Market Research Future (MRFR) has revealed in its recently published report that the global shiitake mushroom market is projected to register a strong CAGR of 15.31% during the forecast period 2017 to 2023. It is estimated that the Shiitake Mushroom Market will reach a valuation of USD 35.4 Bn towards the end of the assessment period.
A shift witnessed towards healthy food habits is expected to encourage the proliferation of the Global Shiitake Mushroom Market over the next couple of years. The increasing awareness about the nutritional value of shiitake mushrooms is likely to accelerate market penetration.
Shiitake mushrooms have developed its application in the cosmetics industry. The increasing demand for shiitake mushroom-induced cosmetics is poised to open avenues of growth for the market players.
Shiitake mushrooms offer many health benefits such as improved digestion, better cardiovascular health, bone building, etc. which have paved the way for its application in the pharmaceuticals industry. The booming pharmaceuticals industry coupled with increasing healthcare expenditure are projected to fuel demand in the Global Shiitake Mushroom Market.
- Global Shiitake Mushroom Market is projected to reach USD 35.4 billion by 2023 at a growth rate of 15.31%
- Dried shiitake mushroom is witnessed to have a highest growth rate with CAGR of 14% over the forecast period 2017-2023
- Fresh shiitake mushroom is expected to grow at a CAGR of 15.59% in Asia Pacific followed by North America over the forecast period.
- Application of shiitake mushroom is projected to witness highest growth rate in pharmaceutical industry followed by cosmetic industry over the estimated period.
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Some of the key players profiled by MRFR in the report are Bonduelle SA (France), Mitoku Agro Dutch Industries Ltd. (India), Company Ltd. (Japan), Modern Mushroom Farms (U.S.), The Mushroom Company (U.S.), Hirano Mushroom LLC (Kosovo), and Banken Champignons (the Netherlands).
In March 2018, the U.S. based leader in organic tea, Choice Organic Teas, has launched shiitake mushroom wellness tea.
The Global Shiitake Mushroom Market has been segmented in MRFR’s report on the basis of category, application, sales channel, and region. Category has been segmented to include processed, fresh, and dried. Among these segments, the fresh shiitake segment has captured an estimated 50% share of the global market. Fresh mushrooms have desirable flavor and textural attributes that are subject to change in various forms.
Applications of shiitake mushrooms can be found in food, pharmaceuticals, cosmetics, and others. Food applications are the highest among others and the food segment has a market share of 54.4%. However, the various health benefits of shiitake mushrooms such as the improvement of cardiovascular health, bone building, and others have boosted pharmaceutical applications.
Sales channels through which shiitake mushrooms are distributed have been segmented into store-based and non-store based. Store-based sales channels dominate the market. However, specialty stores are projected to grow at a CAGR of 15.54% during the forecast period.
The Asia Pacific is set to lead the global shiitake mushrooms market with a market share of 82.54% and will grow at a significant growth rate due to the high consumption of shiitake mushrooms in various regional cuisine as well as the increasing use of shiitake mushrooms in pharmaceutical applications in the region. The RoW regional market is expected to grow rapidly as a CAGR of 15.01% during the projection period due to the growing awareness regarding the ingredient and its rising applications. Regions like North America are projected to witness healthy growth at a CAGR of 11.05% during the forecast period.
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Latest Industry News
The Tamil Nadu Agricultural University is set to sign an agreement with Japanese company, Yats Corporation to initiate cultivation of Shiitake mushrooms on an industrial scale. The project is funded by the Japan Internation Cooperation Agency.