Mushroom market to breach 69 billion dollar mark by 2024
Author : Yogesh Sawant | Published On : 07 Jun 2021
The global mushroom market is prognosticated to witness an intense competition in the span of coming years. This is attributed to the rising demand in food and beverage sector. besides, the market faces a low entry barriers, and is not really fragmented. As a result, the emergence of key entrants in the mushroom market is expected to be convenient in regional and global market. Some of the major players leading the global mushrooms market are Costa Group, The Mushroom Company, Okechamp S.A., Monterey Mushrooms Inc., Drinkwater’s Mushroom Ltd., Monaghan Mushrooms, and Shanghai Finc Bio-Tech Inc. These companies dwell on their well established distribution channel and regular mergers and acquisitions strategies to have an edge over their competitors in the market.
According to a recent report by Transparency Market Research, the global mushroom market is likely to project a steady CAGR of 8.2% within the forecast period from 2016 to 2024. In 2016, the market was valued nearby worth US$36,825.4 of US$69,267.9 by the end of forecast period.
Based on form, the global mushroom market is bifurcated as processed mushroom and fresh mushroom. Among these, the fresh mushroom segment held a lead of 56.5%, of share of global mushroom market in 2016. The mentioned segment is likely to sustain its position in the forecast period as well with a steady CAGR of 8.3%. Regionally, in 2016, North America led the global mushroom market owing to a majority share of 34%. The growing market of processed food, increasing dependency on imported items, and consistent rises in demand for mushrooms are foreseen to contribute in the growth of North America market by leaps and bounds in forthcoming years.
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Increasing awareness among the people about the benefits of mushrooms, rising consumption of processed food items, increasing investment by firms to fulfil the demand of a huge customers with smart packaging that even extends the shelf life of the food items are among the most crucial factors backing the growth of global mushroom market in the forthcoming years. Apart from these, the rigorous R&D activities and growth activities are presently to estimated to harness the expected applications of various mushroom, that is expected to additionally pump the mushroom market.
Nevertheless, extremely low shelf-life of mushroom, poor process management, and low awareness among people are hampering the market from development. However, increasing concerns with respect to obesity is another factor to attract new consumers looking ofr reducing consumption of meat nd provide huge scope in forthcoming years.
Rising disposable income in the urban areas, and people living in metro cities of developing nations are the key contributors in the upsurge of the food sector. The firms in food sector are as well making use of increased trends in consumption of ready to eat food, processed food, and advanced packaging. Resultantly, the global mushroom market is flourishing significantly, owing to various health benefits and from aesthetic point of view. Mushrooms contain various nutrients for example, selenium, vitamin, and potassium.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Mushroom Market (Type - Button Mushroom, Shiitake Mushroom, and Oyster Mushroom; Form - Fresh Mushroom and Processed Mushroom (Dried Mushroom, Frozen Mushroom, and Canned Mushroom); End Use - Food Processing Industry, Retail Outlets, and Food Service) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”
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The market has been segmented as below:
- Button Mushroom
- Shiitake Mushroom
- Oyster Mushroom
- Fresh Mushroom
- Processed Mushroom
- Dried Mushroom
- Frozen Mushroom
- Canned Mushroom
- Food Processing Industry
- Retail Outlets
- Food Services
- North America
- Latin America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)