Mushrooms are a rich source of various nutritional contents including selenium, vitamin D, vitamin B12, and many more. Therefore, the consumption of mushrooms is rising at a significant pace as consuming mushrooms aids in reducing the risk for prostate & breast cancer along with other chronic diseases including heart disease, dementia, etc.
According to the UnivDatos Market Insights Analysis, the rising awareness among the young population would massively transform the global scenario of mushroom market and as per their “Mushroom Market” report, the global market was valued at USD 46 billion in 2022, growing at a CAGR of ~9% during the forecast period from 2023 - 2030 to reach USD billion by 2030.
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Mushrooms are the perfect food for the health-conscious and fitness-obsessed because they are low in calories and nearly 99% fat-free. These nutrients reduce oxidative stress and lower the probability of developing serious diseases like cancer, cardiovascular disease, and dementia. Mushrooms are an excellent source of riboflavin, with just one serving providing more than 20% of the recommended daily intake. Riboflavin contributes to healthy red blood cell formation, normal vision function, and decreased tiredness and fatigue. For instance, as per research conducted in Japan, the people who consumed mushrooms once or twice a week had an 8% lower risk of developing prostate cancer in comparison to those who ate mushrooms at intervals of less than once a week. Owing to the growing consumption of mushrooms coupled with the increase in the R&D investment by key industry players is also adding to the pace of market growth globally.
For the last sixty years, veganism has been the minority of vegetarianism which is another minority. However, this trend has changed and it has been seen that in the last four years, these minorities have taken over the world. Therefore, the demand for mushrooms has been rising across the globe on account of the growing vegan population as there is an increase in the number of people adopting a vegan diet that prefers protein-rich vegan products. For instance, in the United States, the number of vegans grew by 600% from 4 million in 2014 to 20 million in 2018. Also, this trend can be clearly stated by the data from google trends which shows that there is a high volume of vegan-related searches in any language.
Consumers are increasingly becoming label-conscious and seeking products made from natural ingredients. Clean-label cosmetic products made from plant extracts, without the use of synthetic ingredients, are gaining considerable traction in the market. Thus, personal care & beauty product manufacturers are increasingly using botanical ingredients in cosmetic formulations which are expected to have a positive impact on the demand. Mushrooms have a limited shelf life ranging from one to three days due to the high water content in them. Thus, post-harvest storage and transportation are a crucial part of successful cultivation.
Increased commercial mushroom consumption in cafeterias, restaurants, supermarkets, and hotels is anticipated to significantly impact the demand for and expansion of the mushroom market over the course of the projected period. In the future, it is also anticipated that a shift in consumer preferences toward vegan cuisine and an increase in the demand for meat alternatives will fuel the mushroom market's expansion. For instance, the high protein content of button and shiitake mushrooms makes them desirable meat replacements among customers. These are the main trends in the mushroom market. The primary element anticipated to promote the expansion of the mushroom market is the shift in consumer preferences toward the use of processed foods. However, because of their limited shelf life, mushrooms, the market's expansion is hampered.Mushroom cultivation is also very intensive.
A rise in seed funding and series funding is one of the prominent reasons that are driving the market of mushrooms. For instance, in August 2021, Fable Food Co, a mushroom-based protein company acquired USD 6.5 million in seed funding as it seeks to expand its business in the US, UK, and Asia.
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Conclusion
Over the projected period, it is anticipated that rising interest in vegan diets will increase demand from the food and dietary supplement industries for meat substitutes like mushrooms. To appeal to a client base that is environmentally concerned and strengthen brand positioning, major firms operating in developed nations place an increasing emphasis on sustainable production. As a result, sustainability is projected to become increasingly important in corporate operations, from compost preparation and cultivation to packaging, in the years to come.
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