Market key trends:
One of the key trends driving the cordyceps sinensis and militaris extract market is its proliferating usage in functional food beverages. Various leading players are infusing these extracts into nutritional drinks, teas, biscuits, cereals, and snack bars owing to their immunity boosting properties. Additionally, changing dietary habits and rising health consciousness among consumers has augmented the demand for functional beverages and foods fortified with natural extracts like cordyceps. Another significant trend is the increasing preference for vegan and plant-based supplements. As cordyceps extracts are derived from fungi and do not contain any animal components, they appeal to vegan consumers looking to enhance energy, strength and overall wellness through herbal supplements. Robust online distribution avenues along with attractive marketing strategies by supplement brands have also boosted the accessibility and visibility of cordyceps extracts among health-savvy consumers globally.
The global Cordyceps Sinensis And Militaris Extract Market is estimated to be valued at US$ 1,072.5 Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
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Porter’s Analysis
Threat of new entrants: Low barrier to entry due to low capital investment required but presence of established players make it difficult for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes but benefits of cordyceps extracts keep buyers loyal.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to scarcity of high quality cordyceps but oversupply of extracts keep prices in check.
Threat of new substitutes: Low threat as cordyceps extracts have several medicinal properties not found together in any substitute.
Competitive rivalry: High as key players compete on basis of extraction technology, product quality and differentiation.
Key Takeaways
The global Cordyceps Sinensis And Militaris Extract Market is expected to witness high growth over the forecast period. The increasing awareness about health benefits of cordyceps extracts is driving the demand.
Regional analysis: Asia Pacific region is expected to dominate the global market over the forecast period. China accounts for more than 80% of global production of cordyceps. Other Asian countries like Japan, South Korea are also growing markets. North America and Europe are other major regions for cordyceps extracts market.
Key players: 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. Players compete on basis of brand, quality, and innovation.
