- Demand for Functional Mushrooms Experiencing CAGR of Over 10 Percent
- Market Projected to Increase from $23 billion in 2020 to $34 billion by 2024
- 61% of the Americans Say Healthfulness Significantly Impacts Their Food Purchases
- Rritual Superfoods Offering Functional Products Based on Chaga, Lion’s Mane and Reishi Mushrooms
- Company Led by Stellar Consumer Packaged Goods (“CPG”) Executive Cast
Functional foods are fast-rising fare for a growing number of Americans. It’s the same on the world stage, where similar forces are in play. As a result, the functional foods market is projected to continue its current 7.9% CAGR until the year 2025. One sector of the market — functional mushrooms — is growing even faster. Demand for functional mushroom is forecast to increase at a CAGR of more than 10%, from $23 billion in 2020 to $34 billion by 2024. These developments augur well for innovative start-up Rritual Superfoods. The company has developed a suite of health-enhancing “functional” products based on various types of mushrooms. With marketing and distribution initiatives spearheaded by an experienced team of consumer packaged-good (“CPG”) executives, Rritual plans to quickly establish a dominant presence in the fast-developing functional foods market.
Much better informed and with higher incomes, 21st-century food shoppers are a great deal more selective than previous generations. In pursuit of a diet that supports wellness, they are shifting their purchases towards functional foods. Paradoxically, the fast food industry, with its overly processed products packed with artificial ingredients, might be partly responsible. Growing awareness of the ills brought on by their menus is spurring the food shopper of today to look for products that not only offer convenience but are conducive to good health.
The 2018 Food & Health Survey conducted by the International Food Information Council Foundation found that “61% of the American population say healthfulness has a significant impact on their food and beverage purchases” (https://ibn.fm/UyZQA). Consumers don’t just want food to taste good, they want it to have “function,” where the function is some improvement in physiological or psychological well-being.
As a separate consumer sector, functional foods have taken off in the Far East as well. Its origins may be traced back to 1991, when Japan’s Ministry of Health began designating some foods as “foods for specified health uses” (“FOSHU”) (https://ibn.fm/1P3SW). However, functional foods, under the label of “fortified foods,” have been available for decades. In the United States, iodine was first added to salt in 1924 in an attempt to alleviate incidences of goiter. And in the early 1930s, cow’s milk began to be fortified with vitamin D to combat rickets, which causes poor bone development and deformities in children.
Functional mushrooms predate even these developments. They have been used as health aids for over two millennia. To name just a few, there’s turkey tail, an immune booster; chaga, an immune booster and anti-inflammatory; lion’s mane, a booster for the brain and immune system; reishi, another immune booster, which also helps to cope with anxiety; and Cordyceps, an energy booster.
Ranked as a top-10 food trend by Whole Foods, functional mushrooms are typically consumed in a dry, powdered form. They can be combined with adaptogen herbs, which help the body handle stress, for unique benefits. With a long shelf life when correctly processed and packaged., functional mushrooms are set to transform the functional food industry.
Since the industry is in an early stage of development, no market leader has emerged. This presents opportunity the Rritual management are poised to seize. The team is headed by CEO David Kerbel, who brings more than 30 years of experience at a senior level in retail, brokerage and CPG. David was an early Senior Vice President of Celsius Holdings, which currently trades on the Nasdaq (CELH).
Warren Spence is chief operating officer. Spence has occupied senior positions at Red Bull and Olivieri during his 25-year career in the food and beverage industry. Rounding out the lineup of top CPG operatives is VP of USA sales Sarton Molnar-Fenton, a former executive of Danone and Nestlé.
For more information, visit the company’s website at https://investors.wearerritual.com.
Mental Fitness Is a Daily Ritual
NOTE TO INVESTORS: The latest news and updates relating to Rritual are available in the company’s newsroom at http://ibn.fm/Rritual
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