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Mycelium Market Report 2024 - Mycelium Market Size, Share And Trends
Mycelium Market
According to The Business Research Company's, The mycelium market size has grown strongly in recent years. It will grow from $2.86 billion in 2023 to $3.13 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to market acceptance and awareness, regulatory environment, research and development (r&d) advances, collaborations and partnerships, competitive landscape.
The mycelium market size is expected to see strong growth in the next few years. It will grow to $4.29 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to market expansion and global reach, regulatory developments, innovation in product applications, scaling production capacities, consumer education and awareness. Major trends in the forecast period include biodegradable packaging, construction materials, textile industry disruption, alternative protein source, medicinal applications.
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Market Drivers and Trends:
The increasing demand from end users such as the food industry is expected to propel the growth of the mycelium market going forward. The food industry refers to all businesses that handle the processing, packaging, and distribution of uncooked food. Mycelium is used in various food products as it can produce natural flavors, and consumers increasingly seek natural and sustainable alternatives to synthetic flavors. For instance, in 2021, according to the Food & Drink Federation, a UK-based organization that represents and advises UK food and drink manufacturers, Scotland registered 1,185 companies that manufacture food and beverages. Additionally, in the same year, food and beverages turnover accounts for $12.5 billion (£10.3 billion), which is 33% of total Scottish manufacturing. Therefore, the increasing demand from end users such as the food and beverage industry is driving the growth of the mycelium market.
The utilization of technological solutions is a popular trend in the mycelium market. Major companies operating in the mycelium market focus on technical solutions to reinforce their position in the market. For instance, in January 2022, Ecovative LLP, a US-based mycelium technology company, released Forager to create fungi-based foams and covers for the fashion and automobile markets. Forager includes proprietary AirMyceliumTM technology to generate sheets of pure mycelium material on a commercial scale, with the ability to fine-tune density, form, tensile strength, texture, and other properties. Forager™ foams and Hides are available in various thicknesses, textures, and finishes. Each component is adjusted for its final application, produced at scale, and biodegradable after its use, meeting the highest standards of the fashion and garment sectors. The in-hand sensation provides a great alternative to animal or plastic-based materials while minimizing environmental effects.
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.
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Major Key Players of the Market:
Four Sigmatic; FreshCap Mushrooms; Ecovative LLC; Mushlabs GmbH; Mycelia NV; MycoWorks; MycoTechnology Inc.; Mycotech Lab; Groundwork BioAg Ltd.; Magical Mushroom Company; Mushroom Material Limited; Botaniex Inc.; Norwegian Mycelium AS; Scelta Mushrooms BV; GROWN bio; MOGU; Nature's Fynd; Prime Roots; Atlast Food Co.; Mycorena; Mycovation; EniferBio; Life Cykel; KingHerbs Limited; Gurelan Cooperative; Innomy Labs; Mycelium Solutions; Mycelium Made; Mycelium Emporium; Mycelium Biofabrication
Mycelium Market 2024 Key Insights:
• The mycelium market will grow to $4.29 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
• Rising Demand In The Food Industry To Drive Market Growth
• Technological Advancements Driving Innovation In Mycelium Market
• North America was the largest region in the mycelium market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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