Cordyceps Sinensis Market Outlook 2031
The global cordyceps sinensis market size was USD 1 Billion in 2022 and is likely to reach USD 1.54 Billion by 2031, expanding at a CAGR of 4.9 % during 2023–2031. The market growth is attributed to the increasing prevalence of chronic diseases.
Growing health and wellness industry is anticipated to significantly contribute to the growth of the cordyceps sinensis market. The rising prevalence of chronic disease and growing awareness of health benefits are shifting the consumer focus toward the adoption of herbal medicine. This is leading to a growing demand for various products that contain natural remedies to provide immune system support and enhance athletic performance.
Cordyceps sinensis an ascomycete fungus, rich in bioactive compounds like cordycepin (-3'-deoxyadenosine) and cordycepic acid (d-mannitol). It comes with essential vitamins such as E, K, B1, B2, B12, proteins, nucleosides, carbohydrates, sterols, and other crucial constituents employed in the treatment of various ailments. This fungus is utilized to boost energy levels, improve appetite, enhance stamina, heighten libido, increase endurance, and regulate sleep patterns.
The market report finds that the COVID-19 pandemic hampered the cordyceps sinensis market. The pandemic disrupted global supply chains which affected the availability of cordyceps sinensis. Restrictions on transportation and trade led to delays and shortages in the supply of this natural remedy.
Post-pandemic increased awareness about health and wellness that prompted many individuals to seek natural remedies like cordyceps sinensis. It is known for its potential immune-boosting properties. The pandemic has led to a shift in consumer preferences towards traditional forms of healthcare. This has benefited natural remedies like cordyceps sinensis which are perceived as holistic solutions.
Cordyceps Sinensis Market Dynamics
Major Drivers
Rising demand for herbal medicinal products and food supplements drives the market. There is an increasing trend towards health-conscious consumer behavior worldwide. Many individuals are seeking natural and holistic approaches to maintain and improve their health. Cordyceps sinensis known for its potential health benefits is gaining popularity as a natural remedy. It is believed to offer various health benefits including immune system support, increased energy levels, and potential disease prevention. These benefits are driving consumer interest in products that contain cordyceps sinensis.
Existing Restraints
High cost of cordyceps species hampers the cordyceps sinensis market. Wild-harvested cordyceps sinensis are exceptionally expensive. This high price point deters many consumers particularly those who have lower incomes from purchasing products containing this ingredient. Manufacturers of products containing cordyceps sinensis face the challenge of balancing the costs associated with sourcing and processing this ingredient. This impacts their profit margins and pricing strategies.
Emerging Opportunities
Innovation in product development creates lucrative opportunities for the cordyceps sinensis market. Innovation allows for the creation of various cordyceps-based products beyond the traditional forms like capsules or powders. This includes items such as herbal extracts, tinctures, and teas, and offers a combination of cordyceps in food and beverage products. Diversification increases the appeal of cordyceps to a wider consumer base. Innovations in product development may involve combining cordyceps with other complementary ingredients known for their health benefits. For instance, as per a Forbes report in December 2022, creating blends with adaptogenic herbs, vitamins, or minerals offers consumers a holistic health solution.
Scope of the Cordyceps Sinensis Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Cordyceps Sinensis Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Type (Wet and Dried), Formulation (Liquid, Powder, and Tablet), and Application (Healthcare and Treatment)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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KSHIPRA BIOTECH PRIVATE LIMITED; Naturalin Bio-Resources Co., Ltd; shroomworks; The Lubrizol Corporation; Nutra Green Biotechnology Co., Ltd.; mycoforest.com; and Sunnycare Inc.
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Cordyceps Sinensis Market Segment Insights
Type Segment Analysis
Based on type, the cordyceps sinensis market is divided into wet and dried. The dried segment holds the dominant share of the market during the projection period, due to providing an extended shelf life and convenience use of the product.
Drying cordyceps sinensis removes moisture which helps to extend its shelf life compared to the wet form. This makes it easier to store, transport, and distribute the product over longer periods by reducing spoilage. Dried cordyceps sinensis is more convenient for consumers to use. It is easily incorporated into various forms such as powders, capsules, and extracts which makes it accessible to a wider audience. This convenience factor appeals to consumers who seeking a hassle-free way to integrate it into their daily routines.
