Mycelium Market Research Insight 2022| Industry Development – Growth Opportunities in Future, Revenue Forecast Up to 2030

InsightAce Analytic Pvt. Ltd. has announced the publication of a market research report titled “Global Mycelium Market by (Application (Food and Beverage Industry, Packaging Industry, Clothing and Apparel Industry, Animal Feed Industry, and Others By Application), Nature (Raw and Processed), Form (Pre-Formed Product, Powder, and Tablet And Capsule))  – Market Outlook and Industry Analysis 2030” According to company’s newest research, the global Mycelium Market is worth US$ 2.95 Billion in 2021 and is predicted to reach US$ 5.49 Billion in 2030, with a promising CAGR of 7.3 % between 2022 and 2030.

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The integration of living systems into material science for the purpose of synthesizing functional materials from biological resources has received considerable attention over the last couple of decades. For instance, mycelium-based fungal materials are produced by growing the vegetative portion of mushroom-forming fungi on a variety of organic substrates. These fungi are well-known for degrading agricultural wastes such as straw and sawdust.

Mycelium refers to the hyphal mass or network of hyphae that form the fungus’s body (thallus). The mycelium of parasitic fungi grows on the host’s surface and spreads between cells, referred to as intercellular mycelium. The pure mycelium materials are entirely biodegradable and compostable at home without plastic or fibre additives. Additionally, mycelium-based materials are lightweight and biodegradable, making them a more environmentally friendly option than petroleum-based packaging materials. These mycelium materials are a more sustainable alternative to plastics and leather. Biocomposite materials derived from mycelium have been developed and are being widely applied in various fields, including construction, manufacturing, agriculture, and biomedicine.

Market Dynamics:

Mycelium is lightweight, easy to mould, and inexpensive to produce – all of which are desirable characteristics for packaging materials. These characteristics also contribute to mycelium’s cost competitiveness with polystyrene foam, a long-established and dependable material used in all aspects of high-throughput material delivery. The market is primarily driven by increasing efforts to minimise the use of non-biodegradable materials, rapid adoption of eco-friendly technologies, and increased government initiatives to innovate mycelium-based products. Increased emphasis on unique flavour in processed foods and beverages, as well as a growing preference for organic and natural ingredients and flavours in food products, are also expected to create significant growth opportunities over the forecast period.

North America is expected to dominate the mycelium market in the coming years, followed by Europe, owing to the high demand for mycelium-based food products and companies’ increasing efforts to develop mycelium materials. Additionally, the Asia Pacific regional market is expected to expand significantly during the forecast period, owing to growing initiatives for the development of mycelium-based products and rising demand for natural products and eco-friendly packaging solutions.

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Key Developments:

• In March 2022, Ecovative and Vivobarefoot announced a joint research collaboration. Vivobarefoot and PANGAIA will join the Fashion for Good Cooperative through collaborative research, collaborating directly with the Ecovative team to co-develop custom mycelium materials for their respective footwear and fashion products. Vivobarefoot and PANGAIA are collaborating on research to develop a line of fungus-based, petroleum-free foams and hides for their products.
• In Jan 2022, Ecovative established Forager; a division specialising in designing, marketing, and manufacturing vegan, plastic-free leather-like materials and foams for the fashion and automotive industries. ForagerTM Hides and ForagerTM Foams are composed of mycelium, fungi’s filamentous ‘root structure.’
• In Jan 2022, MycoWorks raised $125 million in Series C financing to fund the construction of a manufacturing plant capable of scaling up the production of its flagship product Reishi.
• In Jan 2022, Atlast Food Co. officially changed its name to MyForest Foods Co. The company’s transformational new name is consistent with its mission to contribute to a healthy future by developing delectable mycelium-based foods. MyBacon (R) Strips, the brand’s flagship product and the world’s first whole-cut, plant-based bacon, will continue to be produced, with additional products in development.

The following key companies are engaged in the Mycelium market:

Atlast, Chinova Bioworks, ENOUGH, Four Sigmatic, Forij.co., FreshCap Mushrooms LTD, Grown.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 among others.

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