Press Release

Mycelium Market Is Estimated To Record a CAGR of Around 27.5% During The Forecast Period

Evolve Business Intelligence has published a research report on the Global Mycelium Market, 2023–2033. The global Mycelium market is projected to exhibit a CAGR of around 27.5% during the forecast period of 2023 to 2033.

Evolve Business Intelligence has recognized the following companies as the key players in the global Mycelium Market: Biomyc Limited, Bolt Threads Corporation, Chinova Bioworks Ltd, Ecovative LLC, Four Sigmatic Cop, FreshCap Mushrooms LTD, Groundwork BioAg Corporation, Guerlain Cooperative, Innomy Labs, KingHerbs Limited.


Market Highlights

The Mycelium market is projected to be valued at USD 0.94 Billion by 2033, recording a CAGR of around 27.5% during the forecast period. Mycelium is the vegetative and often underground part of a fungus, consisting of a vast network of thread-like structures called hyphae. It serves as the main body of the fungus, responsible for nutrient absorption and distribution. Mycelium plays a crucial role in the decomposition of organic matter, forming symbiotic relationships with plants, and can give rise to mushroom fruiting bodies under the right conditions. Its extensive network and ability to break down complex organic compounds make it a key player in nutrient cycling and the ecology of various ecosystems.

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The COVID-19 pandemic unexpectedly catalyzed a positive impact on the Mycelium market as it brought heightened awareness to the importance of sustainable and eco-friendly alternatives. With the pandemic highlighting vulnerabilities in global supply chains and increasing concerns about environmental sustainability, mycelium-based products, such as packaging materials and even lab-grown meat substitutes, gained traction. Consumers and businesses began to prioritize biodegradability and reduced environmental impact, driving demand for mycelium-based solutions. This shift in mindset, combined with innovative developments in microtechnology, led to a surge in investment and market growth for mycelium-based products, positioning them as promising and sustainable alternatives in various industries.

Segmental Analysis

The global Mycelium market has been segmented based on Form, Application, and region.

Based on the Form, the Mycelium market is segmented based on Pre-formed, Powder, and Capsules. Pre-formed is expected to have the largest market share throughout the forecast period, while Powder is expected to grow at the fastest rate.

Based on the Application, the global Mycelium market has been divided into the Animal Feed Industry and the food and beverage Industry. The Animal Feed Industry segments are anticipated to dominate the market.

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Regional Analysis

The Mycelium market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. North America, the growth is fueled by robust consumer demand for eco-friendly products and a thriving research ecosystem. Europe benefits from stringent environmental regulations and a well-established circular economy, driving sustainability initiatives. The Asia-Pacific region capitalizes on its growing population, increasing environmental awareness, and emerging economies’ investments in green technologies. In Latin America, rich biodiversity and sustainability efforts in agriculture and forestry play a pivotal role. The Middle East focuses on sustainability due to resource scarcity, while Africa’s untapped mycelium resources and biodiversity present exciting prospects for market growth, especially in conservation and sustainable practices.

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