Global Mycelium Market 2023-2030
Market OutlookAs per Triton Market Research’s report, the global mycelium market is estimated to progress at a CAGR of 7.66% during the forecast period 2023-2030.
Various factors, including consumer inclination towards eco-friendly products, prompt the market’s growth. Numerous nations are implementing bans on the utilization of styrofoam and polystyrene packaging. Moreover, various forms of legislation have been enacted concerning single-use plastic containers. These regulations encompass prohibitions on plastic bags, levies on plastic bags, and restrictions on plastic containers based on their thickness. In this regard, mycelium offers a solution as it can be effortlessly produced by blending biological and agricultural waste. This makes it an ideal substitute for polystyrene, styrofoam, and other non-biodegradable materials.
However, the market’s growth may be hampered by the availability of various substitutes and low-level commercialization of mycelium.
REGIONAL OUTLOOK
The global mycelium market covers Europe, Latin America, North America, Asia-Pacific, and Middle East and Africa.
North America is expected to witness fast growth over the forecast period. The region holds significant importance in the mycelium market due to its major role in contributing to the revenues of major players in the food and beverage, clothing and apparel, and packaging industries. This region has witnessed a substantial increase in the adoption of mycelium, primarily driven by the growing demand for vegan and sustainable products. Mushroom mycelium has seamlessly integrated into various sectors, further reinforcing its presence and impact on the region’s industries.
Competitive OutlookThe notable companies in the mycelium market are MycoTechnology Inc, Ecovative Design LLC, MycoWorks, Groundwork BioAg, Meati Inc, Monaghan Group, Mogu SRL, Nature’s Fynd, Bolt Threads, Botaniex, Mycorena AB, and Prime Roots.
Monaghan Group specializes in sourcing mushrooms from local farmers, transforming them into a diverse range of food products. One of its recent ventures, Mighty Mushroom Co, offers mycelium-based meat alternatives available in forms like sausages, minced meat, and meat-free burgers. The company’s operations span across multiple countries, with farms, packhouses, substrate sites, and offices located in Ireland, the UK, the Netherlands, Germany, Belgium, and Canada. It is headquartered in Ireland.