The global mushroom market size is expected to reach USD 91.63 billion by 2028 according to a new study by Polaris Market Research. The report “Mushroom Market Share, Size, Trends, Industry Analysis Report, By Product (Button, Shiitake, Oyster, Matsutake, Truffles); By Application; By Form; By Distribution Channel; By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growing demand for the product across the globe owing to increase people following a vegan diet to overcome problems such as obesity is expected to boost the growth of the global industry. Increasing the use of the product in traditional medicine and as nutraceuticals, along with the support of governments in many countries for their farming, will provide an opportunity for the industry to grow further over the coming years.
The product demand is growing increasingly in countries like China, and the U.S. Governments are providing subsidies on farming to promote its cultivation. For instance, governments provide 30 to 40% subsidies on the oyster type in Maharashtra, India. It has an excellent antioxidant property which makes it a good candidate for use in the healthcare industry. The product consists of a high proportion of antioxidants such as ergothioneine, selenium, and glutathione. All these factors are expected to contribute to the upward growth of the global industry.
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There are over 20 varieties of the product available in the industry. They have applications in the food and pharmaceutical industry. The most common type of product includes button, oyster, and shiitake. Over 50% of the product available in the market is button type. Oyster types are widely used in the preparation of food in Asian regions such as China and Japan.
Several new developments are taking place in the global industry due to customers’ increased preference and superfood status. In January 2021, The Mushroom Company was acquired by one of the largest companies, South Mill Champs, based out of North America.
In April 2021, Chinova Bioworks disclosed that it is increasing its production facility to expand capacity and meet the requirement of Chiber, a natural fiber extract made from white button-type stems. The product is also used in new areas such as the beverage industry. For instance, product-infused functional beverages, such as coffee was introduced by the FreshCap Mushrooms in the U.S. in March 2021.
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The emergence of the COVID-19 pandemic is expected to hinder the growth in the first half of the forecast period. The product export has taken a significant hit due to the transportation restrictions imposed in many countries owing to lockdown. Since the product has a shorter shelf life of less than a week, the disruption in the distribution is expected to negatively influence the market.
Costa Group, Bonduelle Group, CMP Mushrooms, Greenyard, Drinkwater Mushrooms, Monaghan Group, OKECHAMP S.A., The Mushroom Company, Shanghai Fengke Biological Technology Co., Ltd., and Monterey Mushrooms, Inc. are some of the key players operating in the global market.
Polaris Market Research has segmented the mushroom market report on the basis of product, form, distribution channel, application, and region:
Mushroom, Product Outlook (Revenue – USD Million, 2016 – 2028)
- Button
- Shiitake
- Oyster
- Matsutake
- Truffles
- Others
Mushroom, Form Outlook (Revenue – USD Million, 2016 – 2028)
- Fresh
- Processed
Mushroom, Distribution Channel Outlook (Revenue – USD Million, 2016 – 2028)
- Direct to Customer
- Grocery Stores
- Supermarkets & Hypermarkets
- Convenience Stores
- Online Stores
Mushroom, Application Outlook (Revenue – USD Million, 2016 – 2028)
- Food
- Pharmaceuticals
- Cosmetics
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