Research Reports
Edible Fungus Market Grow At Exceptional Rate During 2021 To 2031
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The edible fungus market is set to grow at 8.5% CAGR by 2030, driven by modern farming and demand for meat alternatives. COVID-19 has shifted consumer preferences towards mushrooms.
The global edible fungus market size is expected to reach US$ 1356.6 Mn by the end of 2030. The market is forecast to rise at 8.5% CAGR between 2020 and 2030. According to the report, the market would gain from adoption of modern and advanced farming techniques by farmers. Edible fungi have many of the nutritional characteristics commonly found in meat, beans or grains. With an increasing number of consumers looking for meat alternatives, the demand for edible fungus is expected to rise. The report offers an exhaustive overview of the factors enabling growth in the market. It also studies in detail restrains to growth.
Increasing awareness about health benefits of various types of edible fungus is driving the market. Increasing interest in plant-based products and changing consumer preferences in favour of meat alternatives will support growth as well. Consumption of Shiitake mushroom for instance is considerably high in Southeast Asian and European countries. As per studies, the demand for this variety of mushroom will increase at a steady pace in the forthcoming years.
The recent coronavirus outbreak is changing consumption preferences for consumers. People are unlikely to buy meat products and are turning to alternatives like mushrooms. This could be a result of various rumours linking meat consumption and the spread of the virus. Also lockdown imposed is likely to have a significant impact on the market. For example, lockdowns in Asia-Pacific meat and seafood markets would result in people buying mushrooms as they taste similar, due to the increase in demand.
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Change in Eating Pattern Due to COVID-19 Outbreak will Impact Growth
In recent months, exports of goods and items from China have been affected due to the outbreak of coronavirus. The rate at which the virus engulfed the world compelled governments to enforce extended lockdown. The ongoing restrictions have thrown global supply chains into chaos. Given the labour strength of the production activities, the biggest obstacle in the edible fungus market is decelerated demand. Therefore, the companies are implementing various measures to ensure the safety of employees and to minimize contact between them. Sales to wholesalers operating with HoReCa are adversely affected, which is offset to an extent by increase in retail sales. As a result, demand for packaged mushrooms is rising, which has a positive effect on the edible fungus market.
Who is Winning?
Some of the major edible fungus brands are Agro Dutch Industries Ltd., BioFungi GmbH, California Mushroom Farms Inc., Monaghan Mushrooms, Highline Mushrooms, Scelta Mushrooms BV, Nasza Chata, Banken Champignons B.V. The growing demand for edible fungus led to increased investment by key players and government to step up the cultivation of edible fungus is a significant growth driver of the global market share of edible fungus. Additionally, mergers and acquisitions continue to be a common strategy among market players. Through strategic cooperation companies plan to broaden their regional footprint.
EDIBLE FUNGUS MARKET TAXONOMY
The global Edible Fungus Market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
Product Type
Application
Region
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EDIBLE FUNGUS MARKET – KEY RESEARCH FINDINGS
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The article discusses the growth of the global edible fungus market, projected to expand significantly by 2030.
The adoption of modern farming techniques and increased demand for meat alternatives are key growth drivers.
COVID-19 has shifted consumer preferences towards mushrooms due to concerns over meat consumption.
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