The cordyceps sinensis and militaris extract market has experienced immense growth in recent years owing to diverse medicinal properties and health benefits associated with cordyceps extract products. Cordyceps extract is gaining widespread popularity due to its wide applications in functional foods, dietary supplements, and herbal medicine. Some key health benefits of cordyceps extract include immune system enhancement, improved cardiovascular health, enhanced energy and stamina, relief from fatigue and lethargy, and testosterone boosting abilities. The cordyceps sinensis mushroom has a long history of usage in traditional Chinese medicine to enhance overall health and longevity.
The global cordyceps sinensis and militaris extract market is estimated to be valued at US$ 1,072.5 Mn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030. Increasing inclination towards natural healthcare alternatives, rising health-consciousness among consumers, and growing elderly population demanding nutritional supplements are some of the major factors expected to drive market revenue growth.
Key Takeaways
Key players operating in the cordyceps sinensis and militaris extract market are Lubrizol Corporation, Naturalin bio-resources co. Ltd., NU SKIN ENTERPRISES INC., Quyuan sunnycare Inc., Shanghai Kangzhou Fungi Extract Co. Ltd., Xi'an Saina Biological Technology Co. Ltd. (Herbsino), Dalong Biotechnology Co. Ltd., Health Choice Limited, Nutra Green Biotechnology Co. Ltd, Sunrise Nutrachem Group Ltd., Ojas Farms, Golden Vital Agro Herbal Private Limited, MycoForest. The key players are adopting strategies such as product innovation and portfolio expansion to gain a competitive edge in the market.
Increasing health awareness and shift toward preventive healthcare have opened up lucrative growth opportunities such as new product launches catering to specific medical conditions and wellness needs. Moreover, rapid economic development and rising disposable incomes in emerging markets of Asia Pacific are fueling the demand for high-value natural supplements including cordyceps extracts. Leading manufacturers are investing heavily in manufacturing facilities and distribution networks across China, Japan, India, and Southeast Asian countries to capitalize on the growth opportunities in Asia Pacific and other global markets.
Market Drivers
Growing applications of cordyceps extracts in various industries like functional food, natural medicine, and dietary supplement is one of the major drivers of this market. Increasing awareness about the health benefits of cordyceps among consumers is encouraging more people to include cordyceps supplements in their diet. Rising prevalence of lifestyle diseases and changing healthcare patterns are also fueling the consumption of cordyceps supplements.
Market Restraints
High prices of pure and branded cordyceps extracts limit its mass adoption to some extent. Price volatility of raw materials used to produce cordyceps extracts also poses a challenge. Lack of standardization in quality across regional and local manufacturers also acts as a restraint for the overall growth of the cordyceps sinensis and militaris extract market.
Segment Analysis
The cordyceps sinensis and militaris extract market is segmented by type, form, application and distribution channel. By type, the cordyceps militaris extract segment dominates over cordyceps sinensis extract segment due to its wider availability and high cultivation. By form, the powder segment is currently dominating the market as it is widely used in dietary supplements, functional food and beverages. By application, the dietary supplements segment dominates the market owing to increasing health consciousness among consumers and awareness regarding benefits of cordyceps extracts. The cordyceps extracts finds application in various distribution channels including supermarket/hypermarket, specialty stores, online retailers, medical stores and others. Among these, the specialty stores segment accounts for the largest share as cordyceps extracts products are mostly purchased from specialty nutrition and herbal stores.
Global Analysis
Regionally, the Asia Pacific dominates the global cordyceps sinensis and militaris extract market and is expected to continue its dominance over the forecast period. China accounts for the largest market share in the Asia Pacific region owing to the high production and consumption of cordyceps. North America is expected to witness the highest growth rate during the forecast period due to rising popularity of cordyceps extracts as nutritional supplements among consumers. Europe also accounts for a significant market share owing to increasing inclination towards herbal pharmaceutical and nutraceutical products. Countries including Germany, UK, France, Italy contributes majorly to the Europe cordyceps extracts market. Latin America and Middle East & Africa are projected to show moderate growth over the forecast period.
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