The global mushroom market is set to surge at a CAGR of 6.41% till 2026, with worldwide mushroom consumption slated to reach 20.84 million tons (MT) during the forecast period. Rising vegan population, especially in the developed countries, is expected to be the key driver of the global mushroom market growth in the forecast period. According to the Vegan Society, veganism in the UK alone has increased by 350% since 2010. Reports released by the Canadian Government reveals that veganism has been gaining traction in the country since 2017. These changing dietary preferences can be understood in the context of unhealthy lifestyles including faulty food habits, increasing pollution levels, and erratic climate changes.
Fortune Business Insights, through its report, titled “Mushroom Market Size, Share & Industry Analysis, By Type (Button Mushroom, Shiitake Mushroom, Oyster Mushroom, & Others), Form (Fresh Mushroom, Frozen Mushroom, Dried Mushroom, and Canned Mushroom), and Regional Forecast, 2019 – 2026”, brings out a comprehensive analysis of the trends, factors, and the regional and competitive dynamics that will influence the market during the forecast period.
Mushrooms are fruits of some kinds of fungus. They have millions of spores and are fleshy to touch. They grow aboveground and while some are edible, others can be toxic or poisonous.
Growing Environmental Concerns and Multiple Health Benefits of Mushrooms to Fuel the Market
A research study undertaken by the University of Oxford found that a global switch to plant-based diets can bring down greenhouse gas emissions by 67%, saving almost 8 million lives by 2050 in the process. More importantly, vegetarian diets can save up to $1.5 trillion annually in terms of healthcare costs. Mushrooms are forming an important part of the vegetarian diet owing to their high nutritional properties, which will grease the wheels of the global mushroom market revenue till 2026.
Mushrooms are a rich source of a variety of nutrients and have multiple long term health benefits. For example, the City of Hope Medical Research Center found that mushrooms can help fight breast and prostrate cancer cells, in both animals and humans. The Mushroom Council states that mushrooms contain large amount of antioxidants, especially selenium, that boost the immune system and prevent occurrence of chronic diseases in the body. Furthermore, mushrooms have low levels of sodium and fat, making them the ideal food as recommended by the 2015-2020 Dietary Guidelines for Americans. Rising inclusion of mushrooms in daily diets, therefore, will expand the global mushroom market size in the near future.
Increasing Production and Consumption of Mushrooms to Favor the Market in Asia-Pacific
With overall mushroom consumption at 10.25 MT in 2018, Asia-Pacific is expected to be the leading region in the global mushroom market. Being the largest mushroom producer in the world, China is slated to dominate the mushroom market in Asia-Pacific. Lastly, advancements in mushroom cultivation in Japan and increasing imports in India will further bolster market growth in the region. In North America, growth is anticipated to be steady owing to presence of major companies and production of button mushrooms in the US. Europe is also projected to hold a sizeable portion of the global mushroom market share as demand for mushrooms for medicinal purposes is rising among European Union member countries, spurring production of the fungus as a result.
Innovations and Mergers and Acquisitions to Intensify Competition
Key players in the global mushroom market are adopting different strategies to gain a competitive edge in the market. One of the preferred strategies is increasing R&D activities to develop and launch new products. For example, Monaghan Mushrooms launched their Vitamin D Mushrooms line in August 2016 that provides daily bodily requirement of Vitamin D in a single serving. Another move favored by market players is acquisition of other companies. For example, Canada-based Highline Mushrooms acquired Prairie Mushrooms in March 2018 to strengthen their position in the region.
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