Mushroom Market

Market Synopsis:

Mushroom Market valued at USD 49.9 Billion in 2021 and is projected to reach a value of USD 86.0 Billion by 2028 at a CAGR of 9.50% over the forecast period;

The Mushroom Market is expected to witness growth due to increase in commercial consumption of Mushrooms in supermarkets, restaurants, hotels, and cafeterias during the forecast period. Moreover, change in preference among consumers towards vegan food, and increasing demand for meat substitutes are also projected to drive the growth of Mushroom Market in the upcoming years. Shiitake and button Mushrooms are the rich source of protein that makes them attractive alternative for meat among consumers which is fueling the demand for Mushroom Market. Several initiatives taken by government in developing areas, which are predicted to support small scale industries and assist the underprivileged population involved in the development process of industries is projected to boost the Mushroom Market growth in the years to come. Additionally, Mushrooms are rich source of vitamins, proteins, antioxidants, essential oils, and other bioactive compounds which is increasing demand for Mushrooms in the various pharmaceutical applications. For instance, a food startup based in Germany walding has advanced chicken alternatives by making use of Laetiporus Mushroom which is also known as chicken of the woods, such innovations in Mushroom are anticipated to provide profitable growth opportunities for the Mushroom Market in coming future. On the other hand, short shelf life of Mushrooms, high operational cost for cultivation of Mushroom are the factors hampering the growth of the Mushroom market during the forecast period.

Market Segmentation:

The Mushroom market is segmented on the basis of type, and application. Based on type, the market is segmented as button, shiitake, oyster, matsutake, truffle, and others. On the basis of form, the market is segmented as fresh, and processed. Processed Mushrooms are further segmented as dried, frozen, canned, others (pickled Mushrooms, Mushroom powder, and Mushroom sauces). The market is segmented on the basis of distribution channel into hypermarkets & supermarkets, convenience store, specialty stores, and online sales.

Button Mushroom is the Most Popular Mushroom Type

The button Mushroom is largely consumed Mushroom globally and includes numerous health benefits. The button Mushroom is commercially grown in all the prime Mushroom producing countries like, UK, Italy, China, Taiwan, Germany, and some other countries. The growth in research and development on white button Mushroom in order to find out about its ability in preventing cancer along with affordable prices which is expected to increase the demand for button Mushrooms during the forecast period.

The Fresh Form Mushroom Segment is Witnessing Rapid Growth

The rising demand for fresh Mushrooms is globally increasing particularly in developed countries like US, due to the increasing demand for healthy food products, in which no any preservative is included. US is one of the largest fresh Mushroom producers. The demand for fresh Mushroom is increasing across developing economies of Asia Pacific and also in European countries owing to rise in consumers preference towards organic food.

Asia Pacific Region is Expected to Grow and Maintain Highest CAGR During the Forecast Period

Asia Pacific region is projected to grow at a highest CAGR during the forecast period. China is the largest producer of Mushrooms, as per capita consumption of Mushroom globally. The consumption of Mushrooms in developing countries of Asia Pacific such as Japan, and India is increasing at a considerable rate owing to the increasing production along with the enlarged import of Mushrooms in these countries. Moreover, adoption of modern and advanced Mushrooms techniques of cultivation by the Mushroom farmers of the Asia Pacific region is projected to fuel the growth of Mushroom market in upcoming years. The volumetric consumption of Mushrooms in Asia Pacific was tremendous and is anticipated to grow at a substantial rate during the forecast period. The demand for Mushrooms for medical purposes is witnessing growth and will continue to grow in coming years.

Competitive Landscape:

The key players in the Mushroom market are using acquisition and partnership agreements strategies in order to increase their production capacities and enhance their market presence. Some of the major key-players in the market are Bonduelle Group, Costa Group, CMP Mushroom, Drinkwater Mushrooms, Greenyard, Monaghan Group, Monterey Mushroom Inc, OKECHAMP S.A, Shanghai Fengke Biological Technology Co., Ltd, The Mushroom Company.

Segmentation of Mushroom Market: