According to Bis Research, The global mycelium market accounted for $2.48 Billion in 2020 and is anticipated to grow with a CAGR of 7.7% and reach $3.84 Billion by 2026. The growth in the global mycelium market is expected to be driven by the increasing ongoing trend of sustainable and circular economy practices. Ban on styrofoam and polystyrene products and mycelium’s wide range of applications, such as food and beverage, clothing and apparel, packaging, and construction, are further expected to boost the global mycelium market.
Mycelium is a vegetative branched-like structure of mushroom. The fibrous solid structure of the mycelium can be treated with lignocellulosic materials at specific temperature and pressure, to further manufacture products such as food and beverage, packaging, clothing, and other miscellaneous products. In this report, the growth rate of global mycelium market has been accounted including factors such as sustainable packaging, mushroom production, and global plant-based meat, among others.
Mycelium has various applications such as preventing food spoilage, increasing the shelf life of food packaging, and increasing immunity and oxygen levels in the body. The fungus is inoculated in a mold and dried to stop further mycelium growth. Depending on its end use, the dried mycelium can be molded into various shapes and forms such as powder, tablet, or capsule. Therefore, the fungi can be consumed in multiple forms depending on the requirements. The mushroom’s room structure can be processed and commercialized into either raw or processed based on nature. The raw mycelium includes the vegetative part of the mycelium, which consists of the plant seeds, commonly known as spawns. Processed mycelium is treated under specific temperature and pressure and further used for construction, preparing apparel from mycelium leather, and food packaging.
Covid 19 Impact on Mycelium Market:
Since the mycelium products are not much commercialized, the COVID-19 pandemic impact on the global mycelium market has been negligible. Moreover, the rise in the trend of veganism is expected to positively affect the growth of the market in the next 10 years, as mycelium contains low calories and medicinal properties, acting as immunity boosters. Therefore, the consumption and use of other mycelium-based products are expected to increase during and post-COVID-19 pandemic.
Growth Factors in Mycelium Market:
One of the major drivers for the growth of the mycelium market is the increased consumers shift toward vegan or plant-based products. The mycelium market has the highest market share in the Europe region due to the presence of government regulations supporting the growth of novel food items made from mushrooms and mycelium.
Business Challenges in Mycelium Market:
One major challenge behind the low commercialization of mycelium products is the lack of awareness among consumers. People are habituated to using plastics and styrofoam as packaging solutions and animals as a source of meat. Thus, selecting the right target group and target market becomes a challenge for manufacturers.
Competitive Landscape of Global Mycelium Market:
The global mycelium market has seen major development by key companies operating in the market, such as business expansion, partnership, collaboration, and joint venture. The favored strategy for the companies has been product launches to strengthen their position in the mycelium market. For instance, in June 2021, Ecovative LLC launched its new packaging product named MycoComposite. The company launched Forager Hides, a leather alternative for usage in apparel and clothing, in March 2021.
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Business Drivers:
The North American population is one of the highest consumers of meat globally. Increasing cases of health issues such as obesity, cardiac problems, and others have led the North American public to turn-to low fat and low cholesterol but tasty food. Ultimately, increasing demand for healthy food and the trend of veganism are major drivers for the mycelium market in this region. Also, in terms of machinery and automation, North America is way ahead of many countries. Thus, indoor settlements for mycelium cultivation are an easy option; this makes it a suitable option for mycelium markets to catch up with the growing public demands.
Japan has a history of mushroom cultivation. The country also has various patented and technological innovations to cultivate mushrooms and mycelium under different climatic and physical conditions. These technological developments and knowledge about mycelium and its benefits are major drivers for the Japan mycelium market.
Key Questions Answered in the Report:
What is the estimated global mycelium market size in terms of revenue for the forecast period 2021-2026, and what is the expected compound annual growth rate (CAGR) during the forecast period 2021-2026?
What are the key trends, market drivers, and opportunities in the market pertaining to mycelium?
What are the major restraints inhibiting the growth of the global mycelium market?
What kinds of new strategies are being adopted by the existing market players to expand their market position in the industry?
What is the competitive strength of the key players in the mycelium market based on an analysis of their recent developments, product offerings, and regional presence?
How is the competitive benchmarking of the key mycelium companies based on the analysis of their market coverage and market potential?
How much revenue is each segment expected to record during the forecast period, along with the growth percentage? The segments are as follows:
o Product, including nature (raw and processed) and form (pre-formed product, powder, and tablet and capsule)
o Application, including food and beverages, packaging, clothing, animal feed, and others
o Region, including North America, the U.K., Europe, Asia-Pacific and Japan, China, and Rest-of-the-World
What is the type of players and stakeholders operating in the market ecosystem of mycelium, and what is their significance in the global market?
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