The global functional mushroom market is projected to be valued at US$ 9.3 Bn in 2022. Expanding at a CAGR of 9.1% during the forecast period, the market size will reach US$ 22.3 Bn by 2032. Newly released data from Future Market Insights shows that global functional mushroom demand is projected to grow year-on-year (Y-o-Y) by 8.8% in 2022. Functional mushrooms are rare species having healing properties as they contain nutritional values and antioxidants, with a plethora of health claims and superfood benefits. These functional and adaptogenic mushrooms can boost immunity while promoting the overall health in a natural way.
Around 15 species of functional mushrooms are known for having medicinal and healing properties. Reishi, named as lingzhi in China, has been used in Chinese medicine for longevity for over 2,000 years, while Chaga is considered as the richest antioxidant mushroom that provides anti-inflammatory benefits while strengthening immune system. Further, Cordyceps, a parasitic and rare mushroom, is used for vitality, energy, and endurance worldwide.
Adaptogenic mushrooms are gradually emerging as an effective superfood. They increase energy levels, restore youthful glow of skin, keep hormone levels in check, and reduce brain fog.
Healing mushrooms, like Cordyceps, Tremella, Reishi, Oyster, Shiitake, and Enoki are being used in the health and wellness products as powdered supplements, which is expected to create opportunities for growth in the market.
In addition to this, increasing applications of functional mushrooms in non-alcoholic beverages and holistic pet care products will continue driving sales in the market over the assessment period.
“Rising awareness regarding the benefits of organic functional mushrooms, along with increasing interest and expenditure on nutrition and health supplements across the globe will dirve sales in the market in the forthcoming years,” says an FMI analyst.
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Key Takeaways from Market Study
- Based on nature, the organic functional mushroom segment will account for a dominant share in the market.
- In terms of applications, demand in the pet care industry is anticipated to remain high.
- By form, sales of powdered functional mushroom will continue gaining momentum through 2032.
- The U.S. will dominate the North America functional mushroom market owing to high demand from the food and beverage sector.
- China will account for a lion’s share in the East Asia functional mushroom market on the back of surging applications on sports nutrition.
- The U.K. will emerge as a lucrative pocket in the Europe functional mushroom market amid rising preference for organic food supplements.
Competitive Landscape
Key functional mushroom brands are looking for new strategic partnerships to diversify applications in food and beverage industry. Players are also focusing on developing nutritional and high-quality food solutions while being innovative with formulations to attract more customers. For instance:
- In 2020, Meghan Markle, the Duchess of Sussex, announced to invest in Clevr Blends, an LA-based brand which sells powdered coffee spiked with adaptogens, functional mushrooms, and probiotics.
- In November 2021, Odyssey Wellness LLC launched its RTD (ready-to-drink) line of functional and organic mushroom elixirs with the brew line including 4 delicious and unique flavor combinations, such as French Roast Oat Latte with Cordyceps, Lions Mane and Cocoa, Cold Brew Oat Latte with Cordyceps and Lions Mane, Berry White Tea with Chaga, Reishi, Turkey Tail, Maitake, Elderberry, and Shitake, and Chai Rooibos with Turkey Tail, Reishi, and Ashwagandha.
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Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global functional mushroom market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
Functional Mushroom Market By Category
By Nature:
- Organic
- Conventional
By Product Species:
- Reishi
- Shiitake
- Lion’s Mane
- Chaga
- Maitake
- Cordyceps
- Tremella
- Turkey Tail
- Enokitake
- Oyster Mushrooms
- Others
By Form:
- Liquid Sprays and Drinks
- Powders
- Capsules or Supplements
- Others
By Application:
- Food & Beverages
- Nutraceuticals & Dietary Supplements
- Pharmaceutical
- Sports Nutrition and Functional Items
- Cosmetics & Personal Care
- Pet Care Industry
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
The global almond milk market is set to reach US$ 5 Bn. With sales growing at a 8.8% CAGR, pushing the market size to US$ 11.9 Bn by 2032.
Increasing demand for dairy alternatives across the globe due to high prevalence of lactose-intolerance among individuals across the globe is expected to drive sales in the market over the forecast period.
Almond milk has a creamy and nutty texture, contains high amounts of calcium and vitamins and can be used in a wide variety of dishes. Rising awareness of the health benefits of almond milk is making it a preferred choice among health-conscious consumers.
The almond milk market is one of the fastest-growing non-dairy and vegan milk segments. Consumers are seeking high-quality, premium-brand, nutritious dairy products, which is compelling manufacturers to launch innovative and premium-label products. This is expected to augment demand in the market over the forecast period.
“Growing preference for organic and non-GMO food and beverages across the globe, along with increasing sales of dairy alternatives through online channels will drive the market over the forecast period,” says an FMI analyst.
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Key Takeaways:
- Sales of almond milk in China are expected to grow at a CAGR of 8.8% during the forecast period.
- Demand for almond milk in the U.S. market will increase at a 7.7% CAGR over the assessment period.
- Based on end use, demand in the food & beverage sector will continue gaining traction through 2032.
- In terms of distribution channel, the online stores segment will account for a lion’s share of the almond milk market.
- In 2022, the powder sub-segment is projected to account for a dominant share in the market.
Competitive Landscape
Some of the key players operating in the almond milk market include Daiya Foods Inc., Hain Celestial Group, Whitewave Foods, Sunopta Inc., Blue Diamond Growers, Galaxy Nutritional Foods, Inc., Tofutti Brands Inc, Califia Farms LLC, Earth’s Own Food Company Inc., Hiland Dairy Foods, Malk Organics LLC, Pacific Foods of Oregon LLC, etc.
Almond Milk Market by Category
By Type:
- Plain
- Flavoured
By Category:
- Organic
- Conventional
By Packaging Type:
- Carton
- Glass
- Others
By Application:
- Beverages
- Frozen Desserts
- Personal Care
- Others
By Distribution Channel:
- Hypermarkets and Supermarkets
- Convenience Stores
- Online Stores
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Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
- Global Almond Milk Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Bn) & Volume (MT) Analysis, 2017-2021
4.2. Current and Future Market Size Value (US$ Bn) & Volume (MT) Projections, 2022-2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
- Global Almond Milk Market Analysis 2017-2021 and Forecast 2022-2032, By Nature
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Bn) & Volume (MT) Analysis By Nature, 2017-2021
5.3. Current and Future Market Size Value (US$ Bn) & Volume (MT) Analysis and Forecast By Nature, 2022-2032
5.3.1. Organic
5.3.2. Conventional
5.4. Y-o-Y Growth Trend Analysis By Nature, 2017-2021
5.5. Absolute $ Opportunity Analysis By Nature, 2022-2032
TOC Continue…
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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