(MENAFN- GlobeNewsWire - Nasdaq) Due to a growing trend in plant-based diet adoption, the mushroom market is on the rise.
Wilmington, Delaware, United States, Transparency Market Research Inc. -, Sept. 26, 2024 (GLOBE NEWSWIRE) -- The mushroom industry (버섯 산업) was worth US$64.6 billion in 2023. A CAGR of 8.4% is predicted between 2024 and 2032 and is expected to reach US$ 133.5 billion . A mushroom extract may offer unique therapeutic benefits by enhancing synaptic plasticity.
Research and studies are expected to increase mushroom demand in the market. In collaboration with the Department of Botany at the University of Calicut, ICAR-Central Plantation Crops Research Institute (CPCRI), Vittal, and Kasaragod, scientists have discovered a new edible mushroom, coprinopsis cinerea, which grows naturally on arecanut husks.
A team from ICAR-CPCRI Kasargod has discovered this new species through morphological and multi-gene molecular investigation. Market prices could rise if mushrooms prove to be medicinally valuable.
According to a recent study, psilocybin-containing mushroom extract has a more robust and long-lasting impact on synaptic plasticity than its synthetic equivalent. This study demonstrates how naturally occurring psychedelic substances have the potential to transform the way mental illnesses are treated completely.
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This study creates new opportunities for novel, nature-based psychiatric treatments because of the concerning data showing that a sizable portion of patients are not responsive to current drugs.
Key Findings of the Market Report
Based on form, the processed mushroom is predicted to create a market for mushrooms. Increasing health benefits are expected to drive button mushroom demand. Retail outlets are expected to increase mushroom sales in the coming years. In terms of production, China accounts for 75.0% of mushroom production worldwide. A significant share of the global mushroom market was held by Asia Pacific in 2022.
Global Mushroom Market: Growth Drivers
Increasing consumer awareness of mushrooms' health benefits, including nutritional value, low calories, and possible medical uses, has increased consumer demand. As a result, mushrooms have become increasingly popular among vegetarians and vegans as meat alternatives. Specialty mushroom varieties have become increasingly popular owing to their versatility and growing popularity in gourmet cooking. Due to their smaller environmental impact, mushrooms are frequently considered a more sustainable meat source than beef. As a result, mushrooms are becoming more popular as an environmentally friendly food option. Technological advancements in mushroom growing, like vertical farming and controlled environment agriculture (CEA), have boosted productivity and reduced expenses, fostering market expansion. Various mushroom species, including shiitake, reishi, and lion's mane, have shown therapeutic benefits, expanding the market for mushroom-based nutraceuticals and supplements. Processed mushroom products such as dried, frozen, and canned mushrooms have become more popular over the years due to their convenience and longer shelf life. Modifications to laws about agricultural techniques, food safety, and labeling may affect the mushroom industry through changes to production costs, market accessibility, and customer preferences.
Global Mushroom Market: Regional Landscape
Many Asian cultures have used mushrooms both for culinary purposes and medicinal purposes for thousands of years. Fresh and processed mushrooms are in high demand since many traditional dishes incorporate different mushroom varieties. Developing nations like India, China, and Indonesia are experiencing rapid population growth and urbanization, making mushrooms an increasingly popular food option. Market growth is primarily driven by higher disposable incomes in the region, which allow consumers to purchase more premium and specialty types of mushrooms. The increased demand for natural and functional foods like mushrooms, which are thought to be nutrient-dense and health-promoting, is a result of rising health and wellness consciousness. The Asia Pacific is seeing a rise in the use of innovative mushroom cultivation techniques, such as controlled environment agriculture and indoor farming, which is increasing yields and efficiency. Several Asia Pacific nations, including China and Japan, are significant exporters of mushrooms to outside markets, capitalizing on the increasing demand for Asian mushroom species worldwide. By offering incentives for cultivation and distribution, government programs that encourage small-scale farming, advance agriculture, and guarantee food security can affect the mushroom sector.
Global Mushroom Market: Competitive Landscape
Leading mushroom producers invest a lot in developing advanced cultivation techniques to meet the increasing demand from lucrative pharmaceuticals, cosmetics, and food industries.
The key players in the mushroom industry employ various strategies to maintain a stronghold, such as mergers & acquisitions, regional expansion, outsourcing, and research collaborations.
Key Players Profiled
Costa Group Bonduelle SA Greenyard NV Monterey Mushrooms Inc. Monaghan Mushrooms Okechamp S.A. The Mushroom Company Drinkwater's Mushroom Limited Shanghai Finc Bio-Tech Inc. CMP Mushrooms
Key Developments
In February 2024 , Costa Group completed a major milestone in its 120-year history by changing ownership. As a result of its delisting from the Australian Securities Exchange (ASX) earlier this month, the company has begun its transition to the new exchange. Paine Schwartz Partners, Driscoll's and British Columbia Investment Management Corporation unanimously approved the offer of AUD 3.20 per share from Costa Group shareholders.
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Global Mushroom Market: Segmentation
Form
Fresh Mushroom Processed Mushroom
Dried Mushroom Frozen Mushroom Canned Mushroom Others
Type
Button Mushroom Shiitake Mushroom Oyster Mushroom Others
End Use
Food Processing Industry Retail Outlets Food Services
Region
North America Latin America Eastern Europe Western Europe Middle East & Africa South Asia East Asia Oceania
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