GVR Report cover Mushroom Market Size, Share & Trends Report

Mushroom Market Size, Share & Trends Analysis Report By Product (Button, Oyster), By Form (Fresh, Processed), By Application (Food, Pharma), By Distribution Channel (Online, Grocery Stores), And Segment Forecasts, 2021 - 2028

  • Published Date: May, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68039-362-8
  • Format: Electronic (PDF)
  • Historical Data: 2017 - 2019
  • Number of Pages: 80

Report Overview

The global mushroom market size was valued at USD 46.1 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.5% from 2021 to 2028. The increasing vegan population demanding a protein-rich diet is expected to be a key factor driving the market over the forecast period. Mushrooms are considered a superfood owing to their nutritional contents, such as selenium, vitamin D, glutathione, and ergothioneine. These nutrients help mitigate oxidative stress and prevent or decrease the risk of chronic conditions, such as cancer, heart disease, and dementia. Moreover, they offer a strong natural umami flavor, allowing consumers to reduce salt proportion by 30-40%, thereby benefitting the health.

U.S. mushroom market size, by application, 2017 - 2028 (USD Million)

The U.S was the second-largest producer accounting for approximately 375 million kg in the year 2019. The production in the country is declining since 2017 and has declined by 11% from 2017 to 2019. Whereas the demand from end-users is growing, which has resulted in an increase in the prices by 6% in 2017-18 and by 3% in 2018-19. The U.S. government is continuously increasing the import duties, which is also contributing to the higher prices of mushrooms.

Mushroom is one of the protein-rich vegan sources as it offers nearly 3.3 grams of protein per 100 grams of serving. Meat has been a key source of protein in the western diet; thus, individuals adopting a vegan diet prefer protein-rich vegan products. Consumers are increasingly becoming label-conscious and seeking products made from natural ingredients. Clean label cosmetic products made from plant extracts, without the use of synthetic ingredients, are gaining considerable traction in the market. Thus, personal care & beauty product manufacturers are increasingly using botanical ingredients in cosmetic formulations, which is expected to have a positive impact on the product demand.

Mushrooms have a limited shelf life ranging from one to three days due to the high water content in them. Thus, post-harvest storage and transportation are a crucial part of successful cultivation. The global pandemic has led to the imposition of lockdowns to contain the spread of the disease. In the initial months of the pandemic, the logistics or goods transportation industry also faced a slowdown due to the unavailability of personnel and uncertainty generated due to the pandemic. This led to significant losses to the growers as mushrooms have limited shelf life.

Product Insights

Button product type was the largest segment with a volume share of 61.8% in 2020. It is expected to register a steady CAGR over the forecast period. They are widely cultivated across the world due to their nutritional benefits and lower incubation time taken by their spores. Furthermore, their lower cost as compared to their counterparts is expected to drive the segment over the forecast period.

Shiitake product type is also popular, mainly due to their rich, savory taste, and diverse health benefits. These can be consumed in fresh or processed forms, such as dried form. These mushrooms have been part of traditional medicines in countries, such as Japan, China, and South Korea, as their consumption boosts health and longevity, along with improved blood circulation.

In terms of revenue, the oyster type segment is expected to witness the highest CAGR of 11.2% over the forecast period. Oyster product types are popular in Chinese, Japanese, and Korean cooking due to their delicate texture and mild-savory flavor. Moreover, oyster mushrooms also have an active compound known as benzaldehyde, which reduces bacterial levels in the body and thus proves to be a natural anti-bacterial, which boosts their demand in the pharmaceutical application.

Matsutake product types are expensive as they are not cultivated and are in high demand in Japan owing to their strong, spicy aroma, meaty texture, and earthy taste. In July 2020, the International Union for Conservation of Nature (ICUN) published the latest Red List and designated Matsutake product type as an endangered species due to a decline in its global growth. These factors are likely to hinder the matsutake product segment growth in the coming years.

Form Insights

The fresh form segment dominated the market with a revenue share of 89.6% in 2020 due to the high demand for fresh mushrooms as a result of increased preference for organic and unprocessed foods. The distribution of fresh products is challenging for the manufacturers or distributors due to their limited shelf life. However, increasing technological advancements, such as the use of modified atmosphere packaging have curbed the challenges associated with the limited shelf life of mushrooms, thereby favoring the segment growth.

In terms of revenue, the processed form is expected to witness the fastest CAGR of 10% from 2021 to 2028. Processed types include dried, frozen, canned, pickled, and powdered forms. Additional processing, such as canning, freezing, or drying, is essential to extend the shelf life of the product. The manufacturing companies are increasingly introducing packaged products to tap the markets of processed and convenient food products. Increasing usage of powder form and extracts by the food and cosmetics manufacturers is expected to support the industry growth over the projected period.

Distribution Channel Insights

The supermarkets & hypermarkets segment accounted for the highest revenue share of over 38% in 2020 as mushrooms are majorly distributed through these distribution channels. In developed regions, such as Europe and North America, the penetration of supermarkets and hypermarkets is higher than that in the developing regions. The presence of a variety of products at one place also contributed to the dominance of supermarkets & hypermarkets as distribution channels. Whereas, increasing competition from the online grocers, which offer products at discounted prices coupled with changing consumer behavior has been hampering the growth of supermarkets and hypermarkets.

