Reishi Mushroom Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Reishi mushroom, also known as Ganoderma lucidum or Lingzhi, is a polypore fungus and a large, dark mushroom with a glossy exterior and a woody texture. They are rare mushrooms that grow at the bases of deciduous trees. The reishi mushroom can help prevent or treat colorectal cancer.

Sizing and Forecast
The reishi mushroom market size has grown strongly in recent years. It will grow from $4.27 billion in 2023 to $4.65 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%.  The growth in the historic period can be attributed to growing interest in traditional medicine, increased awareness of health and wellness, research and publications, expansion of dietary supplement industry, culinary uses and adaptation.

The reishi mushroom market size is expected to see strong growth in the next few years. It will grow to $6.39 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.  The growth in the forecast period can be attributed to continued interest in holistic health, rising demand for functional foods, exploration of novel applications, global expansion of herbal medicine awareness, research and clinical studies. Major trends in the forecast period include market expansion in nutraceuticals industry, introduction of reishi mushroom powder, awareness of reishi's anti-inflammatory properties, innovations in extraction techniques, collaborations for product development.

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Segmentation & Regional Insights
The reishi mushrooms market covered in this report is segmented –

1) By Type: Cultivated, Wild
2) By Species: Ganoderma Lucidum, Ganoderma Sinensis, Ganoderma Tsugae, Other Species
3) By Form: Liquid, Powder
4) By Nature: Organic, Conventional
5) By End User: Food And beverages, Pharmaceutical, Nutraceutical And Dietary Supplements, Cosmetics And Personal Care

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

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Major Driver Impacting Market Growth
The surge in demand for functional foods and dietary supplements is expected to boost the growth of the reishi mushroom market going forward. Functional foods are dietary components that, in addition to supplying nutrients and energy, advantageously affect one or more specific bodily processes, either by boosting a particular physiological response or by lowering the risk of disease. Dietary supplements are any vitamins, minerals, herbal products, or other ingestible preparations that are added to the diet to supplement it and benefit health. Reishi mushrooms are used as a dietary supplement which is used in medicinal products to help reduce stress, boost liver and heart health, promote longevity, and enhance the immune system, which is expected to drive the growth of the market. For instance, in November 2021, according to a survey conducted by Kerry Group plc, an Ireland-based food company, four out of ten respondents (44%) reported increasing their purchases of dietary supplements since the pandemic's start, while 42% reported increasing their purchases of functional or fortified foods and beverages. The company polled 13,000 people in 16 countries with the intention of giving manufacturers information about how COVID-19 has affected consumers' purchasing habits. Similarly, in October 2021, according to the Consumer Survey on Dietary Supplements by the Council for Responsible Nutrition (CRN), a US-based trade association and lobbying group representing ingredient suppliers and manufacturers in the dietary supplement industry, the number of Americans consuming dietary supplements grew from 73% in 2020 to 80% in 2021. Therefore, the surge in demand for functional foods and dietary supplements is driving the growth of the reishi mushroom market.

Key Industry Players
Major companies operating in the reishi mushroom market report are Swanson Health Products, Nutraceutical International Corporation, Gano Excel, Alphay International Inc, Nature's Way, Bio Botanica Inc., Organo Gold, Aloha Medicinals., Aloha Medicinals Inc., Terrasoul Superfoods, Four Sigmatic, Hunan Huacheng Biotech Inc., The Mushroom Company, Amax Nutrasource Inc., Dragon Herbs, New Roots Herbal Inc., Mushroom Wisdom Inc., DXN Holdings Bhd., Bristol Botanicals Limited, Qingdao Dacon Trading Co Ltd, Fungi Perfecti, Ron Teeguarden Enterprises Inc., Xi'An Greenabiotech Co Ltd, Hokkaido Reishi Co Ltd., North American Medicinal Mushroom Extracts, Mushroom Science, Fujian Xianzhilou Biological Technology Co Ltd., Real Mushrooms, Oriveda, Mycology Research Laboratories Ltd., Sayan Health Inc., SupHerb Farms, Fuyang Bestop Import and Export Ltd., Hunan Nutrmax Inc.

The reishi mushroom market report table of contents includes:

1. Executive Summary
2. Reishi Mushroom Market Characteristics
3. Reishi Mushroom Product/Service Analysis -Product/Service Examples
4. Reishi Mushroom Market Trends And Strategies
5. Reishi Mushroom Market - Macro Economic Scenario
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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