The Latin America, Middle East and Africa Reishi Mushroom Market would witness market growth of 11.3% CAGR during the forecast period (2022-2028).
Functional beverage ingredients that offer therapeutic and physiological advantages are increasingly in demand. Additionally, there is a rise in the demand for reishi mushrooms as a result of rising consumer spending, increased consumer spending awareness, and increased product awareness & knowledge via marketing. Moreover, people are gravitating towards foods and beverages that are produced sustainably, such as those with recognizable ingredients, streamlined labels, no additives or preservatives, and non-GMO. One of the most important aspects driving the demand for reishi mushroom products is this.
Furthermore, the use of reishi mushroom powder as a component in cosmetics and personal care products has become very popular. This is because it makes an excellent ingredient for cosmetics due to its great anti-aging, antioxidant, anti-wrinkle, skin brightening, and moisturizing benefits. As a result, a number of major corporations are increasingly creating and releasing personal care products with reishi mushroom as a key component. Additionally, one of the key factors that will drive the market in the coming years is the shifting customer preference for eating processed food.
Africa, particularly Nigeria, has a large number of undiscovered mushroom species having unknown health benefits. Due to its unique climatic conditions that involve tropical rainforest in the south as well as sub-Saharan environments in the north, Nigeria is home to a wide variety of mushroom species. The vast majority of individuals consume mushrooms for their nutritional (81.7%) and palatable (93.5%) qualities, while only 15.1% do so for their curative properties, as determined by an ethnomycological survey of mushroom consumption in North Central Nigeria.
The Brazil market dominated the LAMEA Reishi Mushroom Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $87.8 million by 2028. The Argentina market is anticipated to grow at a CAGR of 11.8% during (2022 - 2028). Additionally, The UAE market would witness a CAGR of 10.9% during (2022 - 2028).
Based on End Use, the market is segmented into Pharmaceutical, Nutraceutical & Dietary Supplements, Food & Beverages and Cosmetics & Personal Care. Based on Form, the market is segmented into Powder and Liquid. Based on Nature, the market is segmented into Conventional and Organic. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Reishi Mushroom Market is Predict to reach $5.2 Billion by 2028, at a CAGR of 8.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Hokkaido Reishi Co. Ltd., Alphay International, Inc., Bio-Botanica, Inc., Bristol Botanicals Limited, Ron Teeguarden Enterprises, Inc., DXN Holdings Bhd., Xi'an Greena Biotech Co., Ltd., Nammex, JHS Natural Products, Inc. (Mushroom Science)
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