XploreMR recently published a latest mushroom market assessment study. According to the comprehensive analysis, the mushroom market is anticipated to grow at robust CAGR of more than 9% over the forecast period. The mushroom market study indicates that the market is estimated to be valued at nearly US$ 30 Bn by in 2019, and is expected to reach a valuation of US$ 65 Bn by the end of the assessment period.
A variety of mushrooms available on the market including shiitake mushroom, cremini mushroom button mushroom, portobello mushroom, oyster mushroom, and others are widely used in food service restaurants, food processing industry, and households for culinary applications. Moreover, the substantial processed food consumption worldwide is pushing the consumption of mushroom as a key ingredient, thereby fostering the market growth. Consequently, there is rise in the distribution and availability of mushroom-based products, resulting in profitable avenues for mushroom providers.
Fresh Mushroom Category to Maintain Market Dominance
When segmented according to the product type segment, there is significant dominance of the button mushroom type anticipated by the XploreMR study. The study reveals that nearly 4 in 10 mushrooms consumed globally are likely to be button mushrooms in 2019.
On the basis of form, the global mushroom market is segmented into processed and fresh, out of which the fresh mushroom category is estimated to showcase major dominance on account of the consumer inclination towards fresh food products over processed ones. The mushroom market is segmented into retail outlets, food processing industries, and food service restaurants on the basis of end use. According to the XploreMR study, the retail end use segment is predicted to record a considerable market value share of more than 55% in 2019.
Asia Pacific to Hold Key Opportunities with Significant Production and Consumption of Mushrooms
Europe and North America are estimated to remain significant regional markets for mushrooms owing to the increasing preference for healthy foods, growing health and wellness trend, and the growing popularity of specialty foods witnessed across the regions. Furthermore, the concentration of leading players and the robust research and developments activities undertaken along these regions, thereby offering strong prospects for mushroom market players.
Despite the considerable performance of the said regions, Asia Pacific will continue to record maximum share in the mushroom market throughout the period of assessment, as stated by the study. This major market share is a result of the presence of China in the region which has the largest mushroom production and consumption. A number of significant regional and local mushroom growers and producers are located in China are addressing the significant rise in the demand from consumers in the region.
Providers Focus on Offering Innovative Convenient Products with Extended Shelf-life
Mushroom growers and manufacturers are emphasizing on product positioning and product innovations with the introduction of new packaging formats and techniques of preservations, in an attempt to deliver convenient foods with extended shelf-life. Mushroom manufacturers are adopting a consumer-centric approach, on account of which they are understanding the taste and nutritional preferences of consumers to provide consequent products. They are also centering their efforts towards upscaling the manufacturing capacity to meet the robust demand for mushroom among the health conscious consumers. XploreMR reveals that mushroom manufacturers are undertaking significant strategies to differentiate themselves from the competition. Key factors taken into consideration by manufacturers and growers include adherence to ethical distribution and good production practices, and ensuring superior product quality.
The extensive market study by XploreMR profiles the prominent companies operating in the global mushroom market which include Commercial Mushroom Producers Ltd, Bonduelle SA, The Mushroom Company, Greenyard NV, Shanghai Finc Bio-Tech Inc., Monterey Mushrooms Inc., Monaghan Mushrooms Ireland Unlimited Company, Okechamp S.A., Weikfield Foods Pvt. Ltd., Costa Group Holdings Ltd., Hughes Mushroom, and Drinkwater Mushrooms Ltd.