Jersey City, NJ, Aug. 01, 2023 (GLOBE NEWSWIRE) -- According to the latest research by InsightAce Analytic, The Mycelium Market Size is valued at 3.14 Billion in 2022 and is predicted to reach 5.99 Billion by the year 2031 at a 7.5 % CAGR during the forecast period for 2023-2031.
The mycelium can be found in single-celled and multi-celled organisms such as yeast and mushrooms. Mycelium is the root structure of mushrooms that comprises branch mass and hyphae. The pure mycelium materials are fully biodegradable and home-compostable, without plastic or fibre additives. These mycelium materials are sustainable alternatives to everything from plastics to leather.
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Factors such as the increasing demand for natural ingredients and flavours in food items, increasing government initiatives to innovate mycelium-based, green and eco-friendly products and packaging solutions is estimated to drive the growth of the Mycelium industry. Moreover, growing efforts towards minimizing the usage of non-degradable materials, rapid adoption of eco-friendly technologies, fast production of flavoured mycelium compared to traditional, time-consuming methods, and the high public preference for organic, natural, plant-based ingredients in food products are expected to offer lucrative market growth opportunities during the projected period. Due to the increasing demand for eco-friendly and sustainable products & packaging, industries look for generating novel biodegradable and recycled materials to sustain themselves in this competitive world of businesses. Thus, increasing the demand for mycelium, which in turn boost the mycelium market.
North America is anticipated to be the major contributor to the mycelium market over the forecast years, followed by Europe due to the high demand for mycelium-based food products and the increasing efforts of companies for developing mycelium materials. In addition, the Asia Pacific regional market is expected to register significant growth during the estimated period owing to the increasing initiatives for innovating mycelium-based products and the rising demand for natural products and eco-friendly packaging solutions.
Recent collaborations and agreements in the market:
- In January 2022, Ecovative, a mycelium materials company, launched Forager, a division focused on designing, marketing, and manufacturing vegan, plastic-free leather-like materials and fungi-based foams for the fashion and automotive industries.
- In March 2021, MycoWorks partnered with luxury brand Hermes to make a version of the Victoria bag. It will be the first product with the use of a mycelium-based leather called Sylvania.
- In November 2020, Bolt Threads partnered with Adidas, Kering, Lululemon and Stella McCartney to launch Mylo material products in 2021.
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Some Of The Key Players In The Mycelium Market:
- Atlast,
- Chinova Bioworks,
- ENOUGH,
- Four Sigmatic,
- co.,
- FreshCap Mushrooms LTD,
- bio,
- Mushlabs GmbH,
- Mycelia NV,
- Meati Inc.,
- Monaghan Group,
- MycoTechnology, Inc.,
- Mycotech Lab,
- MycoWorks,
- Ecovative LLC,
- eniferBio,
- Groundwork BioAg,
- MOGU,
- Mycorena,
- Norwegian Mycelium,
- Mycovation,
- Magical Mushroom Company,
- Mushroom Material,
- Nature's Fynd,
- PRIME ROOTS,
- Quorn,
- Biomyc,
- Mushroom Material,
- Bolt Threads,
- Paradise Packaging Co.
- Scelta Mushrooms,
- Changsha Botaniex Inc.,
- Ecovative,
- KingHerbs Limited,
- Gurelan Cooperative,
- Innomy Labs,
- Life Cykel,
- Michroma,
- MUD/WTR,
- Mycovation
Mycelium Market Report Scope:
| Report Attribute | Specifications |
| Market Size Value In 2022 | USD 3.14 Billion |
| Revenue Forecast In 2031 | USD 5.99 Billion |
| Growth Rate CAGR | CAGR of 7.5 % from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Billion and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By Application, By Nature, By Form |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
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Market Segments:
Global Mycelium Market, by Application, 2023-2031 (Value US$ Mn)
- Food and Beverage Industry
- Packaging Industry
- Clothing and Apparel Industry
- Animal Feed Industry
- Others
Global Mycelium Market, by Nature, 2023-2031 (Value US$ Mn)
- Raw
- Processed
Global Mycelium Market, by Form, 2023-2031 (Value US$ Mn)
- Pre-Formed Product
- Powder
- Tablet and Capsule
Global Mycelium Market, by Region, 2023-2031 (Value US$ Mn)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
North America Mycelium Market, by Country, 2023-2031 (Value US$ Mn)
- U.S.
- Canada
Europe Mycelium Market, by Country, 2023-2031 (Value US$ Mn)
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
Asia Pacific Mycelium Market, by Country, 2023-2031 (Value US$ Mn)
- India
- China
- Japan
- South Korea
- Australia & New Zealand
Latin America Mycelium Market, by Country, 2023-2031 (Value US$ Mn)
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa Mycelium Market, by Country, 2023-2031 (Value US$ Mn)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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