Global Mycelium Market Size to be Worth $5.86 Billion By 2032 | CAGR: 7.4%

Mycelium Market Size Worth $5.86 Billion By 2032 | CAGR: 7.4%

The global mycelium market size is expected to reach USD 5.86 billion by 2032, according to a new study by Polaris Market Research. The report “Mycelium Market Share, Size, Trends, Industry Analysis Report, By Nature (Organic, and Conventional); By Form; By Application; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Growing urbanization and rising health and wellness awareness among consumers is driving up demand for natural tastes like mycelium. As a result, the overall demand for mycelium in the global market is increasing. The inclusion of additional flavors to foods to make them more appetizing may stimulate the global demand for mycelium. The increasing value given to the distinctive flavor of processed foods and beverages is the main factor driving the mycelium market's growth on a global scale.

Additionally, the market will be stimulated by the growing trend toward the use of organic and natural ingredients as well as flavors in food products. The growing demand for foods with a longer shelf life is another aspect of mycelium that contributes to the growth of the mycelium market globally.

Another growth driver is the rising government initiatives to develop innovative, mycelium-based, green, and eco-friendly goods and packaging solutions. Enhancing efforts to minimize the use of non-biodegradable components, widespread acceptance of eco-friendly technologies, grown consistently of flavor-infused mycelium in comparison with conventional, labor-intensive methodologies, and the high consumer preference for organic, natural, plant-based ingredients found in food product lines are additional factors that are predicted to present profitable opportunities for market expansion.

Due to the rising demand for environmentally friendly and sustainable goods and packaging, industries are developing new biodegradable and recycled materials to survive in this cutthroat business environment. increasing the market for mycelium by increasing the demand for it. For instance, in January 2022, Forager is a division of Ecovative, with a focus on developing, marketing, and producing plastic-free, vegan leather materials & fungi-based foams for the fashion & automotive sectors.

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Moreover, leading market players have significantly expanded their businesses, partnered with one another, collaborated, and formed joint ventures, which have all had a significant impact on the global mycelium market. Companies' preferred tactic has been to launch new products. For instance, in January 2022, to broaden its selection of plant kitchen items, M&S Food worked with Monaghan to supply the mycelium protein vegetable balls & vegetable mince.

Mycelium Market Report Highlights

  • Organic segment is projected to grow at a high CAGR over the study period. This is due to the adoption and utilization of the technology by end users worldwide.
  • Europe held the largest market share. During the forecast period, it is also anticipated to grow at the fastest rate. Because of the region's advanced research and development (R&D) capabilities as well as its supportive government legislation.
  • The global players include Atlast Corporation, Biomyc Limited, Bolt Threads, Chinova Bioworks, Changsha Botaniex, Ecovative, Paradise Packaging, and Scelta Mushrooms.

Polaris Market Research has segmented the mycelium market report based on nature, form, application, and region:

Mycelium Market, Nature Outlook (Revenue - USD Billion, 2019 - 2032)

  • Organic
  • Conventional

Mycelium Market, Form Outlook (Revenue - USD Billion, 2019 - 2032)

  • Pre-formed
  • Powder
  • Capsules

Mycelium Market, Application Outlook (Revenue - USD Billion, 2019 - 2032)

  • Animal Feed Industry
  • Food & Beverage Industry

Mycelium Market, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa