The functional mushroom market is experiencing substantial growth.
So much so that by 2023, the market could be worth $62 billion, increasing from $42 billion in 2018, as noted by Research and Markets.
In addition, “Rise in awareness associated with the consumption of functional food and ingredients is expected to drive the market growth as well as rise in demand of applications of functional mushrooms due to the growing healthcare benefit of mushrooms is also expected to drive the market growth,” as reported by Verified Market Research.
Not only can mushrooms help activate cell immunity in humans, as noted by The New Daily, mushrooms are thought to help with better sleep, energy, stress reduction, memory, and relaxation. Reportedly, mushrooms such as Reishi can help with sleep, anxiety, and depression. Chaga can help with inflammation for example. Turkey tail can help support the immune system, and may assist with some cancer prevention.
As functional mushrooms become far more popular, it’s having an impact on companies like Cybin Inc. (NEO:CYBN)(OTC:CLXPF), Mydecine Innovations Group Inc. (CSE:MYCO)(OTC:MYCOF), Havn Life Sciences (CSE:HAVN)(OTC:HAVLF), and New Wave Holdings Corp. (CSE:SPOR)(OTC:TRMND).
It’s Also Having a Substantial Impact on Pure Extracts Technologies (CSE:PULL)(OTC:PRXTF)
Pure Extracts Technologies Corp. just announced that it recently completed its new company registration with the Natural and Non-prescription Health Products Directorate (NNHPD) and received its Company Code. This has allowed Pure Extracts to submit a Class 1 Natural Product Number (NPN) application for a functional mushroom product, which the Company expects will be the first of several NPN applications that it submits in 2021.
Pure Extracts plans to sell functional mushroom wellness products through its newly incorporated, wholly owned subsidiary, Pure Mushrooms Corp. Sales will take place direct-to-consumer through an e-Commerce portal that the Company is establishing, and the brand will be called ‘Pure Mushrooms’.
Pure Extracts is exploring ways to optimize the use of its existing extraction equipment for functional mushroom products and in the near-term will be utilizing a co-packer to meet the demands of its customers.
Pure Extracts CEO, Ben Nikolaevsky, remarked, “The functional mushroom wellness sector is experiencing tremendous growth and consumer awareness, we remain very excited about our new Pure Mushrooms brand. We look forward to getting our first product in consumers’ hands by the end of Q1 2021.”
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