Global Edible Fungus Market Overview
The Global Edible Fungus Market size is estimated to reach $3,556 million by 2027. Furthermore, it is poised to grow at a CAGR of 4.5% over the forecast period of 2022-2027. Fungi are the second most varied life-form group and it is estimated that there are more than 2000 edible species belonging to 30 fungal genera on a global scale. The most cultivated fungi are mushrooms which show nearly 32% of the total world production. They aid in the improvement of metabolism and the reduction of cholesterol as it has antioxidant properties. Edible fungus is also used as a medicine, as it has been shown to reduce the risk of cardiovascular disease driving the global edible fungus market. Edible fungus is a type of macrofungus that produces edible fruit and meat. Edible fungus is a source of dietary fiber as well as contains a nutritional value and is taken for the numerous health benefits it offers. Edible fungus growth not only aids in the recycling of agricultural waste but also fills a nutritional deficit that exists among a big population. Government industrial strategy and creative innovation have recently boosted research and other efforts aimed at cultivating edible fungi. Shiitake is also known as edible fungus which helps to reduce the risk of HIV, common cold, flu, and many more. Also, the large fruiting bodies are also known as fungi. Oyster edible fungi is one of the most consumed fungi in the world. Today, the global production of edible fungi is estimated to be over 27,000,000 tons. The rising trends of consuming healthy food and surging investment in R&D to improve commercial cultivation are some of the factors driving the global edible fungus Industry forward in the projected period of 2022-2027.
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Global Edible Fungus Market Segment Analysis – By Application
The global edible fungus market based on the application can be further segmented into Button Mushroom, Shiitake Mushroom, and Oyster Mushroom. Button mushroom held a dominant market share in the year 2021. In the global edible fungus market, button mushrooms are used to make salads, sandwiches, burgers, and pizzas, among other foods. Button mushrooms can grow in temperatures as high as 40 degrees Celsius, so they are also viewed as a major approach for sustainable food production. Demand is increasing as people become more aware of the importance of eating well. Some of the factors fueling this segment’s growth include a rise in the number of restaurants that offer vegetarian options. Moreover, the total production of button mushrooms is the highest, with a share of about 73% of total edible fungus production.
However, Shiitake is estimated to be the fastest-growing, with a CAGR of 5.1% over the forecast period of 2022-2027. Because of its numerous health benefits, such as better immune systems and reduced inflammation, the shiitake mushroom adoption has been growing. The growing knowledge of the benefits of eating edible fungus in more than just salads and soups is driving up demand for these mushrooms.
Global Edible Fungus Market Segment Analysis – By Distribution Channel
The global edible fungus market based on distribution channels can be further segmented into Supermarkets, Specialty Retailers, Convenience Stores, and E-Commerce. Supermarkets held a dominant market share in the year 2021. It is owing to various factors such as increased consumer awareness of health benefits which will lead them to purchase more produce and the availability of many species of mushrooms, which means there are options to satisfy every taste requirement. Over the next decade, these factors are expected to drive this segment’s growth. This application is applicable to all retail establishments, including supermarkets and hypermarkets.
However, E-commerce is estimated to be the fastest-growing, with a CAGR of 5.7% over the forecast period of 2022-2027. Recently, people are preferring to buy products online as they don’t have enough time to visit shops owing to their busy schedule. In today’s generation, technology is advanced so people are using more online channels to buy a variety of products. In an online sales channel, there are suitable options for every taste requirement so, it becomes easy for customers to choose according to their needs. This factor gives rise to the adoption of e-commerce in day-to-day life.
Global Edible Fungus Market Segment Analysis – By Geography
The global edible fungus market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. Asia-Pacific held a dominant market share of 45% in the year 2021 as compared to its other counterparts. It is owing to Consumption of edible fungus is expanding at a rapid rate in Asian countries such as India, Japan, and others, owing to increased mushroom production, import, and export. Farmers increasing adoption of sophisticated farming practices is projected to improve the edible fungus market in this region in the future. As China is the world’s greatest mushroom producer, thus its per capita intake of edible fungus is higher than in any other region. China has a wealth of natural resources that are ideal for growing edible fungus. In 2019, the industry generated 38.6 million tonnes of fungus. More than 70% of the world’s edible fungus are produced in this way.
Global Edible Fungus Market Drivers
Rising number of health-conscious people have readily aided the market growth
People are becoming more conscious of their health as well as following a balanced diet that plays a significant part in regular body functioning and maintaining health, which has led to an increase in the consumption of edible fungus in recent years. The global edible fungus market is predicted to rise at a faster rate due to rising demand for low-fat, low-cholesterol foods that are high in minerals like selenium, potassium, vitamins, and other micronutrients. The commercial production and distribution of edible fungi have developed dramatically as the worldwide edible fungus business has grown. According to researchers, the consumption of edible fungus such as mushrooms is expected to reach 20.8 million by 2026 which is further expanding the growth of the edible fungus market.
Growing vegan population is set to drive the growth of the edible fungus market
Growing consumer interest in plant-based products and shifting customer attitudes towards meat substitutes helps to develop the industry. Recently, the vegan population increased by 40% in 2020 which gives rise to the adoption of plant-based products and thus increasing the need for edible fungus products. Companies are also focusing on manufacturing products that are vegan-based as people are looking for more plant-based products. In 2020, the sales of plant-based products increased by 27% which further surged the demand of the global edible fungus market.
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Global Edible Fungus Market Challenges
High cost of edible fungus is impeding the market growth
The cost of edible fungus increases owing to high fluctuation in prices of raw material required for the production of edible fungus. Sometimes, depending on the season the prices of edible fungus vary. Recently, white truffle becomes one of the most expensive edible fungi and are available up to US$3,000 per kg. Owing to such reason, people are not able to buy edible fungus which hampers the market growth.
Global Edible Fungus Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the market. Global Edible Fungus top 10 companies include:
In February 2022, Monterey Mushrooms, is introducing a novel product line including organic complete spectrum and Mycelium Plus mushroom powders for application as constituents by food and supplement makers. This nutraceutical product line is an expansion of their all-natural Just Mushrooms Vitamin D2 powder line, which they have been manufacturing for more than 10 years. The Monterey team’s expansive scientific expertise and technical manufacturing knowledge, apparent in establishing and generating their patented mushroom strains, were completely used in establishing this amazing product line.
In November 2021, Farmmi announced a new multi-product order for its popular dried black fungus and whole dried mushrooms. The health and nutrient benefits, rich flavor, and ease of use are helping to drive demand. The continuous sales of these products increase the profit growth of this company.
In March 2020, Atlast Food Co. launched meatless bacon from mushroom mycelium that contains various additional nutrients and thus increasing the sales of edible fungus.
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