of Suppliers
3.6.2. Bargaining Power of Buyers
3.6.3. Threat of New Entrants
3.6.4. Threat of Substitutes
3.6.5. Degree of Competition
3.7. COVID-19 Impact Analysis

4. Global Functional Mushroom Market By Species, 2020 – 2029 (USD Mn)

4.1. Overview
4.2. Shiitake
4.3. Reishi
4.4. Cordyceps
4.5. Lions Mane
4.6. Turkey Tail
4.7. Chaga
4.8. Others

5. Global Functional Mushroom Market By Product Type, 2020 – 2029 (USD Mn)

5.1. Overview
5.2. Cultivated
5.3. Wild

6. Global Functional Mushroom Market By Nature, 2020 – 2029 (USD Mn)

6.1. Overview
6.2. Conventional
6.3. Organic

7. Global Functional Mushroom Market By Application, 2020 – 2029 (USD Mn)

7.1. Overview
7.2. Food and Beverage
7.3. Dietary Supplements
7.4. Pharmaceutical
7.5. Others

8. North America Functional Mushroom Market Analysis and Forecast, 2020 – 2029 (USD Mn)

8.1. Overview
8.2. North America Functional Mushroom Market by Species, (2020-2029 USD Mn)
8.3. North America Functional Mushroom Market by Product Type, (2020-2029 USD Mn)
8.4. North America Functional Mushroom Market by Nature, (2020-2029 USD Mn)
8.5. North America Functional Mushroom Market by Application, (2020-2029 USD Mn)
8.6. North America Functional Mushroom Market by Country, (2020-2029 USD Mn)
8.6.1. U.S.
8.6.1.1. U.S. Functional Mushroom Market by Species, (2020-2029 USD Mn)
8.6.1.2. U.S. Functional Mushroom Market by Product Type, (2020-2029 USD Mn)
8.6.1.3. U.S. Functional Mushroom Market by Nature, (2020-2029 USD Mn)
8.6.1.4. U.S. Functional Mushroom Market by Application, (2020-2029 USD Mn)
8.6.2. Canada
8.6.2.1. Canada Functional Mushroom Market by Species, (2020-2029 USD Mn)
8.6.2.2. Canada Functional Mushroom Market by Product Type, (2020-2029 USD Mn)
8.6.2.3. Canada Functional Mushroom Market by Nature, (2020-2029 USD Mn)
8.6.2.4. Canada Functional Mushroom Market by Application, (2020-2029 USD Mn)

9. Europe Functional Mushroom Market Analysis and Forecast, 2020 - 2029 (USD Mn)

9.1. Overview
9.2. Europe Functional Mushroom Market by Species, (2020-2029 USD Mn)
9.3. Europe Functional Mushroom Market by Product Type, (2020-2029 USD Mn)
9.4. Europe Functional Mushroom Market by Nature, (2020-2029 USD Mn)
9.5. Europe Functional Mushroom Market by Application, (2020-2029 USD Mn)
9.6. Europe Functional Mushroom Market by Country, (2020-2029 USD Mn)
9.6.1. Germany
9.6.1.1. Germany Functional Mushroom Market by Species, (2020-2029 USD Mn)
9.6.1.2. Germany Functional Mushroom Market by Product Type, (2020-2029 USD Mn)
9.6.1.3. Germany Functional Mushroom Market by Nature, (2020-2029 USD Mn)
9.6.1.4. Germany Functional Mushroom Market by Application, (2020-2029 USD Mn)
9.6.2. U.K.
9.6.2.1. U.K. Functional Mushroom Market by Species, (2020-2029 USD Mn)
9.6.2.2. U.K. Functional Mushroom Market by Product Type, (2020-2029 USD Mn)
9.6.2.3. U.K. Functional Mushroom Market by Nature, (2020-2029 USD Mn)
9.6.2.4. U.K. Functional Mushroom Market by Application, (2020-2029 USD Mn)
9.6.3. France
9.6.3.1. France Functional Mushroom Market by Species, (2020-2029 USD Mn)
9.6.3.2. France Functional Mushroom Market by Product Type, (2020-2029 USD Mn)
9.6.3.3. France Functional Mushroom Market by Nature, (2020-2029 USD Mn)
9.6.3.4. France Functional Mushroom Market by Application, (2020-2029 USD Mn)
9.6.4. Spain
9.6.4.1. Spain Functional Mushroom Market by Species, (2020-2029 USD Mn)
9.6.4.2. Spain Functional Mushroom Market by Product Type, (2020-2029 USD Mn)
9.6.4.3. Spain Functional Mushroom Market by Nature, (2020-2029 USD Mn)
9.6.4.4. Spain Functional Mushroom Market by Application, (2020-2029 USD Mn)
9.6.5. Italy
9.6.5.1. Italy Functional Mushroom Market by Species, (2020-2029 USD Mn)
9.6.5.2. Italy Functional Mushroom Market by Product Type, (2020-2029 USD Mn)
9.6.5.3. Italy Functional Mushroom Market by Nature, (2020-2029 USD Mn)
9.6.5.4. Italy Functional Mushroom Market by Application, (2020-2029 USD Mn)
9.6.6. Rest of Europe
9.6.6.1. Rest of Europe Functional Mushroom Market by Species, (2020-2029 USD Mn)
9.6.6.2. Rest of Europe Functional Mushroom Market by Product Type, (2020-2029 USD Mn)
9.6.6.3. Rest of Europe Functional Mushroom Market by Nature, (2020-2029 USD Mn)
9.6.6.4. Rest of Europe Functional Mushroom Market by Application, (2020-2029 USD Mn)

