A three-pronged approach was followed for deducing the functional mushroom market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for functional mushroom market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of functional mushroom market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The functional mushroom market was categorized into three segments, namely product (Reishi, Cordyceps, Lions Mane, Turkey Tail, Shiitake, Chaga), application (Food and Beverage, Dietary Supplements, Pharmaceutical), region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa).
The functional mushroom market was segmented into product, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The functional mushroom market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into seventeen countries, namely, the U.S., Canada, Mexico, the UK, Germany, Poland, Italy, Netherlands, China, Japan, India, Australia, South Korea, Brazil, Argentina, Saudi Arabia, South Africa.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The functional mushroom market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
Way of Will Inc. is a private company founded in 2016 and headquartered in Ontario, Canada. It is a subsidiary of New Wave Holdings Corp. and is involved in the manufacturing and selling of plant-based wellness products sourced naturally for both the mind and body. The company’s product category includes body care, skincare, and wellness products including toners, moisturizers, lip care, body spray, hand wash, body wash, supplements, scents, and self-care products among others. All the products are 100% natural, clean label, free from aluminum, cruelty-free, and free from parabens, SLS, synthetic oils, and artificial colors. The company sells its products through its official B2C website and through other online retailers. It has operations in the U.S. and Canada and had an employee base of 10 as of December 2020.
M2 Ingredients is a private company founded in 2010 and headquartered in California, U.S. The company is involved in the production of whole food and organic mushroom powders fortified with certain bioactive compounds such as vitamin D, amino acids, proteins, digestive enzymes, beta-glucans, L-ergothioneine, prebiotics, chelated minerals, and B vitamins to help support recovery, sports performance, cognition, and daily health. It has a USDA-certified farm in Carlsbad, California where all the mushrooms are grown, milled, dried, and packed. The company provides mushroom powders with proven health benefits for various commercial applications such as food products and supplements for both human and animal use.
Nammex was established in 1989 and is a private company headquartered in British Columbia, Canada. Its main business is the production and supply of organic mushroom extracts for the wellness and health sectors. All the mushrooms are produced organically in a Good Manufacturing Practices (GMP) facility without utilizing any agricultural chemicals. It provides wholesale distribution of certified organic mushroom extracts and powders to various segments such as health, tonic drinks, and functional foods. It distributes its products across North America and imports organically grown mushrooms from its certified partners in China.
Mitoku Company Limited was established in 1969 and is based in Tokyo, Japan. The company has a wide range of organic products such as traditional foods, cosmetics for skin and hair care, as well as processed foods. Its product lines include macrobiotic quality Japanese foods, certified organic Japanese foods, traditional/natural Japanese foods, kitchenware, ingredients for natural food manufacturing, and Kosher-certified Japanese foods with over 80 types and 200 products such as miso, soy sauce, tea, noodles, vinegar, various seaweeds, confectionery, pickled plums, kitchen equipment, and tofu making machines. The company imports various organic cosmetics and foods from around 12 countries globally. It has a broad range of suppliers, importers, retailers, and distributors who cater to over 60 different manufacturers. It has business operations in over 40 countries across the globe.
Hokkaido Reishi is a private company founded in 2011 and headquartered in Hokkaido, Japan. The company is involved in the cultivation, production, and commercialization of Reishi mushroom products and contains a Beta-glucan content of 60.6 grams per 100 grams which is verified by Japan Food Research Laboratories (JFRL). Its product portfolio includes various Reishi mushroom-based products such as supplements, powders, tea, drinks, and pet foods. It also provides wholesale Red Reishi mushroom extract powder to the cosmetic, health, and food sectors. It has a Japanese Agriculture Standards (JAS) certified farm and factory in Hokkaido and has a customer base in more than 64 countries across the globe.
Lianfeng (Suizhou) Food Co., Ltd. is a private company founded in 2002 and headquartered in Hubei Province, China. It is a food manufacturer, supplier, and exporter of dried Shiitake mushrooms, black fungus, and various Chinese medicinal herbs. Some of the products of the company are registered with the Food and Drug Administration (FDA) and ISO and HACCP certified. The company has operations across the globe, especially in Southeast Asia and North America regions.
Rebbl is a private company founded in 2012 and headquartered in California, U.S. It is a producer of plant-based beverages and milkshakes made with various adaptogens and herbs. The milkshakes made by the company are created with pure organic and natural ingredients such as adaptogenic herbs, which help support whole-body wellness as well as nourish the body. Reishi mushrooms are sourced from the U.S. Furthermore, the company donates 2.5% of the total revenue of every bottle sold to Not for Sale to support the survivors of human trafficking. It had an employee base of 30 personnel as of November 1, 2022.
SoTru is a private company founded in 2015 and headquartered in California, U.S. It is a manufacturer of food supplements made with organic and fermented ingredients to maintain overall health and vitality. The fermented ingredients provide vital nutrients to the body such as minerals, vitamins, phytonutrients, and plant proteins. Its product portfolio includes vegan protein powders, super green foods, superfood drink mixes, fermented beet root powder, and product bundles. The company has three retail partners namely the Vitamin Shoppe, Natural Grocers, and Lucky Vitamin. The company ships its products across the U.S., Hawaii, and Alaska.
Monterey Mushrooms, Inc. was established in 1971 and is headquartered in Watsonville, U.S. It is a private, family-owned company, mainly engaged in mushroom cultivation, and markets mushrooms primarily across the U.S. The company started as a single mushroom farm in Watsonville and presently owns and operates nine mushroom farms across North America. The company offers mushrooms in various forms, including diced, sliced, powdered, canned, and, organic. It supplies mushrooms directly to retailers, distributors, food service outlets, and food processing companies. The company’s mushroom farms are in multiple U.S. states, such as California, Florida, Texas, Illinois, Tennessee, and Pennsylvania. Along with the U.S., it serves the Mexican market and operates nearly 150 trucks to supply fresh mushrooms across the two countries.
Monaghan Group was founded in 1981 and is headquartered in Monaghan, Ireland. The company’s business ranges from producing compost to packaging and marketing final products. It has a vertically integrated agribusiness engaged in growing mushrooms. It sells mushrooms under three brands, namely Belle Grove, Forestiere, and the Mighty Mushroom Co., and mushroom powder under MBio, mainly in Ireland, the U.K., and Canada. These brands are sold through popular retail chains such as Metro, Sainsbury’s, Tesco, Rewe, Morrisons, ALDI, and Walmart. The company has 29 facilities, including farms, substrate sites, packhouses, and offices across Europe and North America
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2023, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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