In terms of revenue, the Global Mushroom Market is probable to reach USD 86.0 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 9.50% from 2022 to 2028.
The change in preference among consumers toward vegan food and increasing demand for meat substitutes are also projected to drive the growth of the Mushroom Market in the upcoming years. In addition, shiitake and button Mushrooms are rich sources of protein that make them attractive alternatives for meat among consumers which is fueling the demand for the Mushroom Market during the forecast period. The rise in consumption of Mushrooms in commercial sectors like restaurants, supermarkets, cafeterias, and hotels.
Key Highlights from the Report
- The button Mushroom sub-segment is anticipated to grow at a substantial CAGR. 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 the UK, Italy, China, Taiwan, Germany, and some other countries. Furthermore, the development in research and development on white button Mushrooms to find out about their ability in preventing cancer along with affordable prices is expected to increase the demand for button Mushrooms during the forecast period.
- The fresh Mushrooms sub-segment holds a substantial market share in 2021. The demand for fresh Mushrooms is increasing across developing economies of Asia Pacific and also in European countries owing to a rise in consumers' preference for organic food. The rising demand for fresh Mushrooms is globally increasing particularly in developed countries like the US, due to the increasing demand for healthy food products, in which no preservative is included. While the US is one of the largest fresh Mushroom producers.
- Asia Pacific is the fastest regional segment. The growth of Asia Pacific is attributed to the consumption and production of Mushrooms in developing countries like China, Japan, and India. Furthermore, China is the largest producer of Mushrooms, as per capita consumption of Mushrooms globally. The consumption of Mushrooms in developing countries of the 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.
The change in the taste preference among consumers toward the consumption of processed food is the other major factor expected to drive the growth of the Mushroom Market in the coming years. Furthermore, several initiatives taken by the government in developing areas, are predicted to support small-scale industries and assist the underprivileged population involved in the development process of industries which is projected to boost the Mushroom Market growth in the years to come.
Additionally, Mushrooms are a rich source of vitamins, proteins, antioxidants, essential oils, and other bioactive compounds which is increasing the demand for Mushrooms in various pharmaceutical applications. Furthermore, shiitake and button Mushrooms are the rich source of protein that makes them attractive alternatives for meat among consumers which is fueling the demand for the Mushroom Market during the forecast period.
Asia Pacific is the largest market. The Asia Pacific accounted for $49.90 million in the year 2021. The Asia Pacific region's growth is attributed to the adoption of modern and advanced Mushrooms techniques of cultivation by the Mushroom farmers of the Asia Pacific region is projected to fuel the demand for the Mushroom Market in upcoming years. The volumetric consumption of Mushrooms in the Asia Pacific region was incredible and is estimated to grow at a considerable rate during the forecast period. The demand for Mushrooms for medical purposes is witnessing growth and will continue to grow in the coming years.