Grocery stores offer a broad range of processed products as compared to convenience stores with better discounts owing to their high-volume procurement than the latter. The limited space in most cities favors the establishment of grocery stores in place of supermarkets & hypermarkets. However, the growing penetration of online retail is likely to benefit the mushroom market in the coming years. The online stores segment is expected to witness the fastest CAGR, in terms of revenue, over the forecast period. Consumers across the world are increasingly preferring the online mode for their fresh produce purchase owing to the convenience and price benefits offered by these channels.

Application Insights

The food application segment accounted for the highest revenue share of over 86% in the year 2020. This application considers the utilization of fresh and processed forms by the household as well as food service providers. Growing product popularity among health-conscious consumers and fitness enthusiasts is driving the segment growth.

Consumers are opting for healthier beverage and food products that are infused with nutrients extracted from clean or natural sources. To capitalize on this trend, food & beverage companies are launching mushroom-based food & beverages. For instance, in February 2021, the U.S.-based FreshCap Mushrooms Ltd. introduced mushroom-infused functional beverages.

Mushrooms are rich sources of various bioactive compounds, such as polysaccharides, triterpenes, polyphenols, proteins, amino acids, and organic germanium. Thus, the extracts are utilized as an ingredient in formulating several medicinal or supplement products that are used in the treatment of hypertension, diabetes, sleeplessness, immunity-boosting, vitality, hypercholesterolemia, and cancer.

Mushrooms are rich in several key compounds, such as phenolics, polyphenolics, terpenoids, selenium, polysaccharides, and vitamins, which show excellent antioxidant, anti-aging, anti-wrinkle, skin whitening, and moisturizing effects. Furthermore, consumers are showing a positive response for products with natural or clean label tags. Thus, in line with changing consumer demands, cosmetic companies are increasingly introducing mushroom-based skincare products.

Regional Insights

Asia Pacific led the market and accounted for over 78% share of global revenue in 2020. China, Japan, Malaysia, India, and Australia make some of the largest markets in the region. China led the market in 2020, in terms of production, with more than 78% contribution and per capita annual consumption of up to 10 kg. The region is popular for traditional medicine systems, including Ayurveda and Traditional Chinese Medicines, which make use of several species of mushrooms for the treatment of various diseases. Low calorie and high nutritional values, coupled with their immunity-boosting properties, are expected to drive the product demand in the region.

Global mushroom market share, by region, 2020 (%)

Europe is one of the key consumers in the market and relies majorly on imports. Higher per capita income in the developed markets of the region is expected to create growth opportunities for exotic mushrooms like gourmet products. The mushroom imports in the region were valued at approximately USD 183 million in the year 2019. Europe was one of the worst-hit regions by the Covid -9 pandemic, which largely affected the imports from countries like China, Peru, and Chile, thereby affecting the overall product consumption.

The local demand from hotels, restaurants, and food chains was largely affected due to the lockdowns imposed in the region. North America holds a significant share in the market owing to higher market penetration in developed economies, such as the U.S. and Canada. Consumers are willing to pay higher prices for premium products that are specifically produced using natural and organic ingredients. In addition, increasing preference for a vegan diet is expected to augment the demand for meat replacements, such as mushrooms, over the forecast period.

Key Companies & Market Share Insights

Key players in developed regions focus on sustainable production to attract an environment-conscious customer base and improve brand position. For instance, Monaghan Mushrooms aims to transit toward reusable and recyclable packaging by 2025 to bring sustainability to business operations. Thus, sustainability in business operations ranging from compost preparation and cultivation to packaging is likely to emerge as the key factor in the market in the coming years. The key companies operating in the global mushroom market are as follows:

  • Bonduelle Group

  • Costa Group

  • Greenyard

  • Monaghan Group

  • OKECHAMP S.A

  • Shanghai Fengke Biological Technology Co., Ltd.

Mushroom Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 50,275.4 Million

Revenue forecast in 2028

USD 95,245.3 Million

Growth rate

CAGR of 9.5% from 2021 to 2028

Base year for estimation

2020

Historical data

2017 - 2019

Forecast period

2021 - 2028

Quantitative units

Volume in tons, revenue in USD million/billion, and CAGR from 2021 to 2028

Report coverage

Volume forecast, revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, form, distribution channel, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; U.K.; Germany; France; Italy; Spain; China; India; Japan; Australia; Brazil; Argentina; Saudi Arabia

Key companies profiled

Bonduelle Group; Costa Group; Greenyard; Monaghan Group; OKECHAMP S.A.; Shanghai Fengke Biological Technology Co., Ltd.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global mushroom market report on the basis of product, form, distribution channel, application, and region:

  • Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

    • Button

    • Shiitake

    • Oyster

    • Matsutake

    • Truffles

    • Other

  • Form Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

    • Fresh

    • Processed

  • Distribution Channel Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

    • Direct to Customer

    • Grocery Stores

    • Supermarkets & Hypermarkets

    • Convenience Stores

    • Online Stores

  • Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

    • Food

    • Pharmaceutical

    • Cosmetics

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

    • Asia Pacific

      • China

      • India

      • Japan

      • Australia

    • Central & South America

      • Brazil

      • Argentina

    • Middle East & Africa

      • Saudi Arabia

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