In terms of value, the global mushroom market is expected to reach a market value of US$ 58,109.9 Mn by the end of 2027, with an expected CAGR of 9.1% over the forecast period. The key factors responsible for the growth of mushroom market include increasing demand for processed food, health benefits associated with the consumption of mushroom, ease of usability of mushroom via innovative packaging solutions, the expanding HoReCa (hotels, restaurants, and cafes) culture, and rising demand for mushroom-based products.
The escalating urbanization and growing westernization are paving the path for the already thriving HoReCa sector, playing a vital role in introducing several multinational cuisines and flavors to the consumers – thus generating substantial demand for mushroom and mushroom-based products.
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Thriving Processed Food Demand Pushing Consumption of Mushroom as Key Ingredient
There is increasing demand for ready-to-eat food and meals among the consumers, and this is attributed to the busy lifestyles, demanding work cultures, and hectic schedules. The consumers have started preferring processed and ready-to-eat food over the conventional options available in the market, to cater to their hunger needs.
However, the consumers are nowadays becoming more conscious about the food products they consume, and thus are seeking healthier options in the processed food category. Mushroom is widely used in processed foods and is itself available in several formats including dried, canned, and frozen formats, to satisfy the changing consumers need for more significant convenience processed food without compromising the health of consumers.
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Mushroom’s Rich Nutritional Profile Fostering Sales
Increasing consumer inclination towards maintaining a healthy lifestyle has led to higher consumption of food and food ingredients with potential health benefits. Recently, consumers in both developed as well as developing economies are becoming more conscious about their dietary intake and are getting more inclined towards consumption of healthy foods and products, which fulfill the nutritional need of their body.
Mushroom-based processed food products are rich in vitamins, minerals, dietary fibers, proteins, etc. and thus provides necessary nutrients to consumers that they do not receive from other food products. Hence, growing health and wellness consciousness is anticipated to be one of the primary drivers for the growth of the mushroom market.
Advanced Packaging Technologies Contributing to Prolonged Shelf Life of Mushroom
The manufactures operating in the mushroom market are using advanced technologies and innovative packaging solutions to extend the shelf life of the mushroom, to provide long-lasting mushroom products to the consumers. The manufacturers of mushrooms are using active packaging technology to inhibit the growth of microorganisms responsible for the spoilage and degradation of the fresh mushroom, along with minimizing food lost, simplifying packaging, and reducing the use of preservatives. Owing to these advancements in packaging technologies, manufacturers are now able to offer a variety of mushrooms at supermarkets, hypermarkets, departmental stores, etc.
Increasing Demand for Mushroom-based Products
Demand for mushroom is increasing globally, owing to health benefits associated with the consumption of mushroom and its products. Manufacturers are focusing on offering new innovative mushroom products through intensive R&D capabilities. The mushroom growers are collaborating with the end use industries to deliver innovative and unique end products to the consumers. Several manufactures have launched mushroom-based products such as health drinks and beverages, packaging materials, and several other state-of-the-art, sustainable products.
- For instance, Ecovative Design LLC, a biomaterials company, is offering various mushroom-based packaging products such as GIY Packaging kit and other biodegradable products to cater the growing needs of end users for environment friendly products.
- Manufacturers such as Sayan Health, Four Sigmatic, and NordicNordic are offering various mushroom-based drinks such as mushroom coffee mix, mushroom elixir mix, Chaga mushroom exilir mix, and similar products to cater to the growing demand of consumers for healthy beverages.
Partnerships and Acquisitions Between Key Players Shaping Competition
The manufactures of mushroom are focusing on up scaling their production capabilities to meet the growing demand of mushrooms. To update their inventories with more mushroom products, the key players are entering into partnerships/agreements and are focusing on acquisitions of small mushroom producers.
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Besides, leading players are enhancing and strengthening their distribution network in both developing and developed economies, to expand their business footprint in the global market. The active participation of big players is again anticipated to drive the growth of mushroom over the forecast years.
- For instance, in 2016, Greenyard Foods acquired percentage of shares of Lutece Holding B.V., which is a producer and distributor of fresh mushrooms and mushroom products. This acquisition aided the company to strengthen its position in the preserved mushroom segment.
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