Medicinal Mushroom Market Size

Report on Industry Size & Market Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The report covers Global Functional Mushroom Market Companies and is segmented by Product Type (Reishi, Cordyceps, Lion s Mane, Turkey Tail, Shiitake, Chaga, and Other Product Types), Application (Food and Beverage, Dietary Supplements, Personal Care, and Pharmaceutical), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The report offers the market size and forecasts in terms of value (in USD million) for all the above segments.

Functional Mushroom Market Size

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Functional Mushroom Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 32.41 Billion
Market Size (2029) USD 48.59 Billion
CAGR (2024 - 2029) 8.44 %
Fastest Growing Market Europe
Largest Market Asia Pacific

Major Players

Functional Mushroom Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Functional Mushroom Market Analysis

The Functional Mushroom Market size is estimated at USD 32.41 billion in 2024, and is expected to reach USD 48.59 billion by 2029, growing at a CAGR of 8.44% during the forecast period (2024-2029).

  • With expanding consumer knowledge about preserving general health, a protein-rich diet has gained popularity. Increased packaged food consumption brought on by busy lifestyles will also help the industry expand. Manufacturers of packaged foods are upgrading food products with nutritive components, like functional mushroom extracts or powders, to appeal to a health-conscious customer base. Over the long term, functional mushrooms are expected to be used in various healthcare and pharmaceutical products. Functional mushrooms can fight against the virus and boost immunity.
  • There has been growth in the market for medicinal mushrooms because of their qualities and health advantages. As a result, people are asking for additional supplements derived from useful mushrooms. This increases the applicability of these mushrooms in the food and beverage sector. The application of these mushrooms as functional ingredients in the medical industry is driving the market's growth, as functional mushrooms are being increasingly incorporated into health supplements. Several scientific studies have confirmed the ability of functional mushrooms and mushroom-derived supplements to increase the effectiveness of both innate and adaptive immune systems, hence boosting the category's growth.
  • Chaga, one of the most consumed functional mushrooms, is good for the digestive system and produces immune-modulatory effects. Furthermore, Chaga is expected to experience a huge demand over the forecast period. The market studied is expected to experience huge demand for Reishi and Cordyceps, followed by other medicinal mushrooms.

Functional Mushroom Market Trends

This section covers the major market trends shaping the Functional Mushroom Market according to our research experts:

Surge in Demand for Functional Food and Nutraceutical

  • Over the past two decades, there has been a considerable shift in people's lifestyles and diet habits. Urbanization and consumerism drove this shift, leading to a rapid rise in the consumption of synthetic food products, resulting in an increased incidence of lifestyle diseases. Thus, people are becoming aware of these problems. As a result, people are gradually moving toward functional foods and beverages that are promoted as being beneficial beyond basic nutrition.
  •  Functional mushroom has several therapeutic qualities. The main reasons propelling the market's growth are the expanding use of functional mushrooms as an ingredient in the medical field and rising consumer awareness of the benefits of consuming functional foods.
  • The functional mushroom market is expected to grow due to rising functional mushroom usage in health supplements and technological advances. These products are purported to provide optimal nutrition and reduce the risk of disease occurrence. 
  • In the United States, functional foods are gaining high popularity among health-conscious consumers. During the forecast period, the demand for medicinal mushrooms is expected to increase significantly as these mushrooms are being incorporated into various functional food and beverages. For instance, Reishi, Chaga, and Turkey's tails are added with coffee and cocoa. Turkey tails are mild enough to be added to soups and broths. Maitake and Shiitake are delicious, sautéed with garlic.
Functional Mushroom Market : Impact of COVID-19 on the Intake of Health Functional Products, South Korea, 2021

Asia Pacific Holds the Largest Market Share

  • In the Asian region, China is the largest producer of mushrooms. The country produces mushrooms and truffles to meet the large external and internal market demands. With the growing income levels of urban and rural Chinese consumers and the transformation of comprehensive health awareness and consumption concepts, consumers across the market are placing more importance on safety, nutrition, and the consumption of healthy food with certain medical benefits. 
  • Mushrooms are becoming more well-known as superfoods in the region. Functional mushrooms are growing in popularity in urban cities because they are a superior substitute for many other nutrient-dense foods.
  • The region's growth will also be aided by rising consumer awareness of the importance of preserving overall health and well-being. The market for functional mushrooms in the region is expected to witness significant growth in the coming years.
Functional Mushroom Market : Market Size(%), By Region, Global, 2021

Functional Mushroom Industry Overview

The market studied is highly competitive, with the presence of many small players in the market. Key players, such as Nammex, Hirano Mushroom LLC, CNC Exotic Mushrooms, Hokkaido Reishi Co. Ltd, 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. To constantly fulfill the increasing demand for these products, expansion and product innovation has become the most followed strategies by key players.

