As per the current market research conducted by the CMI Team, the global Mushroom Market size is expected to record a CAGR of 10.1% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 61,797.6 Million. By 2033, the valuation is anticipated to reach USD 146,912.1 Million.

Mushroom Market: Growth Factors and Dynamics

  • Increasing Consumer Awareness: Growing awareness about the nutritional benefits and health advantages of mushrooms, including their high protein content, low calorie count, and various vitamins and minerals, is driving demand for mushrooms as a healthy food option among consumers.
  • Rising Preference for Plant-based Diets: The increasing adoption of plant-based diets and vegetarianism/veganism is fueling demand for mushrooms as meat substitutes and versatile ingredients in various cuisines, contributing to market growth.
  • Expanding Application in Food Industry: Mushrooms are being increasingly used as ingredients in various food products, including soups, sauces, pizzas, burgers, and salads, owing to their unique flavor profiles and texture, thereby driving market expansion.
  • Advancements in Cultivation Techniques: Technological advancements in mushroom cultivation techniques, including controlled environment cultivation (CEC) methods such as indoor farming and hydroponics, are improving yield, quality, and efficiency, leading to increased production and market growth.
  • Growing Popularity of Exotic Varieties: Rising demand for exotic mushroom varieties such as shiitake, oyster, and enoki mushrooms, due to their distinct flavors and nutritional profiles, is driving market growth, with consumers seeking culinary diversity and gourmet experiences.
  • Expanding Market Penetration: The mushroom market is witnessing increased market penetration and distribution channels, with supermarkets/hypermarkets, specialty stores, and online retail platforms offering a wide range of mushroom products, enhancing accessibility, and driving the market growth. Additionally, the growing popularity of farmers’ markets and direct-to-consumer sales channels is further contributing to market expansion.
  • Health and Wellness Trends: Mushroom’s association with various health benefits, including immune system support, anti-inflammatory properties, and potential cancer-fighting properties, aligns with prevailing health and wellness trends. As consumers prioritize functional foods and natural remedies, the demand for mushrooms as a nutritional powerhouse continues to grow, contributing to market expansion.
  • Sustainability and Environmental Concerns: Mushrooms are considered environmentally friendly due to their low carbon footprint and ability to grow in diverse conditions, including on agricultural waste. With increasing environmental consciousness, consumers are gravitating towards sustainable food choices, further driving the demand for mushrooms as an eco-friendly and sustainable food option, thereby fostering market growth.

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Mushroom Market: Partnership and Acquisitions

  • In 2022, Upexi, a division of Grove Inc., a prominent player in the mushroom market, introduced a medicinal mushroom product line available directly to consumers and on Amazon. Featuring USDA Certified Organic extracts, including liquid extracts and gummies, cultivated in the Pacific Northwest and formulated in California.
  • In 2022, Innomy, a Spanish company specializing in mushroom-based meat substitutes, announced €1.3 million (USD 1.26 million) in Pre Series A funding to expand its product presence across Europe. Highlighting mycelium’s nutritional benefits, Innomy aims to capitalize on its potential as a promising protein source for the future.
  • In 2021, Psyence Group Inc. revealed that its joint venture, Goodmind, collaborated with Vida e Caffè, a major coffee retail chain in South Africa, to introduce its functional mushroom brand in the country, marking a strategic expansion into the South African market.

Mushroom Market: COVID-19 Analysis

The COVID-19 pandemic has had a significant impact on the Mushroom Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

  • Disruption in Supply Chain: The mushroom market experienced disruptions in the supply chain due to lockdown measures, transportation restrictions, and labor shortages during the COVID-19 pandemic, leading to challenges in harvesting, processing, and distribution.
  • Shift in Consumer Behavior: Changes in consumer behavior, including stockpiling, reduced restaurant dining, and increased home cooking, impacted the demand for mushrooms. While there was a surge in retail sales initially, the closure of food service outlets led to a decline in demand for mushrooms in the hospitality sector.
  • Diversification of Sales Channels: Mushroom producers are diversifying their sales channels by focusing on retail sales through supermarkets, online platforms, and direct-to-consumer channels to compensate for the decline in food service demand.
  • Promotion of Health Benefits: Highlighting the nutritional benefits and immunity-boosting properties of mushrooms through marketing campaigns and product labeling to capitalize on the growing consumer interest in health-conscious food choices.
  • Investment in Automation and Technology: Mushroom growers are investing in automation and technology to streamline operations, reduce labor dependency, and improve efficiency in harvesting, processing, and packaging, mitigating the impact of labor shortages and ensuring continuity in production.

List of the prominent players in the Mushroom Market:

  • Monaghan Mushrooms Ltd.
  • The Mushroom Company
  • Phillips Mushroom Farms
  • Okechamp S.A.
  • Modern Mushroom Farms
  • Scelta Mushrooms BV
  • Funguys Gourmet
  • Costa Group Holdings Limited
  • Monterey Mushrooms Inc.
  • Giorgio Fresh Co.
  • South Mill Mushrooms Sales
  • Weikfield Foods Pvt. Ltd.
  • Bonduelle SA
  • Hirano Mushroom LLC
  • The California Mushroom Farm Inc.
  • Others

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