01, December 2023
In an era where consumers are mindful of the environmental impact of their choices, there is a growing focus on sustainability. This awareness has entered various industries, with consumers increasingly seeking organic and vegan-based products. From packaging to F&B, mycelium has emerged as a versatile choice. For instance, its incorporation in alternate meat, food flavors, and dairy alternatives caters to a rising preference for low-fat, low-cholesterol options. Triton’s report estimates that the global mycelium market is expected to witness growth at a CAGR of 7.66% over the 2023-2030 forecast years.
Additionally, heightened awareness surrounding animal cruelty in product processing and testing, particularly in cosmetics and pharmaceuticals, has led to a global surge in veganism. This shift in consumer preferences is anticipated to drive demand for mushroom-based alternatives, including bacon, steak, and various plant-based products.
Although mycelium initially found significant use in food and beverage products, its utilization has since broadened to various other sectors.
The rising inclination towards organic and natural ingredients has boosted mycelium demand, responding to a growing demand for chemical-free preservatives and flavor enhancers. Mushroom-based products are expanding the horizon of functional foods, aligning with the heightened focus on immunity. Besides, alcoholic and non-alcoholic categories are experiencing a mushroom-based revolution. For example, MUD/WTR, a US-based startup, is crafting coffee powder from mycelium. Several players are also researching to develop mycelium-based fermentation for vegan beer production. For the growing vegan community, mycelium mycoprotein is a game-changer, enabling the industry to embrace vegan raw materials across various consumables. Our estimates indicate that the food and beverage sector dominates the market in terms of application, attaining $1754.92 million in 2022.
In terms of form, pre-formed lead the market in 2022 and is expected to register a CAGR of 7.69% during 2023-2030.
Pre-formed mycelium, when cultivated on organic substrates, assumes diverse forms. Its adaptability lies in the unique binding properties that allow it to develop into various textures resembling food products, packaging materials, etc. In the case of plant-based food, this mold’s blocks are sliced into thin pieces, mirroring the texture and taste of meat, as seen in Atlast’s MyBacon, introduced in 2020.
The packing sector is expected to witness the fastest growth based on application at a CAGR of 7.85% during 2023-2030. Its heavy reliance on Styrofoam and Polystyrene has prompted various countries to fully or partially ban these materials due to environmental pollution. On this front, mushroom-based packaging materials, utilizing agricultural waste like hemp hurds and cotton keels, offer a promising alternative. Stringent regulations on plastics, especially in countries like the US and Canada, are expected to benefit the North America mycelium market.
Further, mycelium’s lightweight nature, ease of production, and versatility make it a cost-competitive alternative to polystyrene foam. Unlike traditional petroleum-based materials, processed mycelium boasts toughness and flame resistance, making it valuable for multiple applications, including packaging. Our estimates indicate processed mycelium is set to be the fastest growing category at 7.73% based on nature over 2023-2030.
The market is experiencing a gradual rise in competition among existing players, a trend that is expected to continue. Competition is primarily fueled by innovation, product distinctiveness, and cost efficiency. Established companies hold a certain advantage due to their technological expertise and established market presence.
In September 2023, Meati opened a direct-to-consumer online storefront to support easy deliveries.
Chinova Bioworks, in June 2023, launched MycoKleer, a vegan fining agent, to improve efficiency during the cleaning process of beverages.
In June 2023, MyForest Foods Co, producer of mycelium-based meat alternatives, raised $15 million in Series A-2 funding to support its growing product distribution.
In May 2023, Chinova Bioworks included its first mushroom fiber in Whole Foods Market’s approved ingredient list.
With the global population surge, the adoption of mycelium-based health products such as protein powders, beverages, and dietary supplements is on the rise. The compound’s diverse bioactive elements, including terpenoids and polysaccharides, contribute to antioxidant, anti-aging, and skin-revitalizing benefits, making it a sought-after ingredient in the cosmetic industry. For instance, companies like Ecovative LLC and Wildsmith Skin have introduced mycelium-based beauty sponges and packaging to reduce plastic usage.
Additionally, consumer preference for plant-based, clean, and organic ingredients in pharmaceuticals has increased. As a result, the pharmaceutical and cosmetic industries are strategically integrating this mold into their portfolios, capitalizing on its widespread acceptance and multifaceted benefits. Overall, the global mycelium market is not only overcoming challenges but also shaping the future of sustainable industries.
The global mycelium market attained $2739.15 million in 2022 and is anticipated to garner $4866.82 million by 2030.
Q2) Mycelium is offered in which forms?There are varied forms of mycelium, including pre-formed, powder, and tablet & capsule.
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