Mushroom Market Size Is Expected To Reach USD 115.8 Billion By 2030
Mushroom Industry Overview
The global mushroom market size is expected to reach USD 115.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.7% over the forecast period. Increasing adoption of vegan diets across the developed economies on account of growing consumer concerns towards animal welfare and the environment is likely to have a positive impact on industry growth. Rising consumer preferences for natural ingredient-based food and cosmetic products around the globe owing to growing awareness regarding the side effects of their synthetic counterparts are expected to drive demand for mushrooms.
Furthermore, mushrooms are rich sources of vitamins, antioxidants, essential oils, proteins, and other bioactive compounds leading to their increasing demand from pharmaceutical applications. Mushroom manufacturers have started focusing adoption of sustainable production processes to attract an environment-conscious customer base and improve brand position. For instance, Bonduelle Group, a France-based mushroom producer, focuses on Agroecology, wherein the company uses natural fertilizers and use renewable energy sources to produce mushrooms. In addition, the company has also started using cardboard boxes by replacing plastic packaging for its canned products starting November 2020.
The manufacturers are using mergers and acquisitions and partnership agreement strategies to expand the production capacity and increase 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.
Mushroom Market Segmentation
Grand View Research has segmented the global mushroom market on the basis of product, form, distribution channel, application, and region:
Based on the Product, the market is segmented into Button, Shiitake, Oyster, Matsutake, Truffles, and Other.
- The button product type segment dominated the market and accounted for the largest volume share of 61.8% in 2021. The segment is expected to witness a revenue-based CAGR of 8.9% over the forecast period. They are widely cultivated across the world due to their numerous nutritional benefits and lower incubation time taken by their spores. Furthermore, their lower cost as compared to their counterparts is expected to drive the market over the forecast period.
- Shiitake mushrooms have been a part of traditional medicines in countries such as Japan, China, and South Korea, as their consumption boosts health and longevity, along with improved blood circulation. The oyster type is expected to witness the highest revenue-based CAGR of 11.3% over the forecast period.
Based on the Form, the market is segmented into Fresh, and Processed.
- The fresh form dominated the mushroom market with a revenue share of 89.5% in 2021. Fresh mushrooms are witnessing a considerable upsurge in demand from the past few years owing to an increased number of consumers focusing on organic and unprocessed food consumption to gain maximum health benefits of the product.
- The processed form is expected to witness a revenue-based CAGR of 10.2% from 2022 to 2030. Processed types include dried, frozen, canned, pickled, and powdered forms. Additional processing such as canning, freezing, or drying is essential to extend the shelf life of mushrooms.
Based on the Distribution Channel, the market is segmented into Direct to Customer, Grocery Stores, Supermarkets & Hypermarkets, Convenience Stores, and Online Stores.
- The mushrooms are majorly distributed through the supermarkets and hypermarkets segment, which accounted for 38.3% revenue share in 2021. In developed regions, such as Europe and North America, the penetration of supermarkets and hypermarkets is higher than that in the developing regions.
- Distribution through online stores is expected to witness the highest revenue-based CAGR of 10.3% over the forecast period. Consumers across the world increasingly prefer the online mode for their fresh produce purchase owing to the convenience and price benefits offered by these channels. Online retailers account for a smaller share as of now as compared to supermarkets and hypermarkets.
Based on the Application, the market is segmented into Food, Pharmaceutical, and Cosmetics.
- The food application segment accounted for the largest revenue share of 86.8% in 2021. This application considers the utilization of fresh and processed forms by the household as well as food services. Mushrooms are low in fat and cholesterol; besides, they contain negligible sodium and gluten content. Along with this, mushrooms are packed with key nutrients including vitamins, minerals, proteins, and selenium.
- Mushrooms are rich sources of various bioactive compounds such as polysaccharides, triterpenes, polyphenols, proteins, amino acids, and organic germanium. Thus, the extracts are utilized as an ingredient in formulating several medicinal or supplement products that are used for hypertension, diabetes, sleeplessness, immunity-boosting, vitality, hypercholesterolemia, and cancer.
Key Companies & Market Share Insights
Key players operating in developed regions increasingly emphasize sustainable production to attract an environment-conscious customer base and improve brand position. For instance, Monaghan Mushrooms aims to transit towards reusable and recyclable packaging by 2025 to bring sustainability to business operations. Thus, sustainability in business operations ranging from compost preparation and cultivation to packaging is likely to emerge as a key factor in the market in the coming years. The key companies operating in the mushroom market are as follows:
- 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
Order a free sample PDF of the Mushroom Market Intelligence Study, published by Grand View Research.
About Grand View Research
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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