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Mycelium Market Overview:
Mycelium Market size is estimated to reach $5.7 billion by 2030, growing at a CAGR of 7.7% during the forecast period 2023-2030. Since Mycelium is lightweight, strong and biodegradable, it is being used as building materials, packaging, textiles, bioplastics and more. Compared to traditional materials, such as plastics, leather, and wood, mycelium-based materials have a lower carbon footprint and require less energy to produce. Mycelium can also be engineered to have specific properties, such as strength, durability, and water resistance, making it a versatile material that can be used in a variety of applications.
Additionally, mycelium can also be used as a food source and with the rising trend of adopting veganism, several companies are using mycelium to create meat alternatives. Burgers and chicken nuggets made with mycelium are sustainable and cruelty-free. In 2022, mushroom pioneer Bosque Foods unveiled its whole-cut, mycelium-based meat alternatives to investors in Europe for the first time. Such initiatives are driving the growth of the Mycelium Market during the forecast period.
Market Snapshot:
Mycelium Market - Report Coverage:
The “Mycelium Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Mycelium Market.
COVID-19 / Ukraine Crisis - Impact Analysis:
● Mycelium Market relies heavily on a global supply chain for raw materials (mostly agricultural waste, such as corn stalks, rice straw, sawdust, and other plant-based materials), production and distribution. Due to COVID-related shutdowns and restrictions, there was a massive disruption in supply chains, causing delays and shortages of materials and products. On the other hand, the pandemic has led to major changes in consumer behavior, one of which is the increased demand for sustainable and eco-friendly products, further boosting the growth of the Mycelium Market.
● The conflict between Russia and Ukraine has had a major impact on various industries, including Mycelium market. Disruptions in supply chain, political instability and uncertainty in the region, trade restrictions and shifts in economic priorities and government policies are some of the potential ways that the conflict is affecting the Mycelium market.
Key Takeaways:
● North America Mycelium Market to Grow the Fastest
Geographically, in the global Mycelium market share, North America is analyzed to grow with the highest CAGR of 8.4% during the forecast period 2023-2030. Increasing demand
for sustainable products among consumers in North America is one of the major driving factor Mycelium Market in North American region.
Moreover, the governments in North America are supporting the development of the bioeconomy, where the use of mycelium-based materials is highly encouraged. On September 2022, Biden-Harris Administration announced major steps to advance biomanufacturing in the U.S. through the executive order on biomanufacturing innovation for a sustainable bioeconomy. This would continue to fuel the growth of the Mycelium Market in the region.
● The Powder Form to Register the Fastest Growth
In the Mycelium Market analysis, the powder form is estimated to grow with the highest CAGR of 8.5% during the forecast period. Mycelium powder is used in a variety of applications, including food, dietary supplements, cosmetics and more, contains a range of nutrients, including protein, fiber, minerals and vitamins, and is easy to store and transport and it has a longer shelf life.
● Processed Mycelium Segment is Leading the Market
According to the Mycelium Market forecast, the processed mycelium segment held almost two-third share of the overall market in 2022 and is estimated to grow at a faster rate than the raw mycelium segment. The processed mycelium can be engineered to have specific properties that are needed for different applications, such as bioremediation, food production, building materials, pharmaceuticals, environmental monitoring, textiles and energy production. Also, processed mycelium is easier to handle and work with than raw mycelium as it can be molded into different shapes and sizes, as per the need.
● Sustainability and Versatility of Mycelium
With the rising trend of sustainable lifestyle, the demand for mycelium-based materials are increasing as mycelium materials are a sustainable alternative to traditional materials like plastic, leather and wood, and can be produced with minimal environmental impact. Also, they are biodegradable, which makes them an eco-friendly option.
Moreover, Mycelium-based materials can be used in different applications, including packaging, textiles, consumer goods and building materials. The versatile nature of mycelium-based materials is making it one of the major choices for various end-use industries, boosting the growth of the Mycelium Market during the forecast period.
● Role of Mycelium in the Health and Wellness Industry
Mycelium has shown to have numerous health benefits, including the ability to boost the immune system, reducing inflammation and improving cognitive function. A 2020 study published in the website of National Library of Medicine concluded that phenolic, indole, and sterol compounds as well as trace elements found in the extracts of the F. officinalis mycelium and fruiting bodies may contribute to the antioxidant and antiproliferative effects.
In addition to its various industrial applications, mycelium is utilized in the development of natural and organic skincare products, including facial masks and serums. The material is also employed in the production of biodegradable and antimicrobial medical devices. A recent report published in the esteemed Nature Journal has highlighted the potential of mycelium derived from Pleurotus ostreatus as a promising substratum for use in tissue engineering applications. These factors make mycelium materials very attractive to companies operating in the personal care industry.
● High Cost of Producing Mycelium-based Materials to Hamper the Market Growth
Mycelium-based products are less competitive in certain markets due to their comparatively higher production costs than traditional materials such as plastic or leather. In a post-pandemic era, where most industries are focusing on bringing cost-effective products to their customers, the high production cost of mycelium-based materials would hinder the growth of the Mycelium Market.
