Medicinal Mushroom Market Report 2024

The medicinal mushroom market size has grown rapidly in recent years. It will grow from $34.09 billion in 2023 to $37.88 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The increase during the historical period can be credited to heightened awareness of the potential health benefits of medicinal mushrooms, a growing interest in functional foods, expansion in sports nutrition, and widespread utilization of medicinal mushrooms.

The medicinal mushroom market size is expected to see rapid growth in the next few years. It will grow to $57.95 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. Anticipated growth in the forecast period is driven by the expanding vegan population, increasing adoption of vegan diets, a trend towards preventive health and wellness lifestyles, recognized health benefits of medicinal mushrooms, and rising demand for products derived from mushrooms. Key trends in the forecast period include a rising interest in natural and alternative medicines, a shift towards holistic health approaches, increased investment in research and development, broader product offerings and accessibility, and advancements in mushroom cultivation and processing technologies.

The medicinal mushroom market is poised for growth due to an increasing vegan population. This demographic shift is fueled by ethical, environmental, health-related, informational, and cultural factors, underscoring the rising awareness and acceptance of veganism as a beneficial lifestyle choice. Medicinal mushrooms offer crucial nutritional support, health benefits, and culinary versatility, making them integral to a balanced vegan diet and lifestyle. For instance, as reported by the Vegan Society in 2023, 2.6 million Europeans are now vegan, constituting 3.2% of the population, up from 2020. This trend is a significant driver behind the expanding medicinal mushroom market.

Leading companies in this sector are innovating with advanced technologies such as pulsed UV light to boost cultivation efficiency and enhance bioactive compounds in their products. Pulsed UV light technology involves intense, brief bursts of ultraviolet light to improve the safety, quality, and nutritional content of medicinal mushrooms. For example, in October 2023, Nammex introduced ErgoGold and mushroom-derived vitamin D, leveraging pulsed UV light to convert ergosterol into vitamin D2. This innovation caters to vegan consumers seeking natural, nutrient-rich alternatives.

In March 2022, Vibe Mushrooms Inc., based in British Columbia, acquired Qi Mushrooms, a move aimed at utilizing Qi Mushrooms' systems, team, and research pipeline to bolster supply chain capabilities and accelerate growth in their mushroom extracts line. Qi Mushrooms, renowned for scientifically-backed medicinal mushroom extracts, strengthens Vibe Mushrooms' position in the market.

Major companies operating in the medicinal mushroom market are Costa Group, Monterey Mushrooms LLC, Nature's Way Brands, Bio-Botanica, Banken Champignons B.V., Aloha Medicinals, Fungi Perfecti, Hirano Mushroom LLC, Fungi Ally, Far West Fungi, FreshCap Mushrooms, Swadeshi Mushroom, Asia Pacific Farm Enterprises, Gourmet Mushrooms Inc., Mycoterra Farm, Green Box Mushrooms, Shroomery, Four Sigmatic, Woodland Mushrooms, Fungaia Farm, Vitality Mushrooms, Annanda Chaga Mushrooms.

North America was the largest region in the medicinal mushroom market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medicinal mushroom market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the medicinal mushroom market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Medicinal mushrooms encompass a variety of fungi known for their health benefits, attributed to bioactive compounds that bolster immunity, reduce inflammation, combat infections, and demonstrate anti-cancer properties. Their primary purpose is to promote health and wellness through therapeutic qualities.

The key types of medicinal mushrooms include Shiitake, Reishi, Maitake, Chaga, Cordyceps, Turkey tail, and others. Shiitake mushrooms (Lentinula edodes), originating from East Asia, are edible and among these beneficial species. These mushrooms are available in fresh, dried, and other forms, offering diverse applications such as antioxidants, immune boosters, anti-cancer agents, and skincare solutions. Distribution channels range from supermarkets and hypermarkets to convenience stores and e-commerce platforms.

The medicinal mushrooms market research report is one of a series of new reports that provides medicinal mushrooms market statistics, including the medicinal mushrooms industry global market size, regional shares, competitors with medicinal mushrooms market share, detailed medicinal mushrooms market segments, market trends, and opportunities, and any further data you may need to thrive in the medicinal mushrooms industry. These medicinal mushrooms market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The medicinal mushroom market consists of sales of mushroom extract capsules, mushroom powder, mushroom tea, and mushroom supplements. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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