10. Asia Pacific Functional Mushroom Market Analysis and Forecast, 2020 - 2029 (USD Mn)

10.1. Overview
10.2. Asia Pacific Functional Mushroom Market by Species, (2020-2029 USD Mn)
10.3. Asia Pacific Functional Mushroom Market by Product Type, (2020-2029 USD Mn)
10.4. Asia Pacific Functional Mushroom Market by Nature, (2020-2029 USD Mn)
10.5. Asia Pacific Functional Mushroom Market by Application, (2020-2029 USD Mn)
10.6. Asia Pacific Functional Mushroom Market by Country, (2020-2029 USD Mn)
10.6.1. China
10.6.1.1. China Functional Mushroom Market by Species, (2020-2029 USD Mn)
10.6.1.2. China Functional Mushroom Market by Product Type, (2020-2029 USD Mn)
10.6.1.3. China Functional Mushroom Market by Nature, (2020-2029 USD Mn)
10.6.1.4. China Functional Mushroom Market by Application, (2020-2029 USD Mn)
10.6.2. Japan
10.6.2.1. Japan Functional Mushroom Market by Species, (2020-2029 USD Mn)
10.6.2.2. Japan Functional Mushroom Market by Product Type, (2020-2029 USD Mn)
10.6.2.3. Japan Functional Mushroom Market by Nature, (2020-2029 USD Mn)
10.6.2.4. Japan Functional Mushroom Market by Application, (2020-2029 USD Mn)
10.6.3. India
10.6.3.1. India Functional Mushroom Market by Species, (2020-2029 USD Mn)
10.6.3.2. India Functional Mushroom Market by Product Type, (2020-2029 USD Mn)
10.6.3.3. India Functional Mushroom Market by Nature, (2020-2029 USD Mn)
10.6.3.4. India Functional Mushroom Market by Application, (2020-2029 USD Mn)
10.6.4. Rest of Asia Pacific
10.6.4.1. Rest of Asia Pacific Functional Mushroom Market by Species, (2020-2029 USD Mn)
10.6.4.2. Rest of Asia Pacific Functional Mushroom Market by Product Type, (2020-2029 USD Mn)
10.6.4.3. Rest of Asia Pacific Functional Mushroom Market by Nature, (2020-2029 USD Mn)
10.6.4.4. Rest of Asia Pacific Functional Mushroom Market by Application, (2020-2029 USD Mn)

11. Latin America (LATAM) Functional Mushroom Market Analysis and Forecast, 2020 - 2029 (USD Mn)

11.1. Overview
11.2. Latin America Functional Mushroom Market by Species, (2020-2029 USD Mn)
11.3. Latin America Functional Mushroom Market by Product Type, (2020-2029 USD Mn)
11.4. Latin America Functional Mushroom Market by Nature, (2020-2029 USD Mn)
11.5. Latin America Functional Mushroom Market by Application, (2020-2029 USD Mn)
11.6. Latin America Functional Mushroom Market by Country, (2020-2029 USD Mn)
11.6.1. Brazil
11.6.1.1. Brazil Functional Mushroom Market by Species, (2020-2029 USD Mn)
11.6.1.2. Brazil Functional Mushroom Market by Product Type, (2020-2029 USD Mn)
11.6.1.3. Brazil Functional Mushroom Market by Nature, (2020-2029 USD Mn)
11.6.1.4. Brazil Functional Mushroom Market by Application, (2020-2029 USD Mn)
11.6.2. Mexico
11.6.2.1. Mexico Functional Mushroom Market by Species, (2020-2029 USD Mn)
11.6.2.2. Mexico Functional Mushroom Market by Product Type, (2020-2029 USD Mn)
11.6.2.3. Mexico Functional Mushroom Market by Nature, (2020-2029 USD Mn)
11.6.2.4. Mexico Functional Mushroom Market by Application, (2020-2029 USD Mn)
11.6.3. Rest of Latin America
11.6.3.1. Rest of Latin America Functional Mushroom Market by Species, (2020-2029 USD Mn)
11.6.3.2. Rest of Latin America Functional Mushroom Market by Product Type, (2020-2029 USD Mn)
11.6.3.3. Rest of Latin America Functional Mushroom Market by Nature, (2020-2029 USD Mn)
11.6.3.4. Rest of Latin America Functional Mushroom Market by Application, (2020-2029 USD Mn)

