CORDYCEPS SINENSIS AND MILITARIS EXTRACT MARKET ANALYSIS

Cordyceps sinensis and cordyceps militaris are a parasitic fungus species and dead caterpillars that have numerous possible health benefits. It has been used as a treatment for about 21 illnesses, including low immunity, high blood pressure, etc., in traditional Chinese medicine and Tibetan medicine. The living larva is slowly degraded and mummified in the soil as a result of cordyceps spores growing inside the caterpillar's body and infecting it. Eventually, a cordyceps stem develops from the caterpillar's head.

Global Cordyceps Sinensis and Militaris Extract Market - Impact of the Coronavirus (COVID-19) Pandemic

Coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19 as pandemic on March 11, 2020. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 610 million cases and 6.51 million deaths due to coronavirus (COVID-19) were reported till September 22, 2022, across the globe.

Impact of COVID-19 on Demand and Supply of Cordyceps Sinensis and Militaris Extract

The COVID-19 pandemic and lockdown in various countries across the globe has impacted the financial status of businesses across all sectors including private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry mainly due to strict lockdown in several regions. The COVID-19 pandemic has affected the economy of various regions across the globe in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets. Several countries such as Thailand, Indonesia, and Singapore are facing problems with regards to transportation and distribution of healthcare products.

During Covid-19 pandemic, there was an increase in demand of cordyceps sinensis and cordyceps militaris owing to its use in COVID-19 treatment. For instance, according to the article published in Bezmialem Science journal, 2020, cordyceps sinensis and cordyceps militaris can be useful for the prevention and treatment of COVID-19 by acting as an immunomodulating agent, lowering proinflammatory cytokines, avoiding lung fibrosis, enhancing tolerance to hypoxia, and blocking viral enzymes. However, due to flaws in the transportation system brought on by the COVID-19 pandemic, there was a delay in the delivery of raw materials needed to make cordyceps-related items needed for the identification of diseases other than Covid-19.

Global Cordyceps Sinensis and Militaris Extract market is estimated to be valued at US$ 1,072.50 Mn in 2022, and is expected to exhibit a CAGR 10.9% over the forecast period (2022-2030).

Figure 1: Global Cordyceps Sinensis and Militaris Extract Market Share (%) Analysis, By Formulation, 2022

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Increasing emergence of traditional Chinese medicine in medicinal community as cordyceps sinensis and cordyceps militaris are traditional Chinese medicine are expected to drive growth of market over the forecast period.

Traditional Chinese medicine (TCM) cordyceps sinensis and cordyceps militaris are the potential bio-metabolites for herbal medicines. This cordyceps category has shown considerable significance in several clinical and biotechnological applications such as genetic and nutritional requirements. Governments and non-profit organizations are taking initiatives to recognize and spread the knowledge of traditional medicine all over the world, which is expected to drive the market growth over forecast period. For instance, in March 2022, the World Health Organization (WHO) and the Government of India announced an agreement to establish the WHO Global Centre for Traditional Medicine. With a US$ 250 million investment from the Government of India, this worldwide knowledge center for traditional medicine intends to extract the treatment potential of traditional medicine around the world to benefit humans.

Rising demand for herbal medicinal products and food supplements is expected to drive the market growth over forecast period.

Cordyceps species has been recorded as herbal medicinal component in Chinese Pharmacopoeia. The increasing launches and expansion of herbal medicines and natural extract of cordyceps is expected to drive the market growth over forecast period. For instance, according to BMC Complementary and Alternative Medicine journal, March 2018, there has been increase in use of herbal medicine in German population. Dissatisfaction with conventional treatment, past good experiences, positive aspects associated with herbal medicine, as well as family traditions were the most commonly-mentioned reasons why herbal medicine is preferred as treatment in Germany.

Restraint- Global Cordyceps Sinensis and Militaris Extract Market

High price of caterpillar fungus (cordyceps) is expected to hamper the growth of global Cordyceps Sinensis and Militaris Extract market over forecast period. In emerging economies such as Africa and Latin America, adoption of such expensive traditional Chinese medicine is low. Wild cordyceps sinensis are not used in most of the cordyceps supplements due to its high price. According to Healthline, an American website and provider of health information 2018, harvesting cordyceps sinensis is challenging, as it costs more than US$ 9,000 per pound.

Global Cordyceps Sinensis and Militaris Extract Market – Regional Analysis

On the basis of region, the global Cordyceps Sinensis and Militaris Extract market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

North America is expected to be the most lucrative region in the global Cordyceps Sinensis and Militaris Extract market, owing to increasing product launches by the market players is expected to foster the regional market growth over the forecast period. For instance, in April 2021, Shroomshot, a company that manufactures organic products and is based in California, U.S., had launched its third functional mushroom blend Inner Energy, which is made with 1,000 mg of freshly harvested and extracted organic cordyceps mushroom fruiting bodies.

Europe is expected to hold a major market share in the global Cordyceps Sinensis and Militaris Extract market, owing to increasing initiatives by market players to develop medicinal products by utilizing key ingredients isolated from cordyceps For instance, in July 2019, NuCana, a U.K.-based clinical-stage biopharmaceutical company focused on significantly improving survival outcomes for patients with cancer, initiated phase 1 clinical study (NUC-7738) on ProTide transformation of cordycepin (NuTide:701 - nucleoside analog) to evaluate its safety and efficiency in the treatment of advanced solid tumors and hematological malignancies.

Figure 2: Global Cordyceps Sinensis and Militaris Extract Market Value (US$ Mn), by Region, 2022

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Global Cordyceps Sinensis and Militaris Extract Market – Competitive Landscape

Major players operating in the global Cordyceps Sinensis and Militaris Extract market include The 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.