Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Mushroom Market 2017 – 2027
Mushroom is a fruit of fungi that grows under the ground in the presence of humidity, food, a temperature which leads to the formation of buds- a mushroom. These buds grow more in size in the presence of sunlight and produce millions of spores like pollen or seeds which are then traveled by air and the rest of the mushroom then matures, living on the soil. Mushroom can be classified into an edible and non-edible mushroom, edible mushroom contains lots of nutrients and non-edible mushroom if eaten may cause stomach ache or vomiting. Some researchers have also suggested that mushrooms have medicinal properties as they are capable of protecting against cancer. Furthermore, they are also beneficial for people suffering from neurodegenerative diseases.
The global mushroom market is projected to reach around US$ 87.7 billion by the end of 2027, in terms of revenue, growing at CAGR of 8% during the forecast period (2019-2027).
Growing consumption of mushroom processed food is expected to propel the market growth of mushroom. Mushrooms are widely used in processed food products such as jarred mushrooms, processed mushrooms, canned mushrooms, and customized processed mushrooms as they contain a high nutritional and functional value. Hence, rising consumption of processed mushroom food around the globe is a major factor propelling the market growth of mushrooms over the forecast period.
Rising awareness regarding the health benefits of mushroom is shifting consumer preferences for mushroom is projected to augment the market growth of mushroom. Across developing countries, consumers adopting a healthy lifestyle and are more conscious of their diet and mushroom-based processed food products are highly rich in minerals, vitamins, and protein which is further expected to raise their demand, in turn propelling the market growth of mushroom.
On basis of the region, North America region dominated the global mushroom market in 2018, accounting for 34.6% share in terms of volume, followed by Europe and Asia Pacific respectively.
Figure 1. Global Mushroom Market, Revenue Share (%), By Region, 2018
Low production of mushrooms around the globe as they require humidity and moderate temperature for growth is expected to restrict the market growth of mushrooms. Due to changing environmental conditions such as increasing temperature and dry weather conditions, the production of mushrooms has reduced considerably in the last few years. Hence, change in weather conditions have negatively affected the production of mushroom, which is hindering the market growth
Another major factor that is hindering the market growth of mushrooms is its short shelf life which is anticipated to restrict its adoption across the food industry. Moreover, mushroom cultivation is highly labor-intensive with high operational costs. This is a major factor which is considerably impacting the market growth of mushroom over the forecast period.
Rising advancement in packaging technologies such as Sira-Flex film for packaging of mushrooms for maintaining moisture, inhibiting the bacterial contamination, and avoids spoilage or browning of the product is expected to propel the market growth. Such an advanced packaging solution improves shelf life as well as the aesthetic appeal of the product and also enables manufacturers to offer a variety of mushrooms at various stores, supermarkets, hypermarkets, etc.
The rising focus of the manufacturer to introduce beverages based on the medicinal mushroom is expected to augment the market growth of mushroom over the forecast period. For instance, in October 2019, Rebbl, a US producer of plant-based functional beverages, has introduced Mayan Cocoa Gold Label Elixir, an organic drink featuring four medicinal mushrooms, to support immune health. The new product expands Rebbl’s line of super herb elixirs which includes the flavors: Matcha Latte, Turmeric Golden-Milk, and Reishi Cold-Brew.
Figure 2. Global Mushroom Market– Opportunity Analysis
Due to rising demand for mushroom among consumers, major players are entering into partnerships/agreements to increase their mushroom production capacity, enhance distribution network, and expand their presence in the global market. For instance, in April 2016, Greenyard Foods acquired a percentage of shares of Lutece Holding B.V., which is a producer and distributor of fresh mushrooms and mushroom products. This acquisition supports the company to strengthen its position in the preserved mushroom segment.
Rising consumption of nutritional bars & chocolate due to the changing lifestyle of consumers is encouraging manufacturers to launch mushroom-based bar. A mushroom is a rich source of vitamins and minerals. For instance, in March 2017, Purely Elizabeth—known for its delish probiotic granola and nutrient-filled oatmeal, has launched a whole new wellness bar line all made with mushroom powder. The five new Purely Elizabeth bars each have a different function: immunity, mind, shine, energy, and refresh.
Figure 3. Global Mushroom Market, Revenue Share (%), By Type, in 2018
On the basis of type, in 2018, the button mushroom segment has accounted the largest market share of 47.2% in terms of value, followed by the shiitake mushroom and oyster mushroom respectively.
Figure 4. Global Mushroom Market – Value Chain Analysis
Key players operating in global mushroom market are Bonduelle Fresh Europe, Costa Group, Drinkwater’s Mushrooms Limited, Greenyard NV (Lutece Holdings B.V.), Monaghan Mushrooms Ireland, Monterey Mushrooms Inc., Okechamp S.A., Shanghai Finc Bio-Tech Inc., Shanghai Finc Bio-Tech Inc., and CMP Mushrooms.
Few Recent Developments
- In March 2017, the company acquired Ready Pac Foods, which is a U.S.-based company. Through this acquisition, the company is expected to strengthen its footprint in the market in the U.S. and enhance its product offerings in the fresh food segment.
- In August 2016, Bonduelle Americas (BAM), which is a business unit of the company, offers a range of certified organic vegetables. The company expanded its range of canned organic vegetables such as peas, beans, cauliflower, etc. in order to cater to demand from markets such as Germany, the Netherlands, and Sweden