Global Functional Mushroom Market Grows Steadily at a CAGR of 8.80%

Fungi, known as functional mushrooms, are praised for their health benefits and nutritional worth. Functional mushrooms are used in a variety of pharmaceutical and medicinal products. These mushrooms are more advantageous in the food and beverage sector thanks to this characteristic. The market for these mushrooms is expanding due to their expanding use as health supplements and a helpful medical industry element. Reishi and cordyceps are the two therapeutic mushrooms with the most significant market demand. Market Dynamics Increasing Demand for the Functional Food and Dietary Supplements Drives the Global Market Urbanization and consumerism, which led to a dramatic rise in the consumption of artificial food products and a rise in the prevalence of lifestyle diseases, were the driving forces behind this development. Consumption of functional foods and beverages, which are touted as having benefits beyond nutrition, is steadily shifting. These products are said to provide optimum nutrition and reduce the likelihood of illness. Functional meals are gaining popularity with health-conscious consumers. For instance, Reishi, Chaga, and turkey tails are coupled with coffee and chocolate. Turkey tails have an excellent flavor to be added to broths and stews. The companies also offer quality mushrooms as part of their product offerings. Alcoholic beverages with mushrooms as the main ingredient were introduced by Lifehouse Tonics. For instance, medicinal mushrooms are now included in Four Sigmatic's coffee, tea, and supplement categories. Medical Benefits of Functional Mushrooms Creates Tremendous Opportunities The presence of the substances like antioxidants, which can help increase blood flow, and anti-inflammatory properties, which are helpful for people with a variety of medical conditions that include inflammation as a symptom, are two common advantages mentioned by proponents of the functional mushroom trend. Although every functional mushroom has different health benefits, they all work to maintain a healthy level of energy, strengthen the immune system, facilitate digestion, and enhance the skin's natural radiance. For instance, antioxidants boost immunity, reduce stress, improve blood flow, and offer many other advantages that drive the rising demand for functional mushrooms worldwide. Regional Analysis  Asia-Pacific is the most significant shareholder in the global functional mushroom market and is anticipated to grow at a CAGR of 9.00% during the forecast period. Functional mushrooms have played a significant role in Chinese medicine for more than 2,000 years and were given their names in honor of longevity and spirituality. Chinese royal and aristocratic families have used functional mushrooms for thousands of years as a tonic for vigor and endurance and to build a strong immune system. China first started consuming mushroom supplements some 3,000 years ago. Due to rising income levels among urban and rural Chinese consumers and the evolution of the comprehensive health awareness and consumption concept, consumers across the market are placing more emphasis on safety, nutrition, and the consumption of healthy foods that have specific medical benefits. As a result, there is a growing market for valuable mushrooms. North America is anticipated to grow at a CAGR of 9.10%, generating USD 5,660.20 million during the forecast period. Functional mushrooms have gained popularity as a superfood among Americans, who use them in food, medicine, and even cosmetics. Despite producing less than other nations, the country is one of the biggest consumers of valuable mushrooms. According to USDA figures, approximately 3% of the U.S. mushroom market comprises functional mushrooms. Shiitake and oyster mushrooms are the country's most widely cultivated edible mushrooms. The demand for the nation's valuable mushroom production has increased as well. The air, water, and everything else in the surroundings spontaneously collect into the finished products because mushrooms are superb accumulators. The market in the United Kingdom is one of the leaders in increasing demand for functional mushrooms because of the severe competition from imports into the country, mainly from Ireland, Holland, France, and Belgium. Although price volatility continues to be a nasty factor because of the high consumption rate, it is expected that the market will be able to endure the consequences of rapid changes. One of the most unexpected characteristics of medicinal mushrooms is their accessibility. The shift in regular use of functional mushrooms is primarily due to the growing millennial demographic, where the demographics generally consider knowing the food source through labeling and its impact on the environment. Key Highlights The global functional mushrooms market was valued at USD 27,750.70 million in 2021. It is projected to reach USD 59,283.52 million by 2030, growing at a CAGR of 8.80% during the forecast period (2022-2030). Based on type, the global functional mushroom market is bifurcated into reishi, cordyceps, lion's mane, turkey tail, and others. The cordyceps segment is the highest contributor to the market and is expected to grow at a CAGR of 8.70% during the forecast period. Based on application, the global functional mushroom market is bifurcated into food and beverage, dietary supplements, personal care, and pharmaceutical. The personal care segment owns the highest market share and is expected to grow at a CAGR of 8.65% during the forecast period. Asia-Pacific is the most significant shareholder in the global functional mushroom market and is anticipated to grow at a CAGR of 9.00% during the forecast period. Competitive Players The global functional mushroom market's major key players are NAMMEX, Hirano Mushroom LLC, Mitoku Company Ltd, Lianfeng (Suizhou) Food Co. Ltd, Monterey Mushrooms Inc., M2 Ingredients, Fresh Mushroom Europe NV, Mycotrition GmbH, Hokkaido Reishi Co. Ltd, and Verhoeckx Paddenstoelen BV. Market News In June 2021, Marley partnered with Silo Wellness Inc., a leading global psychedelics company in Toronto, launched Marley One, the first global functional and psychedelic mushroom consumer brand. In December 2021, Psyence Group Inc. announced that its joint venture, Goodmind, partnered with one of South Africa's largest coffee retail chains - Vida e caffè - to roll out its available mushroom brand in South Africa. Global Functional Mushroom Market: Segmentation By Type Reishi Cordyceps Lion's Mane Turkey Tail Shiitake Chaga Other Types By Applications Food and Beverage Dietary Supplements Personal Care Pharmaceutical By Regions North America Europe Asia-Pacific LAMEA