Global Mushroom Market to Generate Revenue of $100.04 Billion By 2028 | China Produces Over 90% Mushroom | SkyQuest Technolgoy
Global mushroom market is projected to attain a value of USD 100.04 Billion by 2028 from USD 51.53 billion in 2021, at a CAGR of 9.3% during the forecast period (2022–2028)
Westford, USA, Nov. 18, 2022 (GLOBE NEWSWIRE) — In the past four years, mushroom market sales have increased by 69%. Mushrooms are an alluring and umami-rich food, but the industry is plagued with many challenges. Traditional cultivation and production methods are environmentally unfriendly, labor-intensive, and require significant inputs. Some companies are turning to post-harvest processing to reduce spoilage and waste, but this is also a challenging field due to the need for precise temperature control and hygienic practices.
Currently, there is significant growth potential for the mushroom market, as people seek healthier options and increased awareness of the environmental benefits of using sustainable resources. SkyQuest forecasts global sales of mushrooms will reach US$100 billion by 2028. This growth is due to increasing demand from Asia, particularly China, as well as healthy eating trends in developed countries like the United States and Europe.
The largest segment of the global mushroom market is grown mushrooms which is estimated to account for over 50% of revenue. Rounded off with Shiitake (Lentinula edodes) at 30%, portobello mushrooms (C Portobello Fungi) at 17%, and enoki mushrooms (Flammulina velutipes) accounting for 7% of revenue respectively.
The main drivers behind the growth of the global mushroom market are increasing demand from emerging countries such as China and India where traditional meat options are becoming scarce due to population growth, and growing awareness about health benefits associated with consuming mushrooms. Factors such as rising prices of feedstock commodities, advances in agro-technological systems allowing for more efficient production, and increasing awareness about environmental friendliness are also contributing to growth in this market. However, cost controls related to climate change and tighter regulations affecting cultivation settings will restrain the overall growth prospects in this market.
There are several factors that are expected to support global mushroom market growth:
- Increasing consumer interest and awareness around the health benefits of mushrooms;
- Stringent regulations on ingredients used in processed foods and air quality;
- Upscale restaurants opting for more sustainable seafood options, such as mushrooms; and
- Deeper market penetration due to better distribution channels (such as ecommerce) and increased product localization.
Apart from this, there is an increase in demand for mushrooms due to growing interest in dietary supplements, Medicinals, food additives, and other industrial uses. Second, the cost of production has been coming down as technology improves and new cultivation methods are developed. Lastly, rising populations and increasing incomes across Asia Pacific and Latin America will result in more consumers looking to purchase mushrooms as a healthy source of nutrition.
Of course, not all companies operating in the mushroom market will be successful. New entrants who lack scale or experience may find it difficult to compete against larger companies with deeper pockets. In addition, the regulatory environment pertaining to fungi remains complex and uncertain throughout much of Asia Pacific and Latin America; challenges that must be faced if businesses are to reach profitability quickly.
Global Mushroom Production is Pegged At 46 Million Tons
According to SkyQuest’s recent study, production and consumption of mushroom will exceed 46 million tons in 2021. This upward trend is driven primarily by increased demand from fast-growing economies in Asia Pacific and Latin America. In addition, increasing popularity of mushrooms as a food and health supplement is also contributing to the growth of this market. Mushroom cultivation is most prevalent in Asia Pacific (93%), Europe and North America. These regions are expected to account for a majority of the global market during the forecast period.
Asia-Pacific will remain the largest and fastest-growing region in the mushroom market with a CAGR of 10.8% between 2022 and 2028. This is due to increasing demand from developing countries such as India and China. The top four provinces based on planted area Jiangsu (China), Beijing (China), Hebei (China), and Shandong (China). Production is highest in Hebei province with a volume output of 15 million tons in 2021. As per FAO study, China produced over 40 million tons of mushroom in 2021, which is around 90% of the global mushroom production.
Top Trends in Global Mushroom Market
1. Increased Demand for Wild Mushrooms
One of the main reasons for the growth in the mushroom industry is increased demand for wild mushrooms. These mushrooms often have a better flavor than those cultivated in controlled environments, which is why they’re becoming more popular.
2. Artisanal Products are Becoming More Popular
Another trend contributing to the increase in the number of people working in the mushroom market is that artisanal products are becoming more popular. This means that there’s an increased demand for products that are made with high-quality ingredients and traditional techniques.
3. Mushroom Farming Is Becoming More Sustainable
Another trend in the mushroom industry is that it’s becoming more sustainable. This means that farmers are focusing on growing mushrooms using less water and less fertilizer, which is reducing environmental impact and improving soil quality.
SkyQuest Survey Reveals Over 47% Consumers Want to More Information about Health Benefits Before Start Consuming
What Does SkyQuest survey of mushroom market tell us? The new report highlights the strong potential that mushrooms offer for enhancing productivity, dietary diversity and overall well-being. Mushrooms are one of the most undervalued ingredients in the modern food supply. They offer great potential for increasing productivity, dietary diversity and overall well-being.
We thoroughly surveyed global consumers about their awareness, attitudes and intentions related to mushrooms. Survey respondents were asked about:
—What type of mushrooms do they eat?
—How do they value mushrooms?
—What types of benefits have they experienced from consuming mushrooms? The findings show that consumers are eager to explore the many benefits of mushrooms.
Nearly half (47%) of respondents in the global mushroom market say they would like more information on the health benefits of fungi and almost a third (32%) would like more information on how fungi can be used in food products. Respondents also valued fungi for its ability to provide nutritional value (31%), boost energy levels (29%), improve cognitive function (25%) and soothe allergies (23%).
Top Players in Global Mushroom Market
- Monaghan Mushrooms (Ireland)
- Walsh Mushrooms Group (Ireland)
- Mycelia (Belgium)
- South Mill Mushrooms Sales (US)
- Smithy Mushrooms Ltd. (UK)
- Rheinische Pilz Zentrale GmbH (Germany)
- Italspwan (Italy)
- Mushroom SAS (Italy)
- Hirano Mushroom LLC (Kosovo)
- Fujishukin Co. Ltd. (Japan)