According to a report by Triton Market Research, the mycelium market in Latin America is evaluated to experience significant growth with a CAGR of 6.63% over the forecasting years 2023-2030. The market report covers Brazil, Mexico, and the Rest of Latin America as key study regions.
The agricultural industry in Brazil has undergone a noteworthy transformation. It has shifted from being a net food importer to becoming one of the leading global exporters of various agricultural products, with mushrooms being a notable example. This sector plays a crucial role in Brazil's economy by making substantial contributions to foreign exchange earnings through the export of mushrooms. As a result, Brazil’s mycelium market is expected to witness substantial growth.
In Rest of Latin America, multiple industries primarily emphasize the use of conventional materials in various applications like packaging, construction, and biodegradable products. There is a growing awareness of sustainability and environmental issues in the region. In this regard, mycelium, due to its environmentally friendly attributes, has the potential to become more popular as individuals and businesses search for eco-friendly solutions.
Further, universities and research institutions have been actively involved in the fields of biotechnology and mycology. This research effort might play a significant role in advancing mycelium-based products, stimulating innovation, and generating prospects for local businesses across the Rest of Latin America region.
Competitive Outlook
The companies in the mycelium market consist of Nature's Fynd, Ecovative Design LLC, MycoWorks, Groundwork BioAg, Meati Inc, Monaghan Group, MycoTechnology Inc, and Mogu SRL.