Psychedelic Mushroom Market To Surpass $3.3B By 2031, Report Predicts
The use of psychedelic mushrooms is on the rise, and a new report confirms the expansion of the market with growing interest in psilocybin and its potential applications in therapy.
Persistence Market Research announced its report on Monday. The findings show that the global psychedelic mushrooms market is on a rapid growth trajectory. The projection is based primarily on products made from three genera of mushrooms—Psilocybe, Gymnopilus, and Panaeolus—which produce psilocybin and psilocin.
Researchers estimate the psychedelic mushroom market will reach a valuation of $3.3 billion by the end of 2031, a significant increase from $1.5 billion in 2024. People turn to these mushrooms to treat conditions ranging from addiction to anxiety and depression.
Persistence Market Research, based in England and Wales, specializes in research studies across multiple industries. Ms. Sayali Sheth, senior consultant of food and beverage at Persistence Market Research, said the market is poised for substantial growth.
'Persistence Market Research forecasts robust growth in the Psychedelic Mushrooms Market,' Sheth told Forbes in an email. 'As per a recent research study by Persistence Market Research, the Psychedelic Mushrooms Market is on the cusp of substantial growth. The emergence of psychedelic drugs as medicines is a key terminus in mental healthcare advancements, with an upswing in successful clinical trials, positive regulatory approvals, capital investment inflow, and growing public awareness. Pharmaceutical companies are wary of the challenges in manufacturing, market access, clinical, and regulatory spaces. They are allocating resources to make psychedelics mainstream and consolidate their market position. The potential for medical advancements and product innovation presents significant opportunities for the market players in the psychedelic mushrooms sector, despite the challenges such as legal restrictions, safety concerns, and cultivation complexities.'
Researchers hope the future of psychedelic mushroom-assisted therapy includes better classification of strains. 'Optimi Health Corp., in collaboration with Kwantlen Polytechnic University Applied Genomics Centre, is leveraging cutting-edge genomics technology to examine the genetics of mushrooms that contain psilocybin. This research is aimed at encouraging innovation in psychedelic drugs by improving strain identification and optimizing cultivation techniques efficiently,' Sheth said.
The report projects that the market will grow at a compound annual growth rate (CAGR) of 10.3% between 2024 and 2031. Factors impacting this growth include a rising demand due to increasing research on psychedelic-assisted therapy, continually changing regulations, and growing awareness of its potential therapeutic benefits.
A representative said the data was gathered from the company websites, white papers, journal articles, newspaper editorials, regulatory organizations and the Persistence Market Research database.
The report lists key market players in the psychedelic mushroom industry as MindMed, Herbalife Nutrition Ltd., Atai Life Sciences, Johnson & Johnson, Compass Pathways, Cybin Inc., Revive Therapeutics, Numinus Wellness, Red Light Holland, and Axsome Therapeutics Inc.
Companies like Red Light Holland are making strides in product development in this field. In April 2024, the company shipped natural psilocybin truffles from its farm in the Netherlands to Crest Labs in Canada. They explained that the psilocybin truffles from Red Light Holland are used in an experimental research study to develop a process for commercially producing a naturally sourced API.
'Industry events like the Psychedelics as Medicine conference are vital for collaboration and partnerships between researchers, therapists, and industry leaders," Sheth said. "They are promoting education about psychedelic treatments, showcasing new developments and therapeutic uses. In addition, these events attract investors looking to finance psychedelic research, along with foundations that support the development of psychedelic medicine and its integration into mainstream healthcare."
One of the biggest potential advancements in psilocybin mushrooms is its effects on treatment-resistent depression. In addition, researchers recently found that psilocybin may mimic effects of a popular antidepressant drug escitalopram. Beyond its potentials in medicine, psilocybin-infused foods could open up a market in functional foods. Significant regulatory hurdles remain, while a handful of states and smaller jurisdictions in the U.S. have decriminalized mushrooms. A surge of interest in psychedelic mushroom-assisted therapy has swept the U.K. as well.
'A key challenge to psychedelic mushroom uptake might be that licensed medical providers cannot legally give patients psilocybin-containing mushrooms under federal law," Sheth said. "However, Oregon and Colorado have state-approved programs that allow patients to access these products. As a result, seriously ill patients may approach doctors with the risks and benefits associated with psychedelic mushrooms, even though these therapies are not part of standard medical care."
The report is more optimistic than similar findings in 2023 on the forecast of the Psychedelic Mushroom Market and its estimated CAGR through 2032, showing a growing interest in psilocybin and its applications.
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