Mycelium Market Size (2023 – 2030)

The Global Mycelium Market was valued at USD 3.22 Billion and is projected to reach a market size of USD 5.31 Billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 7.4%.

The vegetative portion of fungi is called mycelium, and it is made up of branch masses and thread-like structures called hyphae. These are the microbial colonies that can be found in many different substrates, including soil. Mycelium demand is projected to increase as a result of the food industry's growing desire for organic ingredients and flavors, which will enhance the market as a whole. Instead of fermentation using conventional, labour-intensive, and time-consuming methods, significant investments are being made in appealing technological alternatives for the quick synthesis of flavour-infused mycelium. A fungi-like organism called mycelium provides the entire environment with a number of advantages. Yeast and mushrooms are examples of multicellular creatures that contain the mycelium. This is crucial to the process of breakdown.

Global Mycelium Market Drivers:

Increasing awareness among people using sustainable materials is augmenting the demand for Mycelium-based Materials globally:

Consumers who care about the environment are becoming more interested in mycelium-based materials as a sustainable alternative to conventional materials like plastic and leather. Materials made from mycelium are vegan and made from plants, making them a preferred option for customers that live a plant-based lifestyle. Mycological and biotechnological developments have made it possible to create brand-new, cutting-edge mycelium-based goods like fabrics, packaging, and building materials.

Increasing Demand for Mycelium-Based Products across several sectors is boosting market growth:

Lightweight, strong, and biodegradable mycelium-based packaging materials are an appealing replacement for conventional packaging materials like plastic and styrofoam. Traditional animal-based items can be replaced with leather and other materials made from mycelium, which is both cruelty-free and environmentally friendly. Governments all across the world are enacting laws and providing incentives to encourage environmentally friendly behaviours and lessen the usage of conventional materials that are bad for the environment. The demand for goods made from mycelium is anticipated to increase as a result in the upcoming years.

Global Mycelium Market Challenges:

As a still-emerging technology, mycelium-based products can be costly to produce in comparison to more established materials. This may reduce the price appeal of mycelium-based goods. Mycelium-based materials can take a long time to produce and are challenging to scale up for large-scale commercial manufacturing, which could reduce their availability and drive up their price. Although there is a growing need for eco-friendly and sustainable products, many customers are still unaware of the advantages of mycelium-based materials. It can be difficult for businesses to negotiate the requirements and secure the required certifications because the regulatory environment for mycelium-based products is still developing. Despite the many advantages of mycelium-based materials, there are still certain technical hurdles to overcome, such as their short lifespan and the difficulty in acquiring specific characteristics, such as water resistance.

Global Mycelium Market Opportunities:

Packaging, textiles, and building materials are just a few examples of the many uses for mycelium-based materials. By creating new mycelium-based products, businesses can diversify their product lines and target new consumers. Collaboration between businesses that produce mycelium-based materials and other sectors of the economy can result in ground-breaking fixes and new markets. For instance, working with fashion designers or architectural firms can result in the development of new goods and services. Continued research and development spending may result in new discoveries and advancements in mycelium-based material technology, which may enhance the scalability, toughness, and affordability of these materials. Consumer awareness of mycelium-based materials and their advantages can be raised through marketing and educational initiatives, which will enhance demand for these goods.

COVID-19 Impact on the Global Mycelium Market:

The COVID-19 pandemic had less of an effect on mycelium goods because they are not commercially available. In the near future, it is projected that the growing veganism trend will favourably affect the mycelium industry. Mycelium offers low calories and therapeutic qualities that work to strengthen the immune system. As a result, it is anticipated that throughout the post-pandemic period, demand and consumption for this commodity will rise.

Global Mycelium Market Recent Developments:

• In March 2022, the leading manufacturer of mycelium-based materials Ecovative Design announced a collaboration with Alphamushrooms to increase production and introduce its goods to the Indian market.
• In January 2022, Mycelium-based textile manufacturer Bolt Threads revealed that it has teamed up with Adidas to develop a new range of environmentally friendly running shoes.
• In August 2021, Mycelium-based protein producer Nature's Fynd declared that it had raised $350 million in finance to expand its business and advertise its goods.

MYCELIUM MARKET REPORT COVERAGE:

Global Mycelium Market Segmentation: By Nature

• Natural Mycelium

• Genetically Modified Mycelium

Natural mycelium is produced without the use of chemicals or genetic engineering and is cultivated in a natural environment. Mycelium-based meat replacements are just one example of the food products that frequently contain this type of mycelium.

Genetic engineering techniques are used to construct genetically modified mycelium in order to improve specific traits like growth rate, durability, or manufacturing output. When producing things like packaging and textiles, where qualities like strength and durability are crucial, this type of mycelium is frequently used.

Global Mycelium Market Segmentation: By Application

• Packaging

• Textiles

• Food and Beverages

• Construction

• Health and Beauty

• Others

Lightweight, strong, and biodegradable mycelium-based packaging materials are an appealing replacement for conventional packaging materials like plastic and styrofoam. As people become more aware of the negative effects that conventional packaging materials have on the environment, this market is anticipated to increase significantly over the next several years. Mycelium-based textiles can be used for a variety of purposes, including clothing, upholstery, and home furnishings. As customers' interest in eco-friendly and sustainable textiles increases, this market is predicted to expand. Consumers that are interested in plant-based diets and sustainable food options are increasingly buying mycelium-based food products, such as protein supplements and meat alternatives.

Global Mycelium Market Segmentation: By End-User

• Food and Beverages

• Healthcare

• Cosmetics and Personal Care

• Packaging, Textiles

• Construction

• Others

A sizable portion of mycelium-based goods, such as meat alternatives, protein supplements, and other food additives, are consumed by the food and beverage sector. The market for food products derived from mycelium is anticipated to rise as consumers become more health-conscious and interested in plant-based diets. Another important end market for mycelium-based products is the healthcare sector, which also uses them to make medical devices, medication delivery systems, and wound healing solutions. Mycelium is a promising material for usage in healthcare applications due to its biocompatibility and biodegradability. In the cosmetics and personal care sector, mycelium-based products are utilized for applications like skincare and haircare. The market for mycelium-based products in this sector is anticipated to rise as customers' interest in natural and eco-friendly beauty products increases.

Global Mycelium Market Segmentation: By Region

• North America

• Europe

• Asia Pacific

• Rest of the World

Holding Europe and Asia-Pacific in close competition, North America emerged as the region with the biggest market share for mycelium. The increased use of mycelium in these areas is considerably fuelled by the growing demand for common-based goods and the expanding food and beverage industry. Additionally, buyers who are concerned about their health contribute to the growing interest in mycelium globally. In essence, North American Market is paying close attention to the ideal names and their benefits, which helps the assembly of naturally produced food flavors like mycelium. Locales in Europe and the Asia-Pacific region have focused on the enormous interest in the inventive work of various mycelium creation procedures, which require less serious and laborious work. 

Global Mycelium Market Key Players:

1. Ecovative Design LLC

2. MycoWorks Inc.

3. Mogu S.r.l.

4. Meati Foods

5. Nature's Fynd

6. Ecovative Europe GmbH

7. Biohm

8. Green Island Growers