SAN FRANCISCO, May 25, 2021 /PRNewswire/ -- The global mushroom market size is expected to reach USD 95.24 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 9.5% over the forecast period. The increasing popularity of vegan diets across developed economies on account of growing environmental concerns and consumer awareness regarding animal welfare is likely to have a positive impact on the industry growth.
Rising consumer preferences for natural ingredient-based food and cosmetic products owing to the growing awareness regarding the side effects of synthetic products are expected to drive demand for mushrooms. Furthermore, mushrooms are rich sources of vitamins, antioxidants, essential oils, proteins, and other bioactive compounds, which lead to its increasing demand in pharmaceutical applications.
Key suggestions from the report:
The button mushroom product segment led the global market, in terms of volume, due to the factors, such as wide-scale production, high shelf appeal, low price, and high nutritional value of these products
The fresh form segment accounted for the maximum volume share in 2020 and is likely to grow at a steady CAGR over the forecast period owing to high product demand
Supermarkets & hypermarkets dominated the distribution channel segment with a revenue share of 38.3% in 2020 owing to the high penetration of these stores in the developed markets of North America and Europe
The food application segment held the largest revenue share in 2020 and will expand at a substantial CAGR over the forecast years on account of growing consumer demand for packaged healthy food products
Asia Pacific was the dominant regional market, in terms of production as well as consumption due to the high vegan population in countries like China, India, and Japan
Read 80 page research report with ToC on "Mushroom Market Size, Share & Trends Analysis Report By Product (Button, Oyster), By Form (Fresh, Processed), By Application (Food, Pharma), By Distribution Channel (Online, Grocery Stores), And Segment Forecasts, 2021 - 2028'' at:https://www.grandviewresearch.com/industry-analysis/mushroom-market
Mushroom manufacturers have started focusing on the adoption of sustainable production processes to improve brand position. For instance, Bonduelle Group, a France-based mushroom producer, focuses on Agroecology, wherein the company uses natural fertilizers and renewable energy sources to produce mushrooms. Recently, the company has also started using cardboard boxes by replacing the plastic packaging of its canned products.
The manufacturers are using merger & acquisition and partnership agreement strategies to increase their production capacities and expand their geographical presence. For instance, In April 2019, Greenyard signed an agreement with Carrefour Belgium, a retail group, for the supply of the former's assortment of fresh fruits and vegetables. The agreement was intended to strengthen the commercial relationship of both companies and to expand the clientele base for Greenyard.
In addition, the growing demand for meat substitutes is likely to boost product demand. For instance, Germany-based food startup Walding has developed chicken alternatives using Laetiporus mushroom also known as chicken of the woods. Such product innovations are anticipated to offer lucrative growth opportunities to the market players, thereby augmenting industry growth.
Grand View Research has segmented the global mushroom market on the basis of product, form, distribution channel, application, and region:
Mushroom Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
Mushroom Form Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
Mushroom Distribution Channel Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
Mushroom Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
Mushroom Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
List of Key Players of Mushroom Market
Shanghai Fengke Biological Technology Co., Ltd.
Find more research reports on Processed & Frozen Foods Industry, by Grand View Research:
Canned Mushroom Market – The global canned mushroom market size was valued at USD 7.3 billion in 2018.
Dairy Alternatives Market – The global dairy alternatives market size was valued at USD 20.50 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.5% from 2021 to 2028.
U.S. Flavors Market – The U.S. flavors market size was valued at USD 3,970.9 million in 2016.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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