12. Middle East and Africa Functional Mushroom Market Analysis and Forecast, 2020 - 2029 (USD Mn)

12.1. Overview
12.2. MEA Functional Mushroom Market by Species, (2020-2029 USD Mn)
12.3. MEA Functional Mushroom Market by Product Type, (2020-2029 USD Mn)
12.4. MEA Functional Mushroom Market by Nature, (2020-2029 USD Mn)
12.5. MEA Functional Mushroom Market by Application, (2020-2029 USD Mn)
12.6. Middle East and Africa Functional Mushroom Market, by Country, (2020-2029 USD Mn)
12.6.1. GCC
12.6.1.1. GCC Functional Mushroom Market by Species, (2020-2029 USD Mn)
12.6.1.2. GCC Functional Mushroom Market by Product Type, (2020-2029 USD Mn)
12.6.1.3. GCC Functional Mushroom Market by Nature, (2020-2029 USD Mn)
12.6.1.4. GCC Functional Mushroom Market by Application, (2020-2029 USD Mn)
12.6.2. South Africa
12.6.2.1. South Africa Functional Mushroom Market by Species, (2020-2029 USD Mn)
12.6.2.2. South Africa Functional Mushroom Market by Product Type, (2020-2029 USD Mn)
12.6.2.3. South Africa Functional Mushroom Market by Nature, (2020-2029 USD Mn)
12.6.2.4. South Africa Functional Mushroom Market by Application, (2020-2029 USD Mn)
12.6.3. Rest of MEA
12.6.3.1. Rest of MEA Functional Mushroom Market by Species, (2020-2029 USD Mn)
12.6.3.2. Rest of MEA Functional Mushroom Market by Product Type, (2020-2029 USD Mn)
12.6.3.3. Rest of MEA Functional Mushroom Market by Nature, (2020-2029 USD Mn)
12.6.3.4. Rest of MEA Functional Mushroom Market by Application, (2020-2029 USD Mn)

13. Company Profiles

13.1. Way of Will Inc.
13.1.1. Business Description
13.1.2. Financial Health and Budget Allocation
13.1.3. Product Positions/Portfolio
13.1.4. Recent Development
13.1.5. SWOT Analysis
13.2. M2 Ingredients
13.2.1. Business Description
13.2.2. Financial Health and Budget Allocation
13.2.3. Product Positions/Portfolio
13.2.4. Recent Development
13.2.5. SWOT Analysis
13.3. Nammex
13.3.1. Business Description
13.3.2. Financial Health and Budget Allocation
13.3.3. Product Positions/Portfolio
13.3.4. Recent Development
13.3.5. SWOT Analysis
13.4. Mitoku Company
13.4.1. Business Description
13.4.2. Financial Health and Budget Allocation
13.4.3. Product Positions/Portfolio
13.4.4. Recent Development
13.4.5. SWOT Analysis
13.5. Hokkaido Reishi Co. Ltd.
13.5.1. Business Description
13.5.2. Financial Health and Budget Allocation
13.5.3. Product Positions/Portfolio
13.5.4. Recent Development
13.5.5. SWOT Analysis
13.6. Lianfeng (Suizhou) Food Co. Ltd.
13.6.1. Business Description
13.6.2. Financial Health and Budget Allocation
13.6.3. Product Positions/Portfolio
13.6.4. Recent Development
13.6.5. SWOT Analysis
13.7. Monterey Mushrooms Inc.
13.7.1. Business Description
13.7.2. Financial Health and Budget Allocation
13.7.3. Product Positions/Portfolio
13.7.4. Recent Development
13.7.5. SWOT Analysis
13.8. Rebbl
13.8.1. Business Description
13.8.2. Financial Health and Budget Allocation
13.8.3. Product Positions/Portfolio
13.8.4. Recent Development
13.8.5. SWOT Analysis
13.9. Sotru
13.9.1. Business Description
13.9.2. Financial Health and Budget Allocation
13.9.3. Product Positions/Portfolio
13.9.4. Recent Development
13.9.5. SWOT Analysis
13.10. Monaghan Group
13.10.1. Business Description
13.10.2. Financial Health and Budget Allocation
13.10.3. Product Positions/Portfolio
13.10.4. Recent Development
13.10.5. SWOT Analysis

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