The new report by Expert Market Research titled, ‘Global Black Fungus Extract Market Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global black fungus extract, assessing the market based on its segments like form, distribution channel, application, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 7.2%
The global black fungus extract market witnessed decent growth in the historical period due to increased demand for nutritional products and dietary supplements from sources other than meat, like fungi or moulds. The Asia Pacific region dominated the market share owning to its therapeutic benefits of a black fungus, being native to the region, is commonly used in these parts. The fact that black fungus extract is mostly used as a culinary ingredient in these regions is driving an expansion in the market for black fungus extract. The Asia Pacific market is predicted to increase steadily. North America and Europe are predicted to grow at a very moderate rate over the forecast period.
Industry Definition and Major Segments
The edible wild mushroom black fungus (Auricularia polytricha) is also referred to as tree ear or cloud ear fungus due to its dark, ear-like form. Black fungus is a popular culinary ingredient in a variety of Asian recipes due to its jelly-like consistency and characteristic chewiness. It has also been utilised for hundreds of years in traditional Chinese medicine. The expansion of the black fungus extract market has been closely tied to the demand for nutritious products and dietary supplements derived from various sources like fungi or moulds. The medicinal qualities of black fungus extract include anti-spasmodic, anti-bacterial, digestive, and carminative effects.
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Based on form, the market is classified into:
Based on distribution channel, the industry can be split into:
- On Trade
- Off Trade
By application, the industry is segmented into:
- Food Additive
- Dietary Supplements
The regional market for black fungus extract includes:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The pharmaceutical and food industries are driving the market for black fungus extract due to its wide range of applications. The medical characteristics of black fungus extract, such as antispasmodic, digestive, anti-bacterial, and carminative capabilities, are driving demand for the food additive sector, and therefore providing impetus to the black fungus extract industry. The market for black fungus extract is gaining traction due to the health benefits the product provides, such as coagulation, bone development, and blood cholesterol level maintenance. With unfortunate increase in instances of diseases, the demand for the market is expected to increase and drive the market in the forecast period.
Key Market Players
The major players in the global market are Xi’an Pincredit Bio-tech Co., Ltd, Nutra Green Biotechnology Co. Ltd, Xian Yuensun Biological Technology Co. Ltd., and N&R Industries, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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