Functional Mushroom Market Leaders

  1. Nammex

  2. CNC Exotic Mushrooms

  3. Mitoku Company Ltd

  4. Hokkaido Reishi Co. Ltd

  5. Hirano Mushroom LLC

*Disclaimer: Major Players sorted in no particular order

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Functional Mushroom Market News

  • September 2022: Innomy, a Spanish business focused on mushroom-based meat substitutes, revealed it has secured €1.3 million(USD 1.26 million) in a Pre Series A fundraising round to expand, market, and sell its products throughout Europe. According to Innomy, mycelium has a high nutritional value, low cholesterol, and low saturated fat content, making it one of the most promising protein sources for the future.
  • Dec 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 functional mushroom brand in South Africa.
  • June 2021: The Marley partnered up with Silo Wellness Inc., a leading global psychedelics company in Toronto, to launch Marley One, the functional and psychedelic mushroom consumer brand

Functional Mushroom Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Product Type

      1. 5.1.1 Reishi

      2. 5.1.2 Cordyceps

      3. 5.1.3 Lions Mane

      4. 5.1.4 Turkey Tail

      5. 5.1.5 Shiitake

      6. 5.1.6 Chaga

      7. 5.1.7 Other Product Types

    2. 5.2 Application

      1. 5.2.1 Food and Beverage

      2. 5.2.2 Dietary Supplements

      3. 5.2.3 Personal Care

      4. 5.2.4 Pharmaceutical

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Russia

        5. 5.3.2.5 Italy

        6. 5.3.2.6 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East and Africa

        1. 5.3.5.1 South Africa

        2. 5.3.5.2 Saudi Arabia

        3. 5.3.5.3 Rest of Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Adopted Strategies

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 Nammex

      2. 6.3.2 Hirano Mushroom LLC

      3. 6.3.3 CNC Exotic Mushrooms

      4. 6.3.4 Mitoku Company Ltd

      5. 6.3.5 Lianfeng (Suizhou) Food Co. Ltd

      6. 6.3.6 Shanghai Finc Bio-tech Inc.

      7. 6.3.7 M2 Ingredients

      8. 6.3.8 Hokkaido Reishi Co. Ltd

      9. 6.3.9 Half Hill Farm Inc

      10. 6.3.10 Pan's Mushroom Jerky

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Functional Mushroom Industry Segmentation

All mushrooms serve a function, whether as food or part of the ecosystem. However, functional mushroom refers to varieties with health benefits beyond providing nutrition.

The global functional mushroom market is segmented into product type, application, and geography. Based on product type, the market is segmented into Reishi, Cordyceps, Lion's Mane, Turkey Tail, Shiitake, Chaga, and other product types. Based on application, the market is segmented into food and beverage, dietary supplements, personal care, and pharmaceutical products. Based on geography, the market is segmented by North America, Europe, Asia-Pacific, South America, the Middle East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).

Product Type
Reishi
Cordyceps
Lions Mane
Turkey Tail
Shiitake
Chaga
Other Product Types
Application
Food and Beverage
Dietary Supplements
Personal Care
Pharmaceutical
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
France
Russia
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
South Africa
Saudi Arabia
Rest of Middle East and Africa
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Functional Mushroom Market Research FAQs

The Functional Mushroom Market size is expected to reach USD 32.41 billion in 2024 and grow at a CAGR of 8.44% to reach USD 48.59 billion by 2029.

In 2024, the Functional Mushroom Market size is expected to reach USD 32.41 billion.

Nammex, CNC Exotic Mushrooms, Mitoku Company Ltd, Hokkaido Reishi Co. Ltd and Hirano Mushroom LLC are the major companies operating in the Functional Mushroom Market.

Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Functional Mushroom Market.

In 2023, the Functional Mushroom Market size was estimated at USD 29.89 billion. The report covers the Functional Mushroom Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Functional Mushroom Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Medicinal Mushroom Industry Report

Statistics for the 2024 Medicinal Mushroom market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Medicinal Mushroom analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Medicinal Mushroom Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)