Cordyceps Militaris Market

Market Overview

The global cordyceps militaris market size is estimated to grow at a CAGR of 10.5% during the forecast period (2023–2031). People around the world nowadays are more focused on their health and well-being than ever before. This has led to an inclination towards natural elements like herbal medicines to treat illnesses, which is expected to boost global market growth. Moreover, the surge in the global burden of chronic diseases is further expected to increase the demand for cordyceps militaris.

The fungus Cordyceps militaris is the type species of the genus Cordyceps and a member of the Cordycipitaceae family. In 1753, Carl Linnaeus initially designated it as Clavaria militaris. Hundreds of species of cordyceps fungi exist. Cordyceps militaris is distinguished by its application in modern pharmaceuticals and traditional Chinese medicine, as well as by its association with insects and dispersal mechanisms.

The fungus produces club-shaped, orange-red fruiting bodies ranging from 1 to 8 cm from decomposing subterranean pupae. The stroma envelops the club, and it is through the perithecia, the fruit bodies, that they are inserted. The surface displays indications of slight puncturing. The fungal tissue exhibits a faint orange-to-colorless hue. Long-filiform spores that are frequently septated and exhibit a silky, hyaline appearance are observed. They decompose to maturity in subpores measuring 3–7 m by 1–1.2 m. The asci are cylindrical and lengthy.

Market Dynamics

Cordyceps Militaris Market Drivers

Increasing Incidence of Chronic Illnesses

The prevalence of ailments, including cancer, diabetes, and cardiovascular disease, among others, is growing across the world. For instance, cardiovascular disease (CVD)-related fatalities increased worldwide from 12.1 million in 1990 to 20.5 million in 2021, as stated in a recent report by the World Heart Federation (WHF). Cardiovascular disease (CVD) emerged as the primary cause of mortality on a global scale in 2021, affecting four out of every five individuals residing in low- and middle-income countries (LMICs).

Cordyceps militaris, a fungus, is employed to treat such ailments. Cordyceps is utilized in the formulation of tonic solutions owing to its anti-tumor, anti-diabetic, and anti-inflammatory properties. Thus, the advantageous effects of Cordyceps militaris in treating these diseases are anticipated to propel market expansion throughout the forecast period.

Growing Demand for Herbal Medicine

The utilization of herbal medicines and phytonutrients, often known as nutraceuticals, is experiencing significant growth on a global scale. Increasingly, individuals are turning to these products as a means of addressing diverse health issues within various national healthcare contexts. Over the previous decade, there has been a notable increase in the widespread acceptability and public fascination surrounding natural medicines observed in developing and developed nations.

According to estimates published in an NIH article, a substantial proportion of the global population, approximately four billion individuals, or 80% of the world's inhabitants, residing in the world, depend on herbal medicinal products as their main healthcare resource. The utilization of herbs in traditional medical practices is considered an essential component of the cultural fabric within these communities. Moreover, the demand for herbal treatments is rising due to their minimal occurrence of negative effects. These factors drive the use of Cordyceps militaris in developing medicines and nutraceuticals, thereby boosting market growth.

Cordyceps Militaris Market Restraint

Potential Drawbacks of Cordyceps militaris

The exorbitant cost of Cordyceps militaris drugs can be attributed to the limited availability of natural base ingredients. In situations where these treatments are not accessible, other therapies can be utilized. Moreover, the act of orally consuming Cordyceps militaris has the potential to impede the coagulation process, thereby heightening the susceptibility to excessive hemorrhaging in the case of physical trauma. This will impede the expansion of the global market.

Cordyceps Militaris Market Opportunities

Increasing Research on Cordyceps militaris

Ongoing investigations and research are being undertaken to ascertain the potential advantages and effectiveness of Cordyceps militaris as a preventive measure against further ailments. These elements will likely present a market opportunity. For instance, an August 2023 publication entitled "Early Trends to Show the Efficacy of Cordyceps militaris in Mild to Moderate COVID Inflammation" examines the efficacy and utility of Cordyceps capsules when used in conjunction with standard treatment for COVID-19 infection in patients who are mildly symptomatic to moderately infected.

In total, 65 patients were enrolled in the research; 33 were assigned to the cordyceps group and 32 to the placebo group. The recovery rates for 58 evaluable patients were as follows: 33 on day 5, 49 on day 10, and 58 on days 16 and 30. Patients' recovery rates increased consistently from 56.9% on day 5 to 100% on day 30. In contrast to the placebo group, the Cordyceps group exhibited a reduced time to clinical recovery, both overall and specifically for mild disease. In the case of moderate disease, no significant disparity was observed in the duration required for recovery. Thus, cordyceps proved to be a safe immunological adjuvant for mild-to-moderate COVID-19.

