Global Mushroom Market: Asia Pacific Eating into North America’s Demand Share, observes TMR

According to a recent study by Transparency Market Research (TMR), the global mushroom market is largely fragmented in nature and highly competitive, owing to the presence of numerous players, most of whom are concentrated in China. As per the findings of the TMR report, the top five vendors in the mushroom market did not even account for one-fourth of the global shares and the competitive landscape is expected to remain divided in the near future too.

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The global mushroom market, though, on the other hand, is projected for a healthy CAGR of 8.2% during the forecast period of 2016 to 2024 by the TMR report, estimating it to reach a valuation of US$69.3 bn in 2024, significantly up from its evaluated worth of US$34.1 bn in 2015. Going forward, the key players are expected to expand their geographical presence, increase their production capacity with innovative methods, and collaborate with regional and domestic players in order to strengthen their distribution network.

As the market for mushroom itself is flourishing, the leading companies are aggressively acquiring and collaborating with niche vendors. For instance, Bonduelle SA acquired U.S.-based Ready Pac Foods in early 2017, following the acquisition of French company France Champignon in 2010. These two moves has helped Bonduelle SA in solidifying their presence in European as well as North American Mushroom markets.

Processed Mushroom Gaining Popularity

Based on type, the TMR report segments the global mushroom market into shiitake mushroom, button mushroom, and oyster mushroom. In 2016, the TMR report has estimated that the button mushroom segment was most valuation, estimating it to be worth US$32.3 bn by the end of the forecast period, which is 2024, owning about 46.7% demand in the overall mushroom market. Together with shiitake mushroom segment, which accounts for more than one-fourth of the total mushroom demand, button mushroom is expected to remain most profitable in the near future.

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On the basis of type, the report categorizes the global mushroom market into fresh mushroom and processed mushroom, such as dried, frozen, or canned. Currently, Fresh mushroom has the maximum demand, although the popularity of processed mushroom is growing and is expected to eat into the percentage of demand for fresh mushroom. Based on end-user, the market has been bifurcated into retail outlets, food processing industry, and food serves, among whom, the retail outlets and food processing industries serve the maximum demand.

China Ushering APAC’s Impressive Growth Rate

Geographically, the report takes stock of the current scenario and future prospects of mushroom market in the regions of North America, Latin America, Europe, Asia Pacific (APAC), and The Middle East and Africa (MEA). Asia Pacific, which is driven primarily by the country-wide demand from China, is projected for the most prominent CAGR of 8.8% during the forecast period of 2016 to 2024, although North America will maintain its leading position as the server of maximum demand, reaching an estimated valuation of US$23.8 bn alone by the end of 2024.

Growing Consumer Awareness Regarding Benefits of Mushroom Driving Demand

Increase in the consumption of processed foods, rising consumer awareness regarding the health benefits of mushroom, advancements in packaging technology that have significantly increased the shelf-life of mushroom products, and increasing demand for brown mushrooms are some of the most important factors driving the global mushroom market. On the other hand, low production rate and improper storage facilities are hindering the mushroom market from achieving its true potential, especially in the emerging market. Nevertheless, production of mushroom-based products such as mushroom-based health drinks and beverages and increasing partnerships and acquisition between the key players is expected to change the dynamics of the global mushroom market in the positive direction in the near future.

The information presented in this review is based on a Transparency Market Research report, titled, “Mushroom Market (Type - Button Mushroom, Shiitake Mushroom, and Oyster Mushroom; Form - Fresh Mushroom and Processed Mushroom (Dried Mushroom, Frozen Mushroom, and Canned Mushroom); End Use - Food Processing Industry, Retail Outlets, and Food Service) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”

Key Segments of the Mushroom Market
Global Mushroom Market – By Type
Button Mushroom
Shiitake Mushroom
Oyster Mushroom
Others

Global Mushroom market – Form Type
Fresh Mushroom
Processed Mushroom
>Dried Mushroom
>Frozen Mushroom
>Canned Mushroom
>Others

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This release was published on openPR.