Global Mushroom Market to Breach 69 Billion Dollar Mark by 2024
Albany, NY -- (SBWIRE) -- 12/24/2018 -- According to an up to business intelligence report developed by Transparency Market Research (TMR), the demand in the global mushroom market will increment at a formidable CAGR of 8.2% during the forecast period of 2016 to 2024, by the end of which the market is estimated to produce opportunities worth US$69,267.9 million.
Market numbers have been estimated based on data available from Food and Agricultural Organization (FAO) website, and extensive secondary and primary research, average pricing of mushroom by form type and the revenue is derived through regional pricing trends. Market size and forecast for each segment have been provided in the context of global and regional markets. The mushroom market has been analyzed based on expected demand. Prices considered for the calculation of revenue are average regional prices obtained through primary quotes from numerous regional mushroom manufacturers, suppliers, and distributors.
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Based on product type, the mushroom market has been segmented into oyster mushrooms, shiitake mushrooms, and button mushrooms, whereas form-wise, the market has been bifurcated into fresh and processed, which has been further sub-segmented into frozen, dried, and canned. The report has also taken stock of the potential of demand that will be forthcoming from the end users: retail outlets, food processing, and food services. Geographically, the developed country of the U.S. is anticipated to sustain North America as the region of maximum profitability. As of 2016, the region produced more than one third of the global demand for mushrooms.
All key end users have been considered and potential applications have been estimated on the basis of secondary sources and feedback from primary respondents. Country demand patterns have been considered while estimating the market for various end users of mushroom and its related products in the different regions. Top-down approach has been used to estimate the mushroom market by regions. Global market numbers by type, form and application have been derived using the bottom-up approach, which is cumulative of each country's demand. Company-level market share has been derived on the basis of revenues reported by key manufacturers. The market has been forecast based on constant currency rates.
Global mushroom market is estimated to be worth US$69,267.9 million by 2024
Consumers' willingness to move beyond the dependency on meat products is driving demand
Low shelf-life of the product is restraining the market's prosperity
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Increased Demand for Processed Food Augurs Well for Future
Some of the key factors that are expected to reflect positively on the mushroom market are: increasing consumption of processed foods, rise in consumer awareness regarding health benefits of the vegetable products, and investment by food industry players to cater to large audiences with innovative packaging, which also increments the shelf-life of the products. Additionally, rigorous research and development activities are currently underway to harness the possible applications of mushrooms, which will further fuel the market. On the other hand, strikingly low shelf-life of mushrooms, lack of proper process management, and lack of consumer awareness are obstructing the market from flourishing. Nevertheless, growing concerns of obesity is expected to lure newer consumers who want to reduce meat consumption, and open new opportunities in this market.