Global Edible Mushrooms Market - Forecasts from 2024 to 2029

Global Edible Mushrooms Market - Forecasts from 2024 to 2029

The global edible mushrooms market is projected to grow at a CAGR of 7.57% over the forecast period, from US$67.402 billion in 2024, and is expected to reach US$97.085 billion by 2029.

The growing number of chronic diseases worldwide is augmenting the market growth during the forecast period. Mushrooms are rich sources of antioxidants, vitamin B, potassium, and copper. The increasing popularity of edible mushrooms in varied gourmet cuisines is further propelling the market demand during the forecast period. The rising preference for the adoption of vegan food, combined with the rising number of vegan populations, further provides an opportunity for the market to flourish during the forecast period.

The Vegan Society stated that the Veganuary campaign witnessed record-high sign-ups, with over 7,00,000 people worldwide participating. It also grew from 4,00,000 in 2021 to 5,82,000 in 2021 and 6,92,000 in 2022. Further, in 2023, Germany ranked as the top destination for veganism searches on Google Trends, followed by other countries, namely Austria and the United Kingdom. This shows a rise in veganism. They would also move towards plant-based diets, potentially promoting the global edible mushroom market’s growth. Furthermore, companies are adopting strategies in the form of acquisitions and R&D funding to expand their mushroom-incorporated products, fueling the market growth during the forecast period.

EDIBLE MUSHROOM MARKET DRIVERS:

The increasing number of diseases worldwide is expected to bolster the demand for the edible mushroom market globally.

The consumption of mushrooms offers several health benefits, so the market is projected to grow significantly during the forecast period. This is mainly because there is an increasing number of chronic diseases worldwide, and people seek nutrient-rich health products. Mushrooms are an excellent source of proteins, minerals, polysaccharides, and unsaturated fatty acids, among other things.

Additionally, several research studies worldwide have provided evidence regarding the protective effects of mushrooms against numerous chronic diseases. With the growing urbanization and the adoption of a busy lifestyle, individuals suffer from varied lifestyle-related disorders as well. Hence, the consumption of mushrooms may help in alleviating the risk of these diseases with time.

According to the US Department of Health & Services data of November 2023, six out of ten adults in the United States are suffering from chronic disease, and four out of ten adults in the USA are suffering from more than one chronic disease. Moreover, Alzheimer’s is the leading cause of dementia, with over 55 million people worldwide affected in 2020, and the number is predicted to double every 20 years, reaching 139 million in 2050, as per Alzheimer's Disease International. The growing awareness of the prevalence of chronic disease and the health benefits of edible mushrooms in preventing these chronic diseases will boost market growth in the years ahead.

Edible Mushroom Market Segment Analysis

The food industry segment is anticipated to grow at a significant pace.

The wide popularity of edible mushrooms as an important ingredient for varied gourmet cuisines is fueling the market growth during the forecast period. In many cases, as people are shifting towards the adoption of vegan or vegetarian dietary consumption patterns, mushrooms are considered as one of the meat substitutes. Hence, further providing an opportunity for the market to thrive during the forecast period. For instance, according to the Associated Chambers of Commerce and Industry of India (ASSOCHAM), the overall vegan food market is expected to grow at an 11.32% compound annual growth rate in 2022-2027.

Additionally, the growing demand for meat-analog food products with demand for minimizing animal slaughter without compromising on providing nutritional health benefits. The increasing demand among people for plant-based nutrition is also expected to fuel the market for edible mushrooms in the projected period. For instance, according to ASSOCHAM, the Indian plant-based meat market is currently estimated at US$30-40 billion. It is expected to grow rapidly in the projected period.

Furthermore, mushroom popularity among consumers is rising due to their utilization as a bioactive ingredient in functional food products. Manufacturers convert mushrooms into powder form and incorporate them into food commodities that include bread, muffins, snacks, and many more. This is done to increase the nutritional quality of these food products. Hence, processed food products with the introduction of mushrooms are gaining attention among consumers worldwide.

New and innovative product launches by companies are expected to be one of the major reasons for market growth in the projected period. For instance, in October 2023, Meati Foods, a company producing delectable and animal-free products with the help of its patented whole-food MushroomRoot™, launched animal-free protein options such as Italian seasoned cutlets, garlic and black pepper steaks, spicy crispy cutlet, and crispy bites. Each of these new products is made from mushroom roots and offers incredible taste and high nutritional value. Hence, the increasing launch of mushroom-based products in the food industry is anticipated to propel the market for edible mushrooms in the projected period.

The increased imports of fresh/chilled consumption of mushrooms are anticipated to influence market growth in the coming years. According to the Observatory of Economic Complexity (OEC), in 2022, the United States was one of the major importers of fresh/chilled mushrooms with an import value reaching US$439 million, followed by the United Kingdom the import value for fresh/chilled mushroom was US$249 million. Germany, France, and Italy have imported mushrooms worth US$249, US$171, and US$124 million worth of mushrooms, respectively.
China is predicted to contribute significantly to market growth.

China is becoming a leading producer and consumer of edible mushrooms worldwide. The government's successful implementation of the mushroom farming strategy has engaged millions of farmers in the edible mushroom business, opening growth opportunities for new players in the market.

In addition, mushroom production in China is highly decentralized, and due to the growing population coupled with rising health awareness and per capita income, the demand for edible mushrooms is anticipated to witness significant growth over the forecast period. For instance, according to the World Bank, the per capita income in China in 2020 was US$10,408.7, which increased to US$12,614.1 in 2023. Hence, the increasing per capita income is expected to have a positive impact on market growth in the projected period.

China Is one of the biggest exporters of processed mushrooms, the country exported mushrooms worth US$1.01 billion in 2022, making it one of the largest exporters in 2022. The destinations to which the countries exported mushrooms were Hong Kong, Russia, Vietnam, Malaysia, and Burma. Hence, the rising exports indicate the increased production of mushrooms in the country.

Additionally, according to Kerry Group plc., a leader in taste, and nutrition with more than 50 years of experience, estimates that Asia Pacific is one of the largest shareholders in the fresh mushrooms market. The company states that approximately 52% of the global production of mushrooms comes from China. China’s production is also expected to grow in the projected period as, in the northern mountain area of Qingyuan County, one of the country’s 17 key regions of global significance for biodiversity is located. The Qingyuan Forest-Mushroom Co-culture System (QFMCS) is based on mushroom cultivation through natural reasons by the Gumin. Hence, with the presence of such a biodiversity area, the market for mushrooms is anticipated to grow in China.

Market Segmentation:

Edible Mushroom Market is segmented and analyzed as below:

By Type
Cremini Mushrooms
Morel Mushrooms
Shiitake Mushrooms
Oyster Mushrooms
Lion’s Mane Mushrooms
Enoki Mushrooms
Button Mushrooms
Portobello Mushrooms
Porcini Mushrooms
By End-User
Food Industry
Agriculture Industry
Healthcare and Pharma Industry
By Geography
North America
United States
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
UK
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Others
Asia Pacific
India
China
Japan
South Korea
Taiwan
Thailand
Indonesia
Others