Global Mushroom Market Report and Forecast 2024-2032

Global Mushroom Market Outlook

The global mushroom market size reached approximately USD 68.03 billion in 2023. The market is projected to grow at a CAGR of 8% between 2024 and 2032, reaching a value of around USD 136.47 billion by 2032.

Key Takeaways

• Reportedly, there are over 10,000 species of mushrooms, varying greatly in size, shape, colour, and habitat.

• Advances in mushroom cultivation technology, such as controlled environment agriculture, are improving its yield, quality, and sustainability.

• The major production regions for mushroom are Asia, Europe, and North America.

Mushrooms are edible fungi (Agaricomycetes, Ascomycota) that are considered vegetables, but technically, they are not plants. Mushrooms are rich in riboflavin, potassium, vitamin D, selenium, and other ingredients that are beneficial for human health. They are low in calories and fat content and contain a modest amount of fibre, and a dozen minerals and vitamins, including magnesium, zinc, copper, and potassium.

The expanding food and beverage sector, along with the growing health consciousness among consumers across the globe, is one of the major factors aiding the mushroom market growth. Due to changing dietary preferences toward vegan foods, mushrooms are being preferred as a protein, vitamin, and mineral-rich substitute for meat, among consumers. Furthermore, increased use of mushrooms in the pharmaceutical sector as they consist of compounds that help in the treatment of diseases, such as hypercholesterolemia and hypertension also boosts the market expansion. They have anti-inflammatory, antioxidant, and antitumour properties, due to which they are heavily used in the manufacturing of medicines.

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Key Trends and Developments

Rising demand for plant-based food products; sustainable mushroom farming practices; growing demand for value-added mushrooms; and innovations in mushroom cultivation are the major trends in the mushroom market

Mushroom Market Trends

One of the prominent trends in the market is the organic mushroom farming due to rising consumer awareness about the health implications of pesticides, fungicides, and other chemicals commonly used in conventional agriculture. Moreover, sustainable farming practices aim to minimise environmental impact. In mushroom farming, this can include using renewable energy sources, recycling water, and employing waste reduction techniques. For example, the spent substrate from mushroom cultivation can be composted and reused, thereby creating a circular economy within the agricultural system.

The growing innovations by key players to create value added products and also improve their packaging to increase their shelf life favours the mushroom market development. In January 2024, StePacPPC introduced an innovative modified atmosphere packaging (MAP) film that significantly enhances the shelf life of mushrooms. This development is particularly relevant for both whole and sliced white mushrooms, as well as a variety of exotic mushrooms. The packaging solution is specifically designed to extend the shelf life of mushrooms as they have high metabolic activity and respiration rates, making them highly perishable with a typically short shelf life of just a few days. This new packaging technology significantly slows down the decay process, reducing the weight loss of the mushrooms and effectively extending their freshness.

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Market Segmentation

“Mushroom Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Button mushroom continues its dominance due to its widespread availability

Button mushrooms are among the most popular mushrooms worldwide and hold the majority of the mushroom market share. They are known for their mild flavour and firm texture, making them a versatile ingredient in various cuisines, and this versatility enhances their demand in both household kitchens and professional culinary settings. Button mushrooms are low in calories and high in nutrients, including B vitamins, selenium, and potassium and are also a good source of protein and fibre. The growing awareness of their health benefits enhances their appeal, especially among health-conscious consumers.

Shiitake mushrooms are anticipated to grow robustly in the foreseeable future as their distinctive taste profile makes them highly sought after in various culinary traditions, particularly in Asian cuisine. Shiitake mushrooms are also popular among vegetarians and vegans due to their meaty texture and rich flavour, making them an excellent meat substitute.

Supermarkets and hypermarkets dominate the mushroom market share due to their convenience and availability of a range of products

The mushroom market is also aided by the rising availability of fresh mushrooms and value-added mushroom products in supermarkets and hypermarkets. Supermarkets and hypermarkets are popular shopping destinations due to their convenience as they offer a wide range of products under one roof, including a variety of mushrooms. This convenience attracts customers who prefer to do all their shopping in one place. These stores typically offer a broad selection of mushrooms and mushroom-based products, ranging from common varieties like button and portobello to more exotic types like shiitake and oyster mushrooms.

The online stores segment is also expected to witness a significant growth as they often offer a broader range of mushroom varieties compared to physical stores and provide convenient delivery options. The range includes varieties like exotic and speciality mushrooms that might not be readily available in local supermarkets. For gourmet cooks or those interested in unique mushroom types, online stores provide a convenient shopping solution.

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Competitive Landscape

The market players are focusing on product innovations and are increasing their research and development investments to explore the potential applications of mushrooms

In June 2021, Monaghan Mushrooms’ innovation arm, MBio, developed a new vegan burger product using mushrooms, which aligns with the growing trend of meat alternatives and plant-based diets.

Other players in the mushroom market include Monterey Mushrooms Inc., and Okechamp S.A., among others. There is a surge in collaboration between market players and private equity investment businesses for a strategic alliance in the agricultural sector, specifically targeting the global mushroom production market. By joining forces, these companies aim to expand their market reach globally. Expertise in mushroom production, combined with the financial and strategic support from investment firms, can enable firms to increase their presence in existing markets and target new ones.

Mushroom Market Analysis by Region

The Asia Pacific mushroom market accounts for a substantial share of the total market value. Mushrooms are an integral part of many Asian cuisines and are used in a wide range of dishes from stir-fries and soups to medicinal teas. The deep-rooted culinary traditions in countries like China, Japan, Korea, and others have historically driven a high demand for various types of mushrooms, both common and exotic. The region is also known for its diversity of mushroom varieties. Apart from globally known types like button and shiitake mushrooms, there are region-specific varieties such as enoki, maitake, and oyster mushrooms.

The demand for mushrooms in Europe is influenced by various factors that shape the market dynamics. In Europe, there is a growing trend towards health-conscious eating and mushrooms are known for their nutritional benefits, being low in calories and rich in proteins, vitamins, and minerals. This makes them popular among health-conscious consumers, contributing to their demand. European cuisine is diverse and rich, with a strong tradition of gourmet cooking. Mushrooms are valued for their unique flavours and textures and are used in a variety of dishes, from simple home cooking to high-end restaurant meals.

Key Highlights of the Report

Mushroom Market Report Snapshots

Mushroom Market Size

Mushroom Market Trends

Mushroom Market Regional Analysis

Mushroom Companies