Mushroom Market Poised for 8.4% CAGR Growth, Projected to Hit USD 133.5 Billion by 2032 - Analysis by TMR

The global mushroom market has experienced significant growth in recent years, driven by increased consumer awareness of their health benefits, culinary versatility, and sustainability. Mushrooms, which are a type of fungi, have been widely used in global cuisines and traditional medicine due to their rich nutrient profile, including vitamins, minerals, and antioxidants. The rise of plant-based diets and advancements in mushroom cultivation techniques have further fueled market expansion.

Functional mushrooms such as lion's mane and reishi have gained popularity due to their cognitive and immune-boosting properties. Innovations in sustainable mushroom farming, including vertical farming and organic cultivation, are enhancing production efficiency and meeting the increasing demand for high-quality mushrooms in food, pharmaceuticals, and cosmetics.

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Market Size and Growth

The mushroom market was valued at US$ 64.6 billion in 2023 and is projected to grow at a CAGR of 8.4% from 2024 to 2032, reaching approximately US$ 133.5 billion by 2032. This steady growth is primarily attributed to the expanding adoption of plant-based diets, increased consumer awareness of the medicinal benefits of mushrooms, and the rising demand for natural, sustainable, and protein-rich food sources.

The demand for functional mushrooms, such as cordyceps and shiitake, is expected to rise significantly due to their health benefits, including anti-inflammatory and cognitive-enhancing properties. Additionally, the expansion of processed mushroom products such as dried, canned, and frozen mushrooms is set to drive further market growth.

Competitive Landscape

The mushroom market is characterized by intense competition among key players who are investing in research and development to enhance production techniques and diversify their product portfolios. Leading companies in the industry include:

Costa Group
Bonduelle SA
Greenyard NV
Monterey Mushrooms Inc.
Monaghan Mushrooms
Okechamp S.A.
The Mushroom Company
Drinkwater's Mushroom Limited
Shanghai Finc Bio-Tech Inc.
CMP Mushrooms

Key strategies adopted by these companies include mergers and acquisitions, regional expansions, collaborations, and technological advancements in mushroom cultivation. For instance, YATS Corporation Tokyo announced its plans to expand shiitake mushroom production in Meghalaya, India, benefiting approximately 5,000 farmers. Similarly, London-based startup Spacegoods secured EUR 2.9 million in funding to expand its mushroom-based wellness products across Europe.

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Market Segmentation

The mushroom market is segmented based on form, type, end-use, and region:

By Form:
Fresh Mushroom
Processed Mushroom (Dried, Frozen, Canned, Others)

By Type:
Button Mushroom
Shiitake Mushroom
Oyster Mushroom
Others

By End-use:
Food Processing Industry
Retail Outlets
Food Services

By Region:
North America (U.S., Canada, Mexico)
Latin America (Argentina, Brazil, Chile)
Europe (Germany, U.K., France, Italy, Spain, Poland, Netherlands)
Asia-Pacific (China, Japan, India, South Korea, Australia)
Middle East & Africa (South Africa, UAE, Saudi Arabia)
Oceania

Regional Analysis

Asia-Pacific: The Leading Market

Asia-Pacific held the largest share of the global mushroom market in 2022, driven by China's dominance in mushroom production. China accounts for approximately 75% of the world's mushroom supply, followed by Japan and Korea, where mushrooms are an integral part of traditional diets. The region's favorable climate and agricultural expertise have positioned it as a key player in the industry.

Europe: A Growing Market

Europe is witnessing increasing demand for mushrooms, particularly in countries such as Germany, Poland, and France. The European Union's stringent food safety and quality regulations have led to premium mushroom products gaining traction in the region. The shift toward plant-based diets and the growing appreciation for diverse culinary experiences have also contributed to market expansion.

North America: Rising Health Awareness Driving Demand

North America is experiencing significant growth in the mushroom market due to rising health consciousness and the increasing popularity of functional foods. The U.S. market, in particular, has seen a surge in demand for organic and medicinal mushrooms as consumers seek natural remedies for cognitive health, stress reduction, and immune support.

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