Global $3.84 Bn Mycelium Markets to 2026: Ongoing Trend of Sustainable Practices and Circular Economy & Increasing Investments in R&D of Mycelium
DUBLIN, April 13, 2022 /PRNewswire/ -- The "Mycelium Market - A Global and Regional Analysis: Focus on Application, Product, and Country-Wise Analysis - Analysis and Forecast, 2020-2026" report has been added to ResearchAndMarkets.com's offering.
The global mycelium market was estimated to be at $2.48 billion in 2020, which is expected to grow with a CAGR of 7.7% and reach $3.84 billion by 2026. The growth in the global mycelium market is expected to be driven by increasing demand for sustainable materials and their contribution to the circular economy.
Market Lifecycle Stage
The mycelium market is still in the nascent phase. Increased research and development activities are underway to develop mycelium-based products, which are expected to increase due to the shift in consumer preference to plant-based meat and veganism.
Increasing investments in R&D of mycelium is one of the major opportunities in the global mycelium market. Moreover, mycelium properties are such that it can be customized based on various applications leading to consumers adopting mycelium-based products in pharmaceutical, construction, electronics, and skin care industry.
Impact
With an increased worldwide focus on achieving net-zero emissions, the shift to eco-friendly, sustainable products brings significant sales and financing opportunities.
The shift is more prominent in food and beverages industry in regions such as North America and Europe. The U.S. plant-based meat retail sales grew by 45% to $1.4 billion sales in 2020. This infers that mycelium can be a great alternative to conventional animal-based food products.
Furthermore, mycelium-based packaging has a moderate to high impact on the plastic and styrofoam packaging industry. Companies such as Dell and IKEA have already started using mycelium-based packaging materials for their products.
Cosmetic companies are using mycelium-based packaging material due to its strength and leakproof properties. Therefore, the customizable properties of mycelium present it as a go-to option for industries globally.
Impact of COVID-19
Since the mycelium products are not much commercialized, the COVID-19 pandemic impact on the global mycelium market has been negligible. Moreover, the rise in the trend of veganism is expected to positively affect the growth of the market in the next 10 years, as mycelium contains low calories and medicinal properties, acting as immunity boosters. Therefore, the consumption and use of other mycelium-based products are expected to increase during and post-COVID-19 pandemic.
Market Segmentation
By Application (Food and Beverage Industry, Packaging Industry, Clothing and Apparel Industry, Animal Feed Industry, Others)
The global mycelium market in the application segment is expected to be dominated by the food and beverage industry. This is due to mycelium being a highly nutritious product and its property to be customized and processed to derive a variety of products.
By Nature (Raw, Processed)
The global mycelium market is slightly more dominated by the processed mycelium segment. This is due to the wide variety of products that can be manufactured, resulting in its higher adoption and usage by the end users worldwide.
By Form (Pre-Formed Product, Powder, Tablet and Capsule)
The pre-formed product segment dominates the global mycelium market due to the higher adoption of products such as food and beverage, clothing, and packaging from the pre-formed product. The powder form captures the second position due to the composition mix's prolonged shelf life and durability.
By Region (North America, Europe, China, U.K., Asia-Pacific and Japan, Rest-of-the-World)
Europe generated the highest revenue of $1.08 billion in 2020, which is attributed to the R&D advancements and supporting government regulations in the Europe region. Europe is an attractive region for the mycelium market because of the availability of the different market fragments.
How This Report Can Add Value
Growth/Marketing Strategy: The global mycelium market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture. The favored strategy for the companies has been product launches to strengthen their position in the mycelium market. For instance, in January 2022, M&S Food collaborated with Monaghan Group to supply mycelium protein-based vegetable balls and vegetable mince to expand its plant kitchen range.
Competitive Strategy: Key players in the global mycelium market analyzed and profiled in the study involve mycelium-based product manufacturers that provide raw or processed products. Moreover, a detailed competitive benchmarking of the players operating in the global mycelium market has been done to help the reader understand how players stack against each other, presenting a clear market landscape.
Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts, and analyzing company coverage, product portfolio, market penetration.
Leading segments are mycelium-based food & beverage manufacturers, having around 55% market share. Players in other industries such as clothing and apparel, packaging, and animal feed, among others account for rest of the market share.
Industry Outlook
Trends
- Eco-Friendly Alternative
- Transition to Bio-Based Circular Economy
- Supporting Government Regulations Leading to Improved R&D of Mycelium-Based Applications
- Mycelium Based Organo-Electronics
Value Chain Analysis
- Input Provision
- Homogenization
- Sterilization
- Inoculation and Growth
- Dehydration
Government Initiatives and Regulatory Landscape
Business Dynamics
Business Drivers
- Ongoing Trend of Sustainable Practices and Circular Economy
- Styrofoam and Polystyrene Ban in Various Nations
- Shift in Consumer Behavior and Preference
- Wide Range of Applications
- Low Investment, High-Return Business
Business Challenges
- Low Commercialization of Mycelium Products
- Availability of Various Alternatives
- Labor Intensive Business
Business Strategies
- Product Development and Innovation
- Market Developments
- Other Strategies
- Corporate Strategies
- Partnerships, Collaborations, and Joint Ventures
Business Opportunities
- Increasing Investments in R&D of Mycelium
- Adoption of Mycelium in Pharmaceutical and Skin Care Industry
- Customizable Material Properties of Mycelium
Impact of COVID-19 on the Global Mycelium Market
Investment Landscape
- Product Adoption Scenario
- Funding Analysis
- Major Investors
- Top Investments
Some of the prominent names established in this market are:
Food and Beverage Industry:
- Atlast
- Chinova Bioworks
- ENOUGH
- Meati Inc.
- Monaghan Group
- MycoTechnology, Inc.
- Nature's Fynd
- PRIME ROOTS
- Quorn
Packaging Industry:
- ABiomyc
- Magical Mushroom Company
- Mushroom Material
Clothing and Apparel Industry:
- Bolt Threads
- Mycotech Lab
- MycoWorks
Miscellaneous:
- Ecovative LLC
- eniferBio
- Groundwork BioAg
- Mogu
- Mycorena
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