NEW YORK, May 21, 2024 /PRNewswire/ — The psychedelic mushrooms products market size in US is estimated to grow by USD 343.73 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 10.05% during the forecast period.
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Forecast period |
2024-2028 |
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Base Year |
2023 |
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Historic Data |
2018 – 2022 |
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Segment Covered |
Product (Psilocybe, Gymnopilus, and Panaeolus), Type (Dried, Fresh/whole, and Processed), Application (De-addiction, Recreational, and Therapeutic), and Geography (North America) |
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Region Covered |
US |
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Key companies profiled |
ATAI Life Sciences N.V, Blissmushrooms, Compass Pathways plc , Galaxy treats, and Psychedelic Mushy |
Key Market Trends Fueling Growth
The rising societal acceptance and shifting views toward psychedelic substances are pivotal factors fueling the expansion of the psychedelic mushroom products market in the US. A change in public opinion, driven by evolving cultural norms and a deeper understanding of psychedelics, has led to increased acceptance. This trend is evident in the growing support for decriminalization proposals and ballot measures nationwide. Additionally, documentaries, books, and media coverage highlighting the medicinal benefits of psychedelic mushrooms have contributed to a positive narrative.
As more individuals adopt a holistic approach to mental health and well-being, there is a burgeoning demand for psychedelics as a tool for self-discovery and therapeutic purposes. Consequently, the growing acceptance of psychedelic substances is expected to have a favorable impact on the psychedelic mushroom products market in the US during the forecast period.
Market Challenges
- In the United States, the market for psychedelic mushroom products faces a significant challenge: ensuring consistent quality and potency. This stems from the diverse nature of these natural compounds, particularly psilocybin, found in mushrooms.
- Factors like species, growing conditions, and harvesting methods greatly influence the hallucinogenic substances’ variability. This variation can compromise consumer experiences and treatment outcomes. To address this issue, market players are investing in research and cultivation techniques.
- Their aim is to standardize products, ensuring predictable effects and safe consumption. This entails developing consistent growing methods, precise dosing schedules, and robust quality checks. By doing so, they seek to enhance consumer trust and encourage responsible usage. However, the pursuit of consistent quality poses a challenge that could impede market growth in the US.
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Segment Overview
- Product
- 1.1 Psilocybe
- 1.2 Gymnopilus
- 1.3 Panaeolus
- 2.1 Dried
- 2.2 Fresh/whole
- 2.3 Processed
- 3.1 De-addiction
- 3.2 Recreational
- 3.3 Therapeutic
- 4.1 North America
1.1 Psilocybe- The Psilocybe segment is on track to experience substantial growth in the coming years. This segment is distinguished by its key component, psilocybin, renowned for its psychedelic properties. The increasing acknowledgment of psilocybin’s potential for both therapeutic and recreational uses is driving this growth. Additionally, shifting societal attitudes and evolving legal frameworks are creating a conducive environment for Psilocybe products.
Furthermore, rising awareness of the unique attributes of Psilocybe mushrooms and ongoing medical research are contributing to market expansion. Despite regulatory challenges, demand for psilocybe products is forecasted to rise, fueled by a growing interest in natural psychedelics in the US and their perceived benefits for mental health and overall well-being. These factors collectively underpin the market’s growth trajectory in the forecast period.
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Research Analysis
The US Psychedelic Mushroom Products Market shows promise in addressing mental health concerns like depression, anxiety, PTSD, and addiction. Therapeutic potential extends to personality and behavior modulation, particularly in end-of-life anxiety. Movement towards decriminalization and advocacy groups signal shifting enforcement and possession dynamics.
Scientific research supports safety and efficacy, noting altered brain activity, mood improvement, and reduced hopelessness through psychotherapy and holistic practices. Processed forms like gums and gellies offer discreet, convenient consumption, exemplified by Amanita mushroom gummies.
While recreational segments seek euphoria and creativity, de-addiction applications combat substance abuse. Challenges include addressing long-term effectiveness and high costs, especially in healthcare settings. Side effects like vomiting and loss of coordination warrant consideration.
In response, plant-based entheogens like Shroomland and retailers like Psychedelic Mushy offer alternatives, including functional mushroom tinctures for health and wellness benefits. Online platforms like oneupmushroomsbar.com and Psilocybin Lounge cater to growing consumer demand for accessible, natural solutions.
Market Research Overview
In the US, the Psychedelic Mushroom Products Market is witnessing a notable uptick, driven by growing awareness of their therapeutic benefits. Research into these products, particularly their effects on mental health conditions like PTSD, has garnered significant attention. Natural and holistic health practices are increasingly embraced, with consumers seeking alternative solutions.
Altered states of consciousness induced by psychedelic mushrooms are being explored for their potential therapeutic applications. This trend reflects a shift towards more holistic approaches to mental wellness. As scientific research continues to uncover the benefits of these products, the market is expected to expand further, catering to the demand for alternative therapies for various mental health conditions.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
- Psilocybe
- Gymnopilus
- Panaeolus
- Type
- Dried
- Fresh/whole
- Processed
- Application
- De-addiction
- Recreational
- Therapeutic
- Geography
- North America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
