The mushroom market size is expected to grow from US$ 13.67 billion in 2022 to US$ 19.63 billion by 2028; it is estimated to record a CAGR of 6.2% from 2022 to 2028.
Edible mushrooms are the fleshy and edible fruiting bodies of several species of macro fungi. Mushrooms are cultivated majorly in China, the US, the Netherlands, France, and Poland. White mushrooms, cremini mushrooms, shiitake mushrooms, oyster mushrooms, enoki mushrooms, chanterelle mushrooms, porcini mushrooms, portobello mushrooms, and brown mushrooms are commonly consumed mushroom types globally. Mushrooms are also high in antioxidants such as selenium and glutathione. In addition, they contain high levels of vitamins B and D, phosphorus, magnesium, calcium, and potassium.
In 2021, Asia Pacific held the largest share of the mushroom market; however, Europe is estimated to register the highest CAGR during the forecast period. The market growth in the region is attributed to consumer inclination toward the consumption of nutrition-rich food, and increasing medicinal use of mushrooms owing to their antibiotic properties. They have also been studied for their synergistic effects with anticancer drugs. The compounds or substances extracted from mushrooms can be utilized in immunosuppressants, cholesterol inhibitors, and psychotropic drugs. Asia Pacific is the largest producer of mushrooms, with countries such as China, Japan, India, Thailand, the Philippines, and Indonesia being prime contributors to the regional production volumes. Government initiatives to promote mushroom production also favor the growth of the market in this region. Asia Pacific Edible Mushroom Training Center located in Fuzhou is heavily engaged in research studies, development, and international technology training. It also engages in exchange, and economic and trade cooperation on edible mushrooms, in turn, promoting the industrialization and internationalization of edible mushrooms.
Strategic Insights
Impact of COVID-19 Pandemic on Mushroom Market
Lockdown impositions, travel restrictions, and business shutdowns due to the COVID-19 pandemic adversely affected economies and industries in various countries in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA). The social and commercial restrictions subsequently resulted in disruptions in supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. However, the demand for mushrooms increased owing to increasing consumer preference for plant-based food and rising awareness regarding the health benefits of mushrooms. Thus, the discontinuation of manufacturing activities and the rise in demand led to a demand and supply gap. In 2020, various businesses announced possible delays in mushroom consignments and projected a slump in future sales. Further, bans imposed by governments of various countries in Europe, Asia Pacific, and North America on international travel forced several companies to discontinue their collaboration and partnership plans.
Mushroom Market Breakdown, by Region
(image) Market Insights
Strategic Developments by Key Players to Drive Mushroom Market During Forecast Period
Product innovation, plant capacity expansion, and mergers & acquisitions are among the key strategies implemented by mushroom manufacturers to strengthen their market positions and expand their customer base. For instance, Big Mountain Foods, announced its partnership with Sprouts Farmers Market, a leader in gut-healthy foods, to launch the first Lion’s Mane mushroom product line across North America. Therefore, continued strategic developments by market players are expected to provide immense opportunities to the mushroom market during the forecast period.
Type Insights
Based on type, the mushroom market is segmented into button mushroom, shiitake mushroom, oyster mushroom, and others. The button mushroom segment held the largest market share in 2021, and the shiitake mushroom segment is expected to register the highest CAGR from 2022 to 2028. Button mushroom is largely cultivated mushroom globally due to lower incubation time taken by their spores. In addition, the lower cost of button mushrooms than other types and numerous nutritional benefits favor the market growth for this segment.
Mushroom Market, by Type – 2022 and 2028
(image) Category Insights
Based on category, the mushroom market is segmented into organic and conventional. The conventional segment held a larger market share in 2021. However, the organic segment is projected to register a higher CAGR during the forecast period. Variety of mushroom are grown conventionally in various countries using chemical fertilizers and pesticides. These category uses genetically modified organisms, which ensures the consistent crop yield. However, with the growing popularity of organic products because of their high quality and sustainability, the preference for conventional products may reduce in the coming years. However, local food manufacturers may continue to use conventional mushrooms owing to their affordability and availability.
Giorgio Fresh Co.; B and G FOODS INC; Banken Champignons B.V.; Monterey Mushrooms, LLC; Woodstock Foods; Bonduelle SA; Monaghan Group; WALSH MUSHROOMS GROUP; Smithy Mushrooms; and Bluff City Fungi are among the major players operating in the mushroom market. These companies mainly focus on product innovation to expand their market size and follow emerging market trends. Such products are expected to gain high traction among consumers during the forecast period.
Report Spotlights
- Progressive industry trends in the mushroom market to help companies develop effective long-term strategies
- Business growth strategies adopted by the market players in developed and developing countries
- Quantitative analysis of the market from 2022 to 2028
- Estimation of global demand for mushrooms
- Porter’s Five Forces analysis to illustrate the efficacy of buyers and suppliers in the mushroom market
- Recent developments to understand the competitive market scenario
- Market trends and outlook, and market drivers and restraints
- Assistance in the decision-making process by highlighting strategies of mushroom market players
- Size of the mushroom market at various nodes
- Detailed overview and segmentation of the market, as well as the mushroom industry dynamics
- Size of the mushroom market in various regions with promising growth opportunities