Regional Analysis

Based on region, the global Cordyceps militaris market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

The North American region is primarily boosted by the surge in chronic ailments, growing health consciousness, and the soaring demand for natural and herbal medications. According to a CDC report published in 2020, diabetes affects over 34 million Americans or approximately 11 percent of the total population in the U.S. Similarly, according to the American Diabetes Association (ADA), in 2019, diabetes ranked as the seventh most prevalent cause of mortality in the United States. Moreover, as shown by the same source, approximately 1.5 million individuals are diagnosed with diabetes each year in the United States.

Moreover, the key players in the North American region focus on introducing new products using cordyceps to integrate their potential. For instance, in October 2022, TroomyTM, a nootropics brand headquartered in Southern California, introduced its eagerly awaited collection of adaptogenic mushroom gummies. Crafted with premium, triple-extracted mushrooms like Reishi, Lion's Mane, and Cordyceps, TroomyTM Mushroom Gummies were intentionally designed to assist in redefining daily life while bolstering numerous vital health functions. Consequently, such product launches are expected to boost regional market growth.

In Asia-Pacific, there has been a surge in research on Cordyceps to explore the benefits of the fungi in medicines and supplements. For instance, in November 2022, the German Patent Office was awarded a patent for a research study on synthesizing gold nanoparticles using Cordyceps militaris. These nanoparticles have various beneficial properties, including antimicrobial, anti-diabetic, and antioxidant effects. The research was conducted at the DBT-Government of India Technology Incubation Centre (Department of Biotechnology) at Bodoland University in Kokrajhar, Assam. The patent protection extends for eight years.

In addition, numerous start-ups are also entering the market. For instance, in March 2020, Pournami Agritech, an agritech start-up based in India, achieved the first successful harvest of Cordyceps Militaris, a rare medicinal mushroom called Himalayan Gold. This development marks a first of its kind in the state, as three years of research and study have resulted in the successful commercial cultivation of this miraculous mushroom, which has gained worldwide recognition for its use in healthy food supplements. All these factors are expected to expedite regional market expansion.

Segmental Analysis

The global Cordyceps militaris market is segmented by type, application, and distribution channel.

Based on type, the global Cordyceps militaris market is divided into natural and artificial Cordyceps militaris. 

Artificial Cordyceps militaris refers to the growth of the Cordyceps militaris fungus in a controlled environment, like a laboratory or cultivation facility, instead of extracting it from the wild. The process of artificially cultivating Cordyceps militaris offers a greater degree of consistency and control in its production when compared to its natural harvest. It also alleviates the burden on natural populations, given that excessive harvesting of Cordyceps in their natural habitats can adversely affect ecosystems.

Additionally, growers and researchers can investigate the potential health advantages of Cordyceps militaris through the cultivation process. This is due to the belief that the plant possesses numerous medicinal properties, including antioxidant and immune system support. As a dietary supplement, artificially cultivated Cordyceps militaris is frequently consumed in powders, capsules, and tinctures, among other forms, due to its purported health benefits.

Based on application, the global Cordyceps militaris market is bifurcated into pharmaceuticals, food and beverages, and cosmetics.

In recent years, Cordyceps militaris has gained popularity in pharmacology and pharmaceutical research due to its potential health benefits and bioactive compounds. Cordyceps militaris contains various bioactive compounds like cordycepin, polysaccharides, and ergosterol, which exhibit antioxidant properties. Antioxidants can help combat oxidative stress, which is linked to numerous health issues, including cardiovascular diseases and neurodegenerative disorders.

In addition, the anti-inflammatory properties of Cordyceps militaris have been studied, and these effects can be valuable in developing pharmaceuticals for conditions characterized by chronic inflammation, like arthritis or inflammatory bowel disease. Moreover, some research suggests that Cordyceps militaris extracts may possess antiviral and antibacterial properties. These properties could be harnessed in the development of antiviral drugs or antibiotics.

Based on distribution channels, the global Cordyceps militaris market is divided into online sales, drug stores, and other distribution channels.

A drug store, which is alternatively referred to as a pharmacy or chemist, is a type of retail establishment that works in the sale of health-related products, including medications and over-the-counter medicines. In addition to non-prescription or over-the-counter medications, vitamins, supplements, personal care items, and occasionally consumables and other convenience items, drug stores carry prescription medications. Drug stores frequently provide additional health-related consultations and services, including medication counseling, immunizations, blood pressure monitoring, and dispensing medications.

Recent Developments

• February 2023: Neon Hippie, a cosmetic brand derived from mushrooms, entered the United States market. The company's product line includes the 7 Shroom Complex, a proprietary blend of hero mushrooms comprising Chaga, Reishi, Trametes Versicolor, Shiitake, Tremella, Cordyceps, and Coprinus.
• May 2023: Awshad, a medical cannabis wellness start-up headquartered in New Delhi, expanded its product line by introducing its first-of-its-kind mushroom wellness products, Calmashroom Vijaya and Cordyceps Capsules.