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Oyster Mushroom Market Report 2024 Latest Insights, Growth Rate, Future Trends And Forecast
Oyster Mushroom Global Market Report 2024
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According to The Business Research Company's, The oyster mushroom market size has grown strongly in recent years. It will grow from $49.10 billion in 2023 to $52.39 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to increase their shelf life, increase the shelf life of mushrooms, increase in the hectic lifestyles of people worldwide, raises demand for organically grown products with high nutritional value, and increasing urbanization.
The oyster mushroom market size is expected to see strong growth in the next few years. It will grow to $69.01 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to increasing attractiveness of mushroom market, rising popularity of vegetarian, increasing demand for oyster mushroom, growing demand for functional food as well as health benefits associated with consuming oyster mushrooms, and rising demand for plant-based proteins. Major trends in the forecast period include innovation in packaging and processing, technological advancements in cultivation, biotechnology for disease resistance, sustainable substrates, and advancements in automated cultivation systems.
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Market Drivers and Trends:
The growing popularity of veganism is expected to propel the growth of the oyster mushroom market going forward. Veganism is a lifestyle that avoids all animal products and cruelty, including in food, clothing, and other uses, supporting only cruelty-free and sustainable practices. The growing popularity of veganism is due to the health benefits, animal welfare, environmental concerns, culinary innovation, celebrity and influencer endorsements, cultural shifts, economic factors, and improved availability of vegan products. Oyster mushrooms provide a nutritious, versatile, and sustainable food option supporting veganism, making them a healthy choice for those following a vegan diet. For instance, in December 2021, according to the Plant Based Foods Association, a US-based food association, plant-based food sales are rising, expanding 6.2% in 2021 over a record-breaking year of growth in 2020. Therefore, the growing popularity of veganism is driving the growth of the oyster mushroom market.
Major companies operating in the oyster mushroom market are focused on developing innovative products such as burgers and sausages to cater to the increasing consumer demand for plant-based and sustainable food options. Burgers and sausages use Hooba, an ideal ingredient to create healthier and tasty meat alternatives, as it contains proteins and micronutrients found in oyster mushrooms, such as antioxidants, vitamins, and minerals. For instance, in May 2024, Myco Foods, a UK-based food company, launched its first burgers and sausages from its proprietary Hooba protein derived from oyster mushrooms. The company claims Hooba has proven to be virtually indistinguishable from real animal meat in taste tests, making it an attractive alternative for meat-eaters looking to consume more sustainable plant-based products.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Monterey Mushrooms LLC, Nammex, South Mill Mushroom Sales Inc., Amax NutraSource Inc., Ceres Solutions Ltd., Country Fresh LLC, Bio-Botanica Inc., Fungaia Farm, Mushroom Company, Hunan Huacheng Biotech Inc., Hoopers Island Oyster Co., Phillips Mushroom Farms L.P., Bristol Botanicals Ltd,, Xi'an Greena Biotech Co. Ltd., Qingdao Dacon Trading Co., Optimi Health Corp., Highline Produce Limited, Gourmet Mushrooms Company, Mushroom Science, Traveler Produce LLC, Urban Farm Co., Enviro Mushroom Farm Inc., Maritime Gourmet Mushrooms Inc., Valley Mushrooms, Champag Inc.
Oyster Mushroom Market 2024 Key Insights:
• The oyster mushroom market size is expected to see strong growth in the next few years. It will grow to $69.01 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• Rising Veganism Driving Growth In Oyster Mushroom Market
• Innovative Oyster Mushroom-Based Burgers And Sausages Meeting Demand For Plant-Based And Sustainable Food Options
• Asia Pacific was the largest region in the oyster mushroom market in 2023
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