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The US Psychedelic Mushroom Products Market size is forecast to increase by USD 343.73 million, at a CAGR of 10.05% between 2023 and 2028. The growth rate for Psilocybe, a specific genus of psychedelic mushroom products, appears promising in the expanding market. With the psychedelic component psilocybin, Psilocybe species gain traction for potential therapeutic and recreational use. The evolving legal landscape and increasing societal acceptance create a conducive environment. Rising awareness of Psilocybe's unique benefits, coupled with ongoing medical research, fuels expansion. ATAI Life Sciences N.V contributes to the market, offering psychedelic mushrooms for addressing depression, addiction, and various mental health issues, especially among consumers aged 34 and younger. Forecasts and trend analysis indicate the global market.
The Market shows an accelerated CAGR during the forecast period.
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The market is experiencing rapid growth, particularly in segments such as the chaga mushroom-based products market, which is renowned for its immune-boosting properties. Similarly, the lions mane mushroom extract products market is gaining traction due to its potential cognitive benefits. Additionally, the reishi mushroom market continues to expand as consumers seek its reputed stress-relief and longevity benefits. This increasing interest underscores the increasing demand for natural and health-enhancing supplements, driving innovation and expanding consumer awareness of the therapeutic benefits of psychedelic mushroom products. The market in the US is witnessing significant growth, driven by increasing research and consumer interest in their potential therapeutic benefits.
One of the key factors driving the market is the growing acceptance of psychedelic substances. The driver of increasing societal acceptance and shifting views toward psychedelic substances is a critical component in the expansion of the market. In addition, a shift in public opinion, fueled by changing cultural norms and a better understanding of psychedelics, has resulted in greater acceptance.
Moreover, this is reflected in the increased support for decriminalization proposals and ballot measures across the country. In addition, documentaries, books, and media coverage showcasing the medicinal benefits of have helped shape a favorable narrative. Therefore, it is expected to drive the market during the forecast period.
A key factor shaping the market is the growing interest in microdosing psychedelic mushrooms. The increasing popularity of micro-dosing for mental wellness and cognitive enhancement is a prominent trend. In addition, microdosing psychedelic compounds, such as mushrooms, entails taking sub-perceptual doses to generate subtle effects without producing a complete experience.
Moreover, the trend has gained popularity as a result of anecdotal reports indicating possible benefits for mood enhancement, creativity, and attention without the severe psychoactive effects. In addition, users frequently adhere to regimens of regular, tiny doses. Furthermore, some people incorporate microdosing into their wellness routines as an alternate approach to mental health. Therefore, it is expected to drive the market during the forecast period.
Ensuring consistent product quality and potency is one of the key challenges hindering the market. Ensuring consistent product quality and potency is a critical driver due to the inherent diversity of these natural compounds. In addition, the hallucinogenic substances found in mushrooms, notably psilocybin, can vary greatly depending on factors such as species, growing circumstances, and harvesting methods.
Moreover, obtaining consistency in product attributes becomes difficult, negatively affecting the dependability of consumer experiences and treatment outcomes. In addition, participants in focus are investing in research and growing techniques to standardize psychedelic mushroom products, to achieve predictable effects and safe ingestion. Therefore, it is expected to hinder the product market during the forecast period.
The rising consumer preference will fuel the dried segment which in turn will increase the market. Dried segments are more convenient, have a longer shelf life, and are easier to store than fresh alternatives. In addition, the spike in demand is being driven by a variety of applications, including recreational and therapeutic use. Moreover, dried mushrooms are adaptable, allowing consumers to include them in a variety of intake ways such as teas, capsules, or foods. Furthermore, the emergence of microdosing trends, as well as the convenience of exact dosage with dried forms, are driving expansion. Hence, such factors are fuelling the growth of this segment which in turn drives the market during the forecast period.
The psilocybe segment is estimated to witness significant growth during the forecast period. The Psilocybe segment is known for its psychedelic component psilocybin, which is gaining recognition for its potential therapeutic and recreational purposes. In addition, the growing societal acceptance and changing legal landscape lead to a favorable environment for Psilocybe products.
The psilocybe segment was the largest segment and was valued at USD 323.02 million in 2018.
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Moreover, increasing awareness of the special qualities of Psilocybe mushroom products, combined with ongoing research into their medical applications, propels expansion. In addition, while regulatory barriers exist, the demand for psilocybe products is expected to be driven by a growing interest in natural psychedelics in the US and their potential contributions to mental health and personal well-being. Hence, such factors are fuelling the segment which in turn drives the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 5 market companies, including:
Galaxy treats, and Psychedelic Mushy
Products market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in USD Million for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market is witnessing a surge driven by growing awareness of their therapeutic potential for mental health conditions like PTSD and end-of-life anxiety. Advocacy groups push for decriminalization, fueling scientific research into their safety and efficacy. Despite enforcement concerns, attitudes towards natural and holistic health practices are shifting, leading to product launches such as Amanita mushroom gummies and functional mushroom tinctures. While the recreational segment seeks euphoria, there's also a de-addiction application targeting substance abuse. However, challenges remain, including high costs, side effects, and legal hurdles, particularly in low-income communities. Online retailers like Shroomland and Silo Wellness cater to growing demand, offering discreet and accessible options for consumers.
These mushrooms are being explored for their ability to influence personality traits and alleviate symptoms of post-traumatic stress disorder (PTSD). Studies show that they can alter brain activity, inducing altered states of consciousness that facilitate psychotherapy. This movement towards psychedelic-assisted therapy offers hope to those struggling with hopelessness. The unique properties of these mushrooms can aid in treating conditions related to mental health by enhancing the effectiveness of psychotherapy and providing new pathways for emotional and psychological healing. The exploration of possession of these products is becoming more accepted as evidence of their benefits continues to grow.
Market Scope |
|
Report Coverage |
Details |
Page number |
119 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.05% |
Market Growth 2024-2028 |
USD 343.73 million |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
9.05 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ATAI Life Sciences N.V, Blissmushrooms, Compass Pathways plc , Galaxy treats, and Psychedelic Mushy |
Market dynamics |
Parent market analysis, market growth analysis, Market growth and trends and inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Market Segmentation by Application
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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