Mycelium Market Size Worth $5.7 Billion By 2030: IndustryARC

Mycelium Market size is predicted to reach $5.7 billion by 2030, growing at a CAGR of 7.7% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. The growing demand for sustainable and eco-friendly products and a significant shift towards vegan lifestyle  are poised to propel the market growth, finds IndustryARC in its recent report, titled “Mycelium Market Size, Share & Trends Analysis Report By Nature (Raw, Processed), By Form (Pre-formed, Powder, Tablet and Capsule), By End User Industry (Food and Beverage, Packaging, Clothing and Apparel, Animal Feed, Others), By Region and Segment Forecasts, 2023–2030.”

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North America to Register Highest Growth:

Geographically, North American Mycelium Market is expected to grow at the highest CAGR of 8.4% during the forecast period 2023-2030. Rising demand for sustainable products among North American consumers is one of the key drivers for the Mycelium Market in the region. Moreover, the region has many companies that specialize in mycelium-based products, such as Ecovative Design and MycoWorks, which are driving innovation and growth in the market.

Mycelium Market 2023-2030: Scope of the Report

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Mycelium Market Report – Key Takeaways:

• Superiority of Powdered Mycelium

Mycelium Market analysis estimates that the powder form of mycelium would grow at the highest CAGR of 8.5% during the forecast period. Powdered mycelium is easier to handle and store than raw mycelium, which requires more careful handling and storage to prevent contamination or spoilage. Moreover, powdered mycelium can be more easily incorporated into various products, such as dietary supplements, teas, and skincare products, without altering the texture or flavor of the final product.

• Processed Mycelium to Register Highest Growth

According to the Mycelium Market forecast, the processed mycelium segment will account for a nearly two-thirds share of the total market in 2022 and is expected to grow faster than the raw mycelium segment. Processed mycelium is preferred over raw mycelium for several reasons. Processing and engineering can enhance the properties of mycelium, making it more suitable for various applications. Additionally, processed mycelium is easier to handle and process, and can be molded into different shapes and sizes as needed.

Processing can also improve the hygiene and purity of the material, making it more suitable for use in products such as food or cosmetics. Finally, processing mycelium can be more cost-effective than using raw mycelium, allowing for the creation of more consistent and uniform materials, which can be produced in larger quantities. Overall, these factors make processed mycelium a more attractive option for manufacturers seeking to incorporate sustainable and eco-friendly materials in their products.

• Growing Awareness of the Environmental Impact of Animal Agriculture

As awareness of the environmental impact of animal agriculture grows, there is increasing demand for plant-based and sustainable alternatives to animal products. Mycelium-based products such as mycelium leather and mycelium-based meat substitutes offer sustainable alternatives to traditional animal products, driving the demand for the Mycelium-based materials during the forecast period.

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Key Opportunity Analysis:

Development of New and Innovative Products

There is a massive scope for the development of new and innovative mycelium-based products, such as mycelium-based leather, mycelium-based meat substitutes, mycelium-based building materials, mycelium-based textiles and more. Mycelium has numerous properties that make it so versatile for various applications. The development of new products would create new opportunities for growth in the market.

A recent study published in Science Advances in November, 2022 highlights the fact that researchers have proposed a novel approach to develop flexible and biodegradable electronics called MycelioTronics. This material could replace electronic substrate material.

Diversification of Income for Farmers

Mycelium-based products have the potential to create new income streams and reduce waste for farmers by using agricultural waste as a raw material. Mycelium can grow on a wide range of organic waste materials, including agricultural residues such as straw, corn stover, and sawdust.

For example, mycelium can be used to produce mycelium leather, a sustainable alternative to animal leather that can be produced using waste materials such as sawdust or corn husks. This creates opportunities for farmers to generate additional income by selling their agricultural waste as a raw material for mycelium production.

Growing Interest in Plant-based Products

There is a growing interest in plant-based products among people as the trend of veganism becomes mainstream, and mycelium offers a sustainable and nutritious alternative to traditional animal-based products. Companies have the opportunity to develop new mycelium-based food products that appeal to consumers looking for plant-based alternatives.

In February 2023, Millow, a Swedish startup, has emerged from stealth mode with a minimally processed meat alternative that utilizes mycelium and oats. By combining mycelium with oats, Millow creates a sustainable and nutritious alternative to traditional meat. The use of mycelium offers various advantages, including its high protein content, low environmental footprint, and versatility in terms of texture and flavor. Millow’s focus on utilizing mycelium as a core component in their meat alternative aligns with the growing demand for sustainable and plant-based protein sources in the food industry.With this innovative approach, Millow aims to provide a viable solution for consumers seeking healthier and more environmentally friendly meat alternatives. Such innovations in the plant based products using mycelium is set to open new growth avenues in the global mycelium market during the forecast period 2023-2030

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The Report also Covers the Following Areas:

• Mycelium Market Size and Forecast
• Mycelium Market Trends
• Mycelium Market Analysis by Nature

Mycelium Market 2023-2030: Key Highlights

• CAGR of the market during the forecast period 2023-2030
• Value Chain analysis of key stake holders
• Detailed analysis of market drivers and opportunities during the forecast period
• Mycelium Market size estimation and forecast
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials
• Comprehensive analysis of challenges and constraints in the Mycelium Market

Covid and Ukrainian Crisis Impact:

The Mycelium Market is heavily dependent on global supply chains for raw materials, production and distribution. COVID-related shutdowns and restrictions have significantly disrupted supply chains, causing delays and shortages of materials and products. On the other hand, the pandemic has brought significant changes in consumer behavior, including increased demand for sustainable and environmentally friendly products. This is accelerating the growth of the Mycelium Market.

The Russia-Ukraine conflict has affected various industries, including the mycelium market. Supply chain disruptions, regional political instability and uncertainty, trade restrictions and changes in economic priorities and government policies are some of the ways conflict can affect the Mycelium Market.

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List of Key Market Players in Mycelium Market:

The key companies profiled in the Mycelium Market report are listed below:

• Four Sigmatic Co.
• MyForest Food Co.
• FreshCap Mushrooms LTD
• Ecovative LLC
• Mushlabs GmbH
• Mycelia NV
• MycoWorks
• MycoTechnology, Inc.
• Mycotech Lab
• Groundwork BioAg
• Magical Mushroom Company
• Mushroom Materials Company
• Paradise Packaging Co.
• Chinova Bioworks
• Meati Inc.

Related Reports:

Sustainable Packaging Market – The Sustainable Packaging market size is projected to grow at a CAGR of 7.2% from 2021 to 2026, owing to a increasing demand for sustainable packaging in the personal care and healthcare industry and growing government initiatives towards sustainable packaging.

Microbial Products Market – The Microbial Products Market is projected to grow at a CAGR of 7.3% during the forecast period from 2022 to 2027. The growth of this market is mainly attributed to the increasing demand for microbial products in the food and beverages industry and the surging demand for microbial products in the textiles and apparel industry.

Industrial Microbiology Market – The Industrial Microbiology Market size is growing at a CAGR of 6.7% during the forecast period. It is due to the increasing applications of industrial microbiology and progressive automation and digitization in industrial microbiology.

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