The Asia Pacific functional mushroom market is projected to grow with a CAGR of 8.2% during the forecast period (2020 - 2025).

  • The Asia-Pacific functional mushroom market holds the highest market in the world, owing to high production, consumption, and exports. China is the major revenue contributor to the market studied, as it exports functional mushrooms to other countries, like the United States, the United Kingdom, and Germany, followed by Japan.?
  • In the Asian region, REISHI ?mushrooms are primarily consumed due to their health enhancing characteristics, such as immunity and longevity, while promoting liver and heart health. Moreover, these mushrooms also function as a sedative on the central nervous system, thereby, relieving stress, as well as relaxing mind and body.?
  • The high prices and low public awreness regarding the functional mushroom is one of the restraining factor to the market. Forinstance, Reishi mushroom and dried Cordyceps mushroom prices in the Asian market are about USD 51.65 and USD 2,152.41, respectively. Additionally, wild cordyceps sinensis costs over USD 20,000 per kilogram, which makes it the most expensive mushroom in the world.



Key Market Trends

SURGE IN DEMAND FOR FUNCTIONAL FOOD AND DIETARY SUPPLEMENTS?

There has been a considerable shift in the lifestyles and diet habits of people over the past two decades. 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. These products are purported to provide optimal nutrition and reduce the risk of disease occurrence.?Functional foods are gaining high popularity among health-conscious consumers. During the forecasted period, the demand for medicinal mushrooms is expected to increase significantly, as these mushrooms are being incorporated in various functional food and beverages. For instance, reishi, chaga, and Turkey tails are added with coffee and cocoa. Turkey tails are mild enough to be added to soups and broths as well. Maiitake and Shiitake are delicious, simply saut?ed with garlic?. Furthermore, the companies are incorporating functional mushrooms in the product offerings.

Indian Functional Mushroom Market is the Fastest Growing Market in the Asian Region

With increasing health awareness, improvisation in the cultivation and extraction techniques of medicinal mushroom, and increasing demand for exotic mushroom varieties, the market for functional mushrooms in India is expected to witness significant growth in the coming years. ?Varied agroclimatic conditions and availability of agricultural and industrial wastes, relatively low-cost labor, and a rich fungal biodiversity in India offer great opportunities for cultivating specialty mushrooms on a commercial scale. Grey oyster, black oyster, white oyster, pink oyster, king oyster, black ear mushrooms, shimeji mushroom, shiitake mushroom, etc., are the major types of functional mushrooms grown in India.? Mushroom cultivation in India is ,likely to help in eliminating protein malnutrition among people, primarily dependent on cereals, and offer remunerative employment opportunities in the future. The country is expected to focus on the promotion of medicinal mushrooms, like G. lucidum and Grifola frondosa (Maitake), considering its increasing importance in the national and international markets.?

Competitive Landscape

The market studied is highly fragmented, with the presence of many small players such as LIANFENG (SUIZHOU) FOOD CO. LTD, HOKKAIDO REISHI CO. LTD, Mitoku Company and others. Product innovation, partnerships, and expansion are the major strategies adopted by the companies in this industry, owing to the rapidly developing nature of the market. In order to constantly fulfill the increasing demand for products, expansion and product innovation have become the most followed strategies by key players. Certain players are focusing on the cultivation of other exotic and functional mushrooms, with the help of contract farming with small manufacturers of these functional mushrooms.?

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