The wet segment is expected to expand at a significant growth rate in the coming years, as it provides cultural significance and perceived potency. In traditional Chinese medicine, the use of cordyceps sinensis in its natural wet form is deeply seated. It is believed that the combination of the fungus and caterpillar larvae provides a unique and potent blend of bioactive compounds that offer various health benefits. Many consumers believe that the wet form of cordyceps sinensis is more effective compared to processed or dried forms. They believe that the natural state preserves the full spectrum of bioactive compounds which results in a more powerful therapeutic effect.
Formulation Segment Analysis
On the basis of formulation, the global market is segregated into liquid, powder, and tablet. The tablet segment is projected to register a high CAGR during the forecast period, as it provides consumer convenience and precise dosage.
Tablets offer a convenient and user-friendly form of consumption. This convenience factor appeals to a wide range of consumers including those with busy lifestyles. Tablets allow for precise and standardized dosing which is crucial in herbal supplements and traditional medicine. Consumers easily follow recommended dosage instructions by ensuring they receive a consistent amount of cordyceps sinensis with each intake.
Application Segment Analysis
On the basis of application, the cordyceps sinensis market is bifurcated into healthcare and treatment. The healthcare segment is anticipated to register a robust growth rate during the forecast period, due to growing traditional medicinal use and rising scientific research.
Cordyceps sinensis has a long history of use in traditional herbal medicine, particularly in Asian cultures. It is believed to offer a wide range of health benefits including immune system support, increased energy levels, and improved respiratory function. This traditional usage forms a strong foundation for its application in healthcare. Studies have explored its potential medicinal properties including its antioxidant, anti-inflammatory, and immunomodulatory effects. This research provides a solid scientific basis for its use in healthcare.
The treatment segment is anticipated to hold a significant share of the market, due to providing complementary medicine services and respiratory health benefits. Cordyceps sinensis is often utilized in conjunction with conventional medical treatments. Its complementary nature makes it a valuable addition, to treatment plans for various health conditions. For example, it may be used alongside chemotherapy to help lessen side effects or to support the immune system during recovery. Cordyceps sinensis has supporting respiratory health. It may improve lung function and provide relief for conditions such as asthma, chronic obstructive pulmonary disease (COPD), and other respiratory disorders.
Regional Outlook
In terms of region, the global cordyceps sinensis market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period, due to increasing healthcare initiatives and the strong presence of major players.
North America places an emphasis on healthcare with robust initiatives aimed at promoting wellness and the use of natural remedies. This positive approach contributes to the region's dominance in the cordyceps sinensis market. The region hosts a substantial number of major players in the herbal supplements and natural remedies industry. These established companies have a strong market presence with extensive distribution networks and a well-established customer base.
The market in Asia Pacific is projected to grow rapidly during the forecast period, owing to the combination of cultural significance and abundance of natural habitats. Asia Pacific has a rich cultural heritage of using cordyceps sinensis in traditional medicine systems, majorly in countries like China, Tibet, and Nepal.
The region is home to the natural habitats of cordyceps sinensis, particularly with high altitudes such as the Himalayas and Tibet. This geographical advantage provides a steady and accessible supply of the fungus which contributes to the region's dominance in the market. Several countries in the Asia Pacific have implemented initiatives to support the cultivation and sustainable harvesting of Cordyceps sinensis. These efforts are aimed at preserving the species while also promoting its economic and medicinal value.
- For instance, in March 2022, an agreement was announced between the World Health Organization (WHO) and the Government of India to establish the WHO Global Centre for Traditional Medicine, in Jamnagar, Gujrat, India. With a significant investment of USD 250 million from the Government of India, this global hub for traditional medicine aims to unlock the therapeutic potential of traditional medical practices from across the globe for the benefit of humanity.
Segments
The cordyceps sinensis market has been segmented on the basis of
Type
Formulation
Application
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global cordyceps sinensis market are KSHIPRA BIOTECH PRIVATE LIMITED; Naturalin Bio-Resources Co., Ltd; shroomworks; The Lubrizol Corporation; Nutra Green Biotechnology Co., Ltd.; mycoforest.com; and Sunnycare Inc.
These companies adopted development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion to expand their consumer base worldwide. For instance,
- In April 2021, Shroomwork, a California-based company specializing in organic products, introduced its third functional mushroom blend known as Inner Energy. This blend is crafted using freshly extracted and harvested organic cordyceps mushroom fruiting bodies with each serving containing 1,000 mg of this beneficial ingredient.
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