Mycelium Global Market Report 2024

The mycelium market has grown strongly in recent years. It will grow from $2.86 billion in 2023 to $3.13 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The expansion observed in the historical period can be attributed to several factors. These include increased market acceptance and awareness of mycelium-based products, developments within the regulatory environment that facilitated their growth, advancements in research and development (R&D) efforts, collaborations and partnerships among industry players, and the evolving competitive landscape within the sector.

The mycelium market is expected to see strong growth in the next few years. It will grow to $4.29 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. Anticipated growth in the forecast period can be linked to various factors, including the expansion of markets and global reach, ongoing developments in regulations conducive to growth, innovation in diverse product applications, scaling up production capacities, and concerted efforts in consumer education and awareness initiatives.

The surge in demand from key end users such as the food industry is set to drive robust growth in the mycelium market. This industry encompasses all businesses involved in processing, packaging, and distributing uncooked food. Mycelium, recognized for producing natural flavors, aligns with the increasing consumer preference for natural and sustainable alternatives to synthetic flavors. In 2021, Scotland registered 1,185 companies engaged in food and beverage manufacturing, contributing significantly to Scotland's manufacturing sector with a turnover of $12.5 billion (£10.3 billion) accounting for 33% of the total Scottish manufacturing. Hence, heightened demand from sectors such as food and beverage is fueling the mycelium market's expansion.

The expanding packaging industry is poised to drive substantial growth in the mycelium market. This sector deals with designing, producing, and distributing packaging materials and solutions for product containment, protection, and presentation to consumers. Mycelium, a biodegradable material derived from fungi, resonates with sustainability trends and consumer preferences for eco-friendly packaging. In Germany, the food processing and packaging machinery industry generated €14.8 billion in revenue in 2021, a 7% increase from 2020. Regulatory pressures, corporate sustainability goals, and advancements in mycelium technology are driving its adoption. Its minimal environmental impact and collaborations between mycelium developers and packaging firms further accelerate its integration into mainstream packaging practices.

Embracing technological solutions emerges as a prominent trend in the mycelium market. Leading companies in this sector prioritize technological innovations to solidify their market standing. For instance, Ecovative LLP launched Forager in January 2022, utilizing AirMycelium technology to create fungi-based foams and covers for industries such as fashion and automobiles. Forager provides scalable production of pure mycelium material, offering customizable properties such as density, tensile strength, texture, and form. Its foams and hides cater to varied thicknesses, textures, and finishes, aligning with the high standards of the fashion and garment sectors while boasting biodegradability and minimal environmental impact.

Major companies in the mycelium market are spearheading the development of new skincare products, particularly skin brightening serums, to fortify their market position. Skin brightening serums target issues such as uneven skin tone, dullness, and hyperpigmentation. For instance, Shroom Skincare introduced the Mycelium Glow Brightening Serum in January 2023, incorporating a blend of mushroom extracts and vitamin C for naturally radiant skin. The serum features extracts such as Maitake, Chaga, Reishi, and Cordyceps Sinensis, delivering antioxidant-rich benefits. It combines these with vitamin C and various oils to provide comprehensive environmental defense. Prioritizing sustainability, Shroom Skincare sources ingredients responsibly and ensures its serum is free from harmful elements such as parabens, formaldehyde, and sulfates.

In March 2021, MycoWorks, a US-based company that creates fine mycelium products partnered with High Fashion House Hermès, a US-based luxury goods company. Through this partnership, the company aims to create an innovative mycelium leather alternative bag, the Victoria bag. This bag is an alternative for leather-based bags that are made of made of mycelium, the thread-such as filament structure of fungi.

Major companies operating in the mycelium market report are Four Sigmatic, FreshCap Mushrooms, Ecovative LLC, Mushlabs GmbH, Mycelia NV, MycoWorks, MycoTechnology Inc., Mycotech Lab, Groundwork BioAg Ltd., Magical Mushroom Company, Mushroom Material Limited, Botaniex Inc., Norwegian Mycelium AS, Scelta Mushrooms BV, GROWN bio, MOGU, Nature's Fynd, Prime Roots, Atlast Food Co., Mycorena, Mycovation, EniferBio, Life Cykel, KingHerbs Limited, Gurelan Cooperative, Innomy Labs, Mycelium Solutions, Mycelium Made, Mycelium Emporium, Mycelium Biofabrication.

North America was the largest region in the mycelium market in 2023. The regions covered in the mycelium market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the mycelium market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary product types derived from mycelium include pre-formed products, powders, capsules, tablets, and other related forms. Powdered mycelium refers to finely ground substances obtained from mycelium that can be easily incorporated into food products. It can be dried and processed into a powdered form, often used as food additives or in various applications. Mycelium-derived products, in their diverse nature be it raw or processed. These include applications across multiple industries including food and beverage, packaging, clothing and apparel, animal feed, and various other sectors.

The mycelium market research report provides mycelium market statistics, including mycelium industry global market size, regional shares, competitors with a mycelium market share, detailed mycelium market segments, market trends, and opportunities, and any further data you may need to thrive in the mycelium industry. This mycelium 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 mycelium market consists of sales of mycelium and mycelium-based products, such as natural flavors, textiles, and packaging. 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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