Oyster Mushroom Market Report 2024

The oyster mushroom market size has grown strongly in recent years. It will grow from $49.1 billion in 2023 to $52.39 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth observed in the historic period can be attributed to factors such as the extension of shelf life for mushrooms, rising demand for organically grown products with high nutritional value, increasing urbanization, and the busy lifestyles of people worldwide.

The oyster mushroom market size is expected to see strong growth in the next few years. It will grow to $69.01 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The anticipated growth in the forecast period can be attributed to several factors include the growing appeal of the mushroom market, increasing popularity of vegetarian diets, rising demand specifically for oyster mushrooms, a surge in interest for functional foods due to the health benefits linked with consuming oyster mushrooms, and escalating demand for plant-based proteins. Major trends expected in this period include advancements in packaging and processing technologies, innovations in cultivation techniques, biotechnological advancements aimed at disease resistance, the use of sustainable substrates, and developments in automated cultivation systems.

The increasing popularity of veganism is expected to drive the growth of the oyster mushroom market in the future. Veganism, a lifestyle that excludes all animal products and promotes cruelty-free and sustainable practices in food, clothing, and other aspects, has gained traction due to various reasons including health benefits, animal welfare concerns, environmental considerations, culinary innovations, endorsements by celebrities and influencers, cultural shifts, economic factors, and improved availability of vegan products. Oyster mushrooms are valued for their nutritional profile, versatility, and sustainability, making them a favored choice for vegans. For example, as reported by the Plant Based Foods Association in December 2021, plant-based food sales in the US increased by 6.2% in 2021 following a record-breaking growth year in 2020. Thus, the rising popularity of veganism is a significant driver behind the expansion of the oyster mushroom market.

Major companies in the oyster mushroom market are actively innovating by developing new products such as burgers and sausages to meet the growing consumer demand for plant-based and sustainable food choices. These products utilize Hooba, an ingredient derived from oyster mushrooms known for its ability to create healthier and flavorful meat alternatives. Hooba contains proteins and essential micronutrients including antioxidants, vitamins, and minerals found in oyster mushrooms. For instance, in May 2024, Myco Foods, a UK-based food company, introduced its inaugural line of burgers and sausages made from their proprietary Hooba protein sourced from oyster mushrooms. The company asserts that Hooba has been validated in taste tests as virtually indistinguishable from real animal meat, appealing to meat-eaters interested in sustainable plant-based options.

In July 2022, Ethical Naturals, a US-based manufacturer specializing in botanical extracts, collaborated with Nammex to introduce a novel series of formulated ingredients called Mushroom-Plus. This partnership combines Nammex's proficiency in organic mushroom extracts with Ethical Naturals' proprietary ingredients to develop mushroom-based functional ingredients tailored for specific health and wellness benefits. Nammex, based in Canada, is recognized for its expertise in providing oyster mushrooms and other organic mushroom extracts.

Major companies operating in the oyster mushroom market are Monterey Mushrooms LLC, Nammex, South Mill Mushroom Sales Inc., Amax NutraSource Inc., Ceres Solutions Ltd., Country Fresh LLC, Bio-Botanica Inc., Fungaia Farm, Mushroom Company, Hunan Huacheng Biotech Inc., Hoopers Island Oyster Co., Phillips Mushroom Farms L.P., Bristol Botanicals Ltd, Xi'an Greena Biotech Co. Ltd., Qingdao Dacon Trading Co., Optimi Health Corp., Highline Produce Limited, Gourmet Mushrooms Company, Mushroom Science, Traveler Produce LLC, Urban Farm Co., Enviro Mushroom Farm Inc., Maritime Gourmet Mushrooms Inc., Valley Mushrooms, Champag Inc.

Asia Pacific was the largest region in the oyster mushroom market in 2023. The regions covered in the oyster mushroom market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the oyster mushroom market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Oyster mushrooms, scientifically identified as Pleurotus ostreatus, are a variety of edible fungi typically found in temperate and subtropical forests worldwide. They are named for their cap resembling an oyster and are prized in culinary circles for their delicate, anise-like flavor and tender texture. In their natural habitat, oyster mushrooms grow in clusters on decaying hardwood trees, but they are also extensively cultivated for culinary purposes.

There are several main types of oyster mushrooms, including pearl oysters, blue oysters, golden oysters, pink oysters, phoenix oysters, and king oysters. Among these, pearl oyster mushrooms (Pleurotus ostreatus) are the most commonly encountered variety. Oyster mushrooms are available in both fresh and processed forms, distributed through various channels such as hypermarkets, supermarkets, convenience stores, specialty shops, online sales platforms, as well as medical and other distribution channels.

The oyster mushroom market research report is one of a series of new reports that provides oyster mushroom market statistics, including oyster mushroom industry global market size, regional shares, competitors with an oyster mushroom market share, detailed oyster mushroom market segments, market trends, and opportunities, and any further data you may need to thrive in the oyster mushroom industry. This oyster mushroom market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The oyster mushroom market consists of sales of fresh oyster mushrooms, canned oyster mushrooms, dried oyster mushrooms, oyster mushroom powder, and oyster mushroom chips. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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