Mycelium Market Robust Expansion is expected to 2031

Mycelium Market worth $ 5.99 Billion by 2031 - Exclusive Report by InsightAce Analytic

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Mycelium Market- by Application (Food and Beverage Industry, Packaging Industry, Clothing and Apparel Industry, Animal Feed Industry, and Others By Application), Nature (Raw and Processed), Form (Pre-Formed Product, Powder, and Tablet And Capsule), Industry Trends, Competitive Landscape, Revenue and Forecast To 2031."

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The mycelium market is expected to grow at a 7.5% compound annual growth rate (CAGR) from 2023 to 2031, from its estimated 3.14 billion in 2022to 5.99 billion by 2031, according to the most recent analysis by InsightAce Analytic.
Both single-celled and multi-celled organisms, including yeast and mushrooms, have mycelium. The root structure of mushrooms, known as mycelium, is made up of hyphae and branch mass. Without the addition of plastic or fiber, pure mycelium products are completely biodegradable and suitable for household composting. These mycelium-based materials are environmentally friendly substitutes for leather and plastics.
The mycelium business is expected to rise because of factors such as the growing demand for natural tastes and ingredients in food goods, government initiatives to develop mycelium-based, eco-friendly, and green products, and packaging solutions. Furthermore, the public's strong preference for organic, natural, plant-based ingredients in food products, the growing efforts to reduce the use of non-biodegradable materials, the quick adoption of eco-friendly technologies, andthe quick production of flavoring mycelium in comparison to traditional, time-consuming methods are all anticipated to present profitable market growth opportunities over the forecast period. In order to survive in this cutthroat business environment, enterprises are searching for new ways to produce biodegradable and recycled materials in response to the growing demand for sustainable and eco-friendly productsand packaging. As a result, the market for mycelium is growing as the demand for it rises.
Because of the strong demand for food products made from mycelium and the growing efforts of businesses to producemycelium materials, North America is expected to contribute the most to the mycelium market over the forecast years, followed by Europe. Additionally, the Asia Pacific regional market is anticipated to develop significantly over the projected period dueto the growing demand for natural products and environmentally friendly packaging options, as well as the growing initiatives for mycelium-based product innovation.

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Major market players operating in the mycelium market include Atlast, Chinova Bioworks, ENOUGH, Four Sigmatic, Forij.co., FreshCap Mushrooms LTD, MycoTechnology, Inc., Mycotech Lab, MycoWorks, Ecovative LLC, eniferBio, Groundwork BioAg, MOGU, Mycorena, Norwegian Mycelium, Mycovation, Grown.bio, Mushlabs GmbH, Mycelia NV, Meati Inc., Monaghan Group, 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.

Recent collaborations and agreements in the market:
• In January 2022, Ecovative, a mycelium materials company, launched Forager, a division focused on designing, marketing, and manufacturing vegan, plastic-free leather-like materials and fungi-based foams for the fashion and automotive industries.
• In March 2021, MycoWorks partnered with luxury brand Hermes to make a version of the Victoria bag. It will be the first product with the use of a mycelium-based leather called Sylvania.
• In November 2020, Bolt Threads partnered with Adidas, Kering, Lululemon and Stella McCartney to launch Mylo material products in 2021.

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Market Segments
Mycelium Market, by Application, 2023-2031 (Value US$ Mn)
• Food and Beverage Industry
• Packaging Industry
• Clothing and Apparel Industry
• Animal Feed Industry
• Others

Mycelium Market, by Nature, 2023-2031 (Value US$ Mn)
• Raw
• Processed

Mycelium Market, by Form, 2023-2031 (Value US$ Mn)
• Pre-Formed Product
• Powder
• Tablet and Capsule

Mycelium Market, by Region, 2023-2031 (Value US$ Mn)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
North America Mycelium Market, by Country, 2023-2031 (Value US$ Mn)
• U.S.
• Canada
Europe Mycelium Market, by Country, 2023-2031 (Value US$ Mn)
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe
Asia Pacific Mycelium Market, by Country, 2023-2031 (Value US$ Mn)
• India
• China
• Japan
• South Korea
• Australia & New Zealand
Latin America Mycelium Market, by Country, 2023-2031 (Value US$ Mn)
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa Mycelium Market, by Country, 2023-2031 (Value US$ Mn)
• GCC Countries
• South Africa
• Rest of Middle East & Africa

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This release was published on openPR.