Mycelium Market - A Global and Regional Analysis: Focus on Mycelium Product and Application, Supply Chain Analysis, and Country Analysis - Analysis and Forecast, 2023-2028

Mycelium Market - A Global and Regional Analysis: Focus on Mycelium Product and Application, Supply Chain Analysis, and Country Analysis - Analysis and Forecast, 2023-2028

Introduction to Mycelium Market

The global mycelium market was valued at $2.85 billion in 2022 and is expected to reach $4.76 billion by 2028, growing at a CAGR of 9.39% between 2023 and 2028. 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 Introduction

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 the R&D of mycelium is one of the major opportunities in the global mycelium market. Moreover, mycelium properties are such that they can be customized based on various applications leading to consumers adopting mycelium-based products in the 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 the food and beverages industry in regions such as North America and Europe. The U.S. plant-based meat retail sales grew by 7% to $8 billion sales in 2022. 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.

Market Segmentation:

Segmentation 1: by Application

• Food and Beverage Industry
• Packaging Industry
• Textile 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.

Segmentation 2: by Nature

• Raw
• Processed

The global mycelium market in the nature segment 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 end users worldwide.

Segmentation 3: by Form

• Pre-Formed Product
• Powder
• Liquid Culture
• Tablet and Capsule

The pre-formed product segment dominates the global mycelium market in the form segment 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.

Segmentation 4: by Region

• North America - U.S., Canada, and Mexico
• Europe - Italy, Germany, Netherlands, Poland, France, and Rest-of-Europe
• China
• U.K.
• Asia-Pacific - Japan, India, South Korea, Australia and New Zealand, and Rest-of-Asia-Pacific
• South America - Brazil, Argentina, Peru, and Rest-of-South America
• Middle East and Africa - South Africa, Israel, U.A.E., and Rest-of-Middle East and Africa

Recent Developments in the Global Mycelium Market

• In March 2023, Better Meat Co established its first-ever Scientific Advisory Board (SAB). The board consists of leading authorities in filamentous fungi, cell biology, metabolism, genetics, and food safety, which supports The Better Meat Co's initiatives to improve the use of mycelium in applications for both hybridized and animal-free meat.
• In November 2022, to create and market the next generation of mycelium materials for footwear, clothing, and accessories, Ecovative LLC partnered with premium leather manufacturer Ecco Leather, a division of the Danish footwear giant Ecco.
• In January 2023, MyForest Foods Co. announced the launch of a new product named My Jerky. Similar to MyBacon, which is a vegan alternative to pork bacon, MyJerky is a mycelium-based alternative to beef jerky.
• In November 2022, Meati Inc. introduced the Miso Meati Bowl in collaboration with Sweetgreen, a new flavor-packed, nutritious ready-to-eat rice bowl. This is Meati's first time appearing on a fast-casual restaurant menu and Sweetgreen’s first mycelium-based collaboration.
• In April 2023, eniferBio raised $11 million in a Series A funding round from Nordic Foodtech Ventures, Tesi, Valio, Voima Ventures, and Aqua-Spark to expand the business of PEKILO P65.

Demand – Drivers and LimitationsThe following are the demand drivers for the mycelium market:

• Increasing Innovation in Sustainable and Eco-Friendly Products
• Shift in Consumer Behaviour and Preference
• Advancements in Research and Technology

The market is expected to face some limitations too due to the following challenges:

• Challenge of Scalability and Commercialization
• Transition from Conventional Materials

The following are the market opportunities for the mycelium market:

• Increasing Research and Development Investments in the Mycelium Sector
• Emerging Multi-Directional Applications of Mycelium
• Modifiable Material Characteristics of Mycelium

How can this report add value to an organization?

Product/Innovation Strategy: The product segment helps the reader understand the different types of mycelium products available for deployment in food and beverage, clothing, packaging, and other industries and their potential globally. Moreover, the study provides the reader with a detailed understanding of the different mycelium-based products by application (food and beverage, packaging, textile, and others), nature (raw and processed), and form (pre-formed product, powder, liquid culture, and tablet and capsule). Mycelium-based finished products generate higher revenues when compared to operational and raw material costs. Therefore, the mycelium business is a low-investment and high-revenue generating agricultural model.

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-based 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, and market penetration.
The global mycelium market is fragmented due to the presence of many regional and domestic players in different countries. Collectively these companies account for approximately 35.09% of the total global mycelium market. Other 64.91% of the market share is dominated by Mycorena, eniferBio, Bosque Foods, Aqua Cultured Foods, Kinoko-Tech, and others. Out of the total number of companies analyzed, 55% belong to the food and beverage industry, and the remaining 45% belong to other segments such as the packaging industry and textile industry.

Key Companies Profiled:

Company Type 1: Food and Beverage Industry

• Aqua Cultured Foods
• Bosque Foods
• Chinova Bioworks
• ENOUGH
• Kinoko-Tech
• Meati Inc.
• Monaghan Group
• Mush Foods
• Mushlabs
• MycoTechnology, Inc.
• MyForest Foods Co.
• Nature's Fynd
• PRIME ROOTS
• Quorn
• The Better Meat Co

Company Type 2: Packaging Industry

• Biomyc
• Magical Mushroom Company
• Mushroom Material

Company Type 3: Textile Industry

• Bolt Threads
• Mycotech Lab
• MycoWorks

Company Type 4: Other Key Players

• Ecovative LLC
• eniferBio
• Groundwork BioAg
• mogu
• Mycorena

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