Market Trends of Global Reishi Mushroom Extracts Industry
Surge in Demand for Functional Food and Dietary Supplements
There has been a considerable shift in the lifestyles and diet habits of consumers globally, over the past few decades. Urbanization and consumerism drove a rapid rise in the consumption of synthetic food products, resulting in an increased incidence of lifestyle diseases like diabetes, blood pressure, heart diseases, and many more. As a result, consumers are gradually moving towards functional foods and beverages that are promoted as being beneficial beyond basic nutrition. over the medium term, the demand for reishi mushrooms is expected to increase significantly, as these mushrooms are being incorporated into various functional food and beverages, such as coffee and cocoa. Lastly, rising consumer preference for organic and natural products in developing countries is projected to drive the growth of organic reishi extracts over the next few years. The market players have been forming mergers and acquisitions to gain a more consumer base and provide innovative products. For instance, in March 2022, Vibe Mushrooms Inc. (Vibe) announces the concluded acquisition of Qi Mushrooms (Qi). The acquisition will bring Qi's experience to the ongoing research and development at Vibe for an improved final product.
Asia Pacific holds the Largest Market Share
As Reishi is widely used in traditional Chinese medicine and is also known as the 'Elixir of Life' and the 'Mushroom of Immortality', the market studied is expected to experience huge demand for Reishi medicinal mushroom extracts from Asia-Pacific. Additionally, the Reishi mushroom is widely used as a medicine in Korea and Japan, among other countries. With the growing income levels of urban and rural consumers and the transformation of comprehensive health awareness and consumption concepts, consumers across the market are placing more importance on safety, nutrition, and healthy food with certain medical benefits. Other Asia Pacific countries like India and Australia are also opting for medicinal and herbal supplements and food consumption owing to their benefits over allopathic medicines. Market players in the region are launching new mushroom extracts to enhance food quality. For instance, in March 2022, VeraVida Naturals launched the Not So Magic Mushroom immune booster. the product is made from a blend of different mushrooms like Maitake, Lions Mane, Chaga, Shiitake, and Reishi.
