Categories: Market Research

Mushroom Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Mushroom by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Mushroom, The mushroom market size has grown strongly in recent years. It will grow from $61.33 billion in 2023 to $66.53 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to strong economic growth in emerging markets, the increasing vegan population, the increased awareness about health benefits of mushrooms, and the rise in demand for processed foods. .

The mushroom market size is expected to see strong growth in the next few years. It will grow to $94.57 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to the increasing government support, rapid urbanization, the rising demand for food products, the increasing vegetarian population, the rising population, and the growing number of health-conscious consumers . Major trends in the forecast period include increasing investments in mushroom farms, focusing on strategic acquisition to expand their market presence, investing in advanced technology to reduce the production time and cost, focus on developing new and innovative mushroom varieties, and focus on product innovations..

The increasing demand for a vegan diet is expected to propel the growth of the mushroom market. A vegan or plant-based diet excludes all animal products, meat, dairy, and eggs. Many consumers are moving towards vegan diets due to health, animal welfare, and environmental concerns, and because of this, the consumption of mushrooms is increasing. For example, in 2022, according to Cook Unity, a US-based company that offers flexible and convenient meal delivery plans that match customer needs and tastes, 5% to 6% of Americans who don’t consume meat or fish will declare themselves vegetarians. Additionally, in December 2021, according to the Plant Based Foods Association, a US-based food association, plant-based food sales are rising, expanding 6.2% in 2021 over a record-breaking year of growth in 2020. Thus, the rising demand for a vegan diet is driving the mushroom market.

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The mushroom market covered in this report is segmented –

1) By Type: Button Mushrooms, Shiitake Mushrooms, Oyster Mushrooms, Other Products

2) By Forms: Fresh, Frozen, Dried, Canned

3) By Application: Food Processing, Retail Outlets, Food Services, Other Applications

4) By Distribution Channel: Hypermarkets & Supermarkets, Convenience Stores, Specialty Stores, Online Sales Channel

Companies in the market are focusing on investing in advanced technology to reduce production time and cost and gain a competitive advantage. For instance, in 2023, the BioInnovation Lab in the Kennesaw State University’s College of Science and Mathematics launched the automated mushroom product technology, MycoLogic. MycoLogic allows farmers to grow a higher quantity and better quality of specialty mushrooms in 40-foot shipping containers equipped to create conditions optimized for growth.

The mushroom market report table of contents includes: