Reishi Mushroom Market to Generate $5.06 Bn, Globally, by 2027 at 8.1% CAGR: AMR
Moreover, rise in consumer spending and health consciousness among consumers supplement the market growth.
PORTLAND, Ore., April 13, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Reishi Mushroom Market by Form (Liquid and Powder), End Use (Pharmaceutical, Nutraceutical & Dietary Supplements, and Cosmetics & Personal Care), and Nature (Organic and Conventional): Global Opportunity Analysis and Industry Forecast, 2021–2027". As per the report, the global Reishi mushroom industry was pegged at $3.09 billion in 2019, and is projected to reach $5.06 billion by 2027, growing at a CAGR of 8.1% from 2021 to 2027.
Major determinants of the market growth
Increased demand for functional beverage ingredients, rise in product awareness & knowledge through advertisements, and inclination toward food & beverages that are obtained sustainably drive the growth of the global reishi mushroom market. Moreover, rise in consumer spending and health consciousness among consumers supplement the market growth. However, high price of reishi mushrooms hinders the market growth. On the contrary, increase in demand for organically grown products with high nutritional value and rise in adoption of organic reishi mushroom products are expected to open lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- Due to Covid-19 and followed lockdown, the demand and sales graph of reishi mushroom has been largely impacted. The lack of a workforce also hampered the production capacity.
- Moreover, the government imposed strict regulations to curb the spread of the infection, which resulted in the closure of the wholesale market.
- However, as reishi mushrooms are regarded as a therapeutic product, the demand for them is expected to increase in the future. Moreover, the threat of Covid-19 infection increased awareness regarding a healthy lifestyle, augmenting the consumption of dietary supplements and nutraceutical products across the world.
The liquid segment to portray the highest CAGR through 2027
By form, the liquid segment is projected to register the highest CAGR of 8.5% during the forecast period, as it offers a concentrated nutrition version of the mushrooms as compared to powder and it can be easily added to beverages. However, the powder segment held the lion's share in 2019, accounting for around three-fifths of the global reishi mushroom market, as it offers essential nutrients as compared to its fresh version.
The conventional segment held the lion's share
By nature, the conventional segment dominated the market in 2019, contributing to more than three-fifths of the global reishi mushroom market, as conventionally-sourced mushrooms are economical and widely used in industrial production. However, the organic segment is estimated to showcase the highest CAGR of 8.3% during the forecast period, owing to rise in awareness regarding the ill effects of synthetic chemicals on health.
North America to register the highest CAGR by 2027
By region, the global reishi mushroom market across North America held the largest share in 2019, accounting for more than one-third of the total revenue of the market, due to inclination toward health-conscious products and significant lifestyle changes along with rise in demand for plant-based food supplements. However, the market across Asia-Pacific is anticipated to manifest the highest CAGR of 7.3% during the forecast period, owing to tremendous popularity and substantial consumption of reishi mushroom products in the region.
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Key market players
- Alphay International, Inc. (China)
- Bristol Botanicals Limited (UK)
- Bio Botanica, Inc. (U.S.)
- DXN Holdings Bhd. (Malaysia)
- Ron Teeguarden Enterprises, Inc. (U.S.)
- Xi'an Greena Biotech Co., Ltd (China)
- Shanghai Gubao Edible Mushroom Co., Ltd. (China)
- Hokkaido Reishi Co., Ltd. (Japan)
- Fujian Xianzhilou Biological Technology Co., Ltd. (China)
- Nammex (North American Medicinal Mushroom Extracts)
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