Global Cordyceps Militaris Market Insights Forecasts to 2033

• The Global Cordyceps Militaris Market Size was Valued at USD 1.02 Billion in 2023 
• The Market Size is Growing at a CAGR of 11.79% from 2023 to 2033.
• The Worldwide Cordyceps Militaris Market Size is expected to Reach USD 3.11 Billion by 2033.
• Asia Pacific is expected to grow the fastest during the forecast period.

The Global Cordyceps Militaris Market Size is expected to Reach USD 3.11 Billion by 2033, at a CAGR of 11.79% during the forecast period 2023 to 2033.

Cordyceps militaris is a fungal species. In traditional Chinese medicine and Tibetan medicine, it has been used as a treatment for approximately 21 illnesses, such as low immunity, high blood pressure, etc. Cordyceps militaris is being used in pharmaceutical products following research into its potential medical benefits. Its incorporation into pharmaceutical formulations is motivated by its ability to treat a variety of health issues, including fatigue, kidney disease, and respiratory disorders. Cordyceps militaris is gaining popularity due to its ability to improve overall health, immunity, and stamina. The market for Cordyceps militaris products is expected to expand as consumers gain more knowledge about complementary and alternative medicine. Cordyceps militaris market is becoming increasingly popular in functional foods, dietary supplements, and nutraceuticals due to its purported health benefits. As wellness and preventive healthcare become more popular, customers are looking for products fortified with natural ingredients like Cordyceps militaris.

Report Coverage

This research report categorizes the market for the global cordyceps militaris market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global cordyceps militaris market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global cordyceps militaris market.

Driving Factors

Cordyceps species have been identified as an herbal medicinal element in Chinese Pharmacopoeia. Over the forecast period, the market is expected to grow due to an increase in the number of herbal medicines and natural cordyceps extracts being launched. This cordyceps category has shown great promise in a variety of clinical and biotechnological applications, including genetic and nutritional requirements. Governments and non-profit organizations are taking steps to recognize and spread the knowledge of traditional medicine around the world, which is expected to drive market growth during the forecast period. For instance, the World Health Organization (WHO) and the Indian government reached an agreement in March 2022 to launch the WHO Global Centre for Traditional Medicine. With a $250 million investment from the Indian government, this global knowledge centre for traditional medicine aims to harness the treatment potential of traditional medicine around the world for human benefit.

Restraining Factors       

The high cost of caterpillar fungus (cordyceps) is expected to stifle growth in the global cordyceps militaris extract market over the forecast period. Traditional Chinese medicine is not widely used in emerging economies like Africa and Latin America. Most cordyceps supplements do not include wild cordyceps sinensis due to its high cost. According to Healthline, an American website and provider of health information 2018, harvesting cordyceps sinensis is difficult, as it costs more than US$ 9,000 per pound.

Market Segmentation 

By Type Insights

The dried segment dominates the market with the largest revenue share over the forecast period.

Based on type, the global cordyceps militaris market is segmented into dried, and wet. Among these, the dried segment is dominating the market with the largest revenue share over the forecast period. Dried cordyceps militaris is processed and preserved, making it a popular ingredient in dietary supplements and traditional medicine. The dried variant is convenient and suitable for a variety of consumer preferences, the dried form retains the fungus' natural properties, attracting those seeking its unaltered benefits in holistic wellness and medicinal contexts. Both types serve different purposes and meet a wide range of consumer needs.

By Formulation Insights

The tablet segment is witnessing significant CAGR growth over the forecast period.

Based on formulation, the global cordyceps militaris market is segmented into tablet, liquid, and powder. Among these, the tablet segment is witnessing significant growth over the forecast period. Tablets provide a convenient way to consume supplements, making them ideal for those looking for ease of use. Each formulation addresses specific consumer needs, increasing Cordyceps militaris' widespread presence. This adaptability meets the diverse needs of health-conscious consumers across industries, contributing to its market dominance.

By Application Insights

The pharmaceutical & cosmetics dominate the market with the largest revenue share over the forecast period.

Based on the application, the global cordyceps militaris market is segmented into food & beverages, and pharmaceutical & cosmetics. Among these, the pharmaceutical & cosmetics segment is dominating the market with the largest revenue share over the forecast period. It is used to incorporate wellness components into a range of products to maximize its potential health benefits. The pharmaceutical industry investigates its medicinal properties for possible therapeutic applications. Simultaneously, the cosmetics industry incorporates Cordyceps Militaris into skincare formulations, capitalizing on its renowned skincare benefits. Each sector benefits from Cordyceps Militaris' distinct characteristics, which contribute to its adaptable existence and widespread application across diverse market segments.

Regional Insights

North America dominates the market with the largest market share over the forecast period.

North America is dominating the market with the largest market share over the forecast period. The surge in demand for more effective healthcare services reinforces this dominance, while increased government investments in healthcare development also play important roles. The region's dominance is fueled not only by healthcare initiatives, but also by the significant presence of key industry players, an increase in chronic conditions, and a noticeable increase in research activities. They demonstrate a harmonious interplay of economic factors, health awareness, and strategic investments that contribute to its dominance in the cordyceps militaris market. For instance, the third generation of functioning mushroom blend Inside Energy, which contains 1,000 mg of freshly harvested and organic cordyceps mushroom fruiting bodies, was released in April 2021 by California-based organic product manufacturer shroomshot.

Asia Pacific is expected to grow the fastest during the forecast period. There are also numerous start-ups entering the market. For instance, in March 2020, Pournami Agritech, an Indian agritech start-up, harvested the first profitable harvesting of Cordyceps Militaris, a rare medicinal mushroom known as Himalayan Gold. This development is one of the first of its kind in the state, as three years of research and study have resulted in the successful commercial cultivation of this miraculous mushroom, which has gained worldwide popularity for its use in health food supplements. All of these factors are expected to accelerate regional market growth.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global cordyceps militaris market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Market Players

• Nutra Green Biotechnology Co., Ltd
• Xi'an Saina Biological Technology Co., Ltd. 
• Dalong Biotechnology Co., Ltd.
• Health Choice Limited
• Sunrise Nutrachem Group Ltd.
• Ojas Farms
• Golden Vital Agro Herbal Private Limited
• NU SKIN ENTERPRISES, INC
• Quyuan sunnycare Inc.
• The Lubrizol Corporation
• Naturalin bio-resources co., Ltd.
• Shanghai Kangzhou Fungi Extract Co., Ltd.
• MycoForest
• Others

Key Market Developments

• In June 2023, Awshad, a New Delhi-based medical cannabis wellness startup, has expanded its product portfolio by launching its first-of-its-kind product, 'Calmashroom Vijaya and Cordyceps Capsules'.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Cordyceps Militaris Market based on the below-mentioned segments:

Cordyceps Militaris Market, Type Analysis

• Dried
• Wet

Cordyceps Militaris Market, Formulation Analysis

• Tablet
• Liquid
• Powder

Cordyceps Militaris Market, Application Analysis

• Food & Beverages
• Pharmaceutical & Cosmetics

Cordyceps Militaris Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa