The Mycelium Market Size is valued at 3.14 Billion in 2022 and is predicted to reach 5.99 Billion by the year 2031 at a 7.5 % CAGR during the forecast period for 2023-2031.
Key Industry Insights & Findings from the Report:
- The rising demand for natural flavours in the food industry is driving the growth of the mycelium market.
- The adoption of eco-friendly solutions is another driver for the mycelium market.
- North America dominated the market and accounted for a global revenue share in 2023.
- The critical challenges for the mycelium market are the low level of commercialization and labour-intensive production processes.
Filamentous fungi generate microscopically interconnected tubular cells, eventually yielding a vast macroscopic network of biomass called mycelium. Mycelium offers several benefits to the whole ecosystem and plays an essential role in decomposition. Mycelium materials can be used to produce leather and for sustainable, eco-friendly packaging.
Multiple factors such as the surging demand for natural ingredients and flavours for food, increasing government investments for developing eco-friendly products, advancements in technologies are estimated to propel the growth of the mycelium market in the upcoming years.
The market is further driven by growing focus towards creating sustainable products and packaging solutions, and the rising consumer awareness regarding health and well-being. Industries like food & beverage, packaging, plastic and clothes have shown great interest in generating eco-friendly and sustainable products using mycelium. These efforts by industries are likely to surge the market opportunities over the forecast period. However, the lack of infrastructure facilities available for processing mycelium materials may hinder the market growth over the forecast years.
Competitive Landscape
Some Of The Key Players In The Mycelium Market:
- Atlast,
- Chinova Bioworks,
- ENOUGH,
- Four Sigmatic,
- FreshCap Mushrooms LTD,
- bio,
- Mushlabs GmbH,
- Mycelia NV,
- Meati Inc.,
- Monaghan Group,
- MycoTechnology, Inc.,
- Mycotech Lab,
- MycoWorks,
- Ecovative LLC,
- eniferBio,
- Groundwork BioAg,
- MOGU,
- Mycorena,
- Norwegian Mycelium,
- Mycovation,
- Magical Mushroom Company,
- Mushroom Material,
- Nature's Fynd,
- PRIME ROOTS,
- Quorn,
- Biomyc,
- Mushroom Material,
- Bolt Threads,
- Paradise Packaging Co.
- Scelta Mushrooms,
- Changsha Botaniex Inc.,
- Ecovative,
- KingHerbs Limited,
- Gurelan Cooperative,
- Innomy Labs,
- Life Cykel,
- Michroma,
- MUD/WTR,
- Mycovation
- Others
Market Segmentation
The mycelium market is segmented into application, nature, form, and region. The market is categorized into food and beverage industry, packaging industry, clothing and apparel industry, animal feed industry, and others by application. The nature segment is divided into raw and processed. By form, the market is classified into pre-formed product, powder, and tablet and capsule. Regionally, the market is studied across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
North America accounted for the highest share of the mycelium market in 2021, followed by Europe and the Asia Pacific, owing to the surging R&D investments to develop mycelium products and packaging solutions, health-conscious consumers, and the high demand for natural, eco-friendly products.
Recent Developments:
- In Jan 2023, Italian mycelium expert Mogu Srl recently concluded a €11m Series A funding round, co-led by CDP Venture Capital, the European Circular Bioeconomy Fund (ECBF VC). Furthermore, the monies were allocated to enhance research and development endeavors as well as augment the workforce.
Mycelium Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 3.14 Billion |
|
Revenue Forecast In 2031 |
USD 5.99 Billion |
|
Growth Rate CAGR |
CAGR of 7.5 % from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Billion and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Application, By Nature, By Form |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Atlast, Chinova Bioworks, ENOUGH, Four Sigmatic, Forij.co., FreshCap Mushrooms LTD, Grown.bio, Mushlabs GmbH, Mycelia NV, Meati Inc., Monaghan Group, MycoTechnology, Inc., Mycotech Lab, MycoWorks, Ecovative LLC, eniferBio, Groundwork BioAg, MOGU, Mycorena, Norwegian Mycelium, Mycovation, Magical Mushroom Company, Mushroom Material, Nature's Fynd, PRIME ROOTS, Quorn, Biomyc, Mushroom Material, Bolt Threads, Paradise Packaging Co.Scelta Mushrooms, Changsha Botaniex Inc., Ecovative, KingHerbs Limited, Gurelan Cooperative, Innomy Labs, Life Cykel, Michroma, MUD/WTR, Mycovation among others. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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