Mycelium Market Share (%) By Region, 2022
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Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Mycelium Market. The top 10 companies in this industry are listed below:
1. Four Sigmatic Co. (10 Mushroom Blend, Chaga Elixir)
2. MyForest Food Co. (MyBacon, MyBurgers)
3. FreshCap Mushrooms LTD (5 Defenders, Thrive 6)
4. Ecovative LLC (MycoComposite, MycoBoard)
5. Mushlabs GmbH (MycoTex, MycoFlex)
6. Mycelia NV (Reishi, Adapti)
7. MycoTechnology, Inc. (PureTaste, ClearTaste)
8. Mycotech Lab (MycoTech Leather, MycoTech Board)
9. Groundwork BioAg (MycoApply, Rootella)
10. Magical Mushroom Company (MycoFoam, MycoFabrics)
Scope of Report:
1. Mycelium Market - Overview
1.1 Definitions and Scope
2. Mycelium Market - Executive Summary
3. Mycelium Market - Comparative Analysis
3.1. Company Benchmarking - Key Companies
3.2. Global Financial Analysis - Key Companies
3.3. Market Share Analysis - Key Companies
3.4. Patent Analysis
3.5. Pricing Analysis
4. Mycelium Market - Start-up Companies Scenario (Premium)
4.1. Key Start-up Company Analysis by
4.1.1. Investment
4.1.2. Revenue
4.1.3. Venture Capital and Funding Scenario
5. Mycelium Market – Market Entry Scenario Premium (Premium)
5.1. Regulatory Framework Overview
5.2. New Business and Ease of Doing Business Index
5.3. Case Studies of Successful Ventures
6. Mycelium Market - Forces
6.1. Market Drivers
6.2. Market Constraints
6.3. Market Challenges
6.4. Porter's Five Force Model
6.4.1. Bargaining Power of Suppliers
6.4.2. Bargaining Powers of Customers
6.4.3. Threat of New Entrants
6.4.4. Rivalry Among Existing Players
6.4.5. Threat of Substitutes
7. Mycelium Market – Strategic Analysis
7.1. Value Chain Analysis
7.2. Opportunities Analysis
7.3. Market Life Cycle
8. Mycelium Market – By Nature
8.1. Raw
8.1.1. Market Trends by Region
8.1.2. Market Share & Forecast by Region
8.2.Processed
8.2.1. Market Trends by Region
8.2.2. Market Share & Forecast by Region
9. Mycelium Market – By Form
9.1. Pre-formed
9.1.1. Market Trends by Region
9.1.2. Market Share & Forecast by Region
9.2. Powder
9.2.1. Market Trends by Region
9.2.2. Market Share & Forecast by Region
9.2. Tables and Capsule
9.2.1. Market Trends by Region
9.2.2. Market Share & Forecast by Region
10. Mycelium Market – By End Use Industry(Market Size – $Million/$Billion)
10.1. Food and Beverage Industry
10.1.1. Market Trends by Region
10.1.2. Market Share & Forecast by Region
10.2. Packaging Industry
10.2.1. Market Trends by Region
10.2.2. Market Share & Forecast by Region
10.3. Clothing and Apparel Industry
10.3.1. Market Trends by Region
10.3.2. Market Share & Forecast by Region
10.4. Animal Feed Industry
10.3.1. Market Trends by Region
10.3.2. Market Share & Forecast by Region
10.5. Others
10.3.1. Market Trends by Region
10.3.2. Market Share & Forecast by Region
11. Mycelium Market – by Geography (Market Size – $Million/$Billion)
11.1. North America
11.1.1. The U.S.
11.1.2. Canada
11.1.3. Mexico
11.2. Europe
11.2.1. UK
11.2.2. Germany
11.2.3. France
11.2.4. Italy
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Asia-Pacific
11.3.1. China
11.3.2. India
11.3.3. Japan
11.3.4. South Korea
11.3.5. Australia & New Zealand
11.3.6. Rest of Asia-Pacific
11.4. South America
11.4.1. Brazil
11.4.2. Argentina
11.4.3. Chile
11.4.4. Colombia
11.4.5. Rest of South America
11.5. Rest of the World
11.5.1. Middle East
11.5.2. Africa
12. Mycelium Market – Entropy
13. Mycelium Market - Industry/Segment Competition Landscape Premium
13.1. Market Share Analysis
13.1.1. Market Share by Product Type – Key Companies
13.1.2. Market Share by Region – Key Companies
13.1.3. Market Share by Country – Key Companies
13.2. Competition Matrix
13.3. Best Practices for Companies
14. Mycelium Market – Key Company List by Country Premium Premium
15. Mycelium Market - Company Analysis
15.1. Four Sigmatic Co.
15.2. MyForest Food Co.
15.3. FreshCap Mushrooms LTD
15.4. Ecovative LLC
15.5. Mushlabs GmbH
15.6. Mycelia NV
15.7. MycoWorks
15.8. MycoTechnology, Inc.
15.9. Mycotech Lab
15.10. Groundwork BioAg
15.11. Magical Mushroom Company
15.12. Mushroom Materials Company
15.13. Paradise Packaging Co.
15.14. Chinova Bioworks
15.15. Meati Inc.
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The Mycelium Market is projected to grow at 7.7% CAGR during the forecast period 2023-2030.
Global Mycelium Market size is estimated to be $3.4 billion in 2023 and is projected to reach $5.7 billion by 2030
The leading players in the Mycelium Market are Four Sigmatic Co., MyForest Food Co., FreshCap Mushrooms LTD, Ecovative LLC, Mushlabs GmbH and others.
Increasing demand for sustainable and eco-friendly products, growing interest in vegan and plant-based products, advancements in mycelium-based technologies and increasing investments in the mycelium industry are some of the major Mycelium Market trends in the industry which will create growth opportunities for the market during the forecast period.
Sustainability and versatality of mycelium-based products, rising consumer demand and the health benefits of the materials made from Mycelium are the major factors driving the growth of the market.