The global mushroom market has witnessed a great development in the recent owing to highly market competition. Growing number of companies and established players focusing consolidating their market presence by getting involved in activities such as distributors in new geographical regions, mergers and acquisitions, and collaborations. Some of the prominent names in the global mushroom market include names such as Okechamp S.A., Costa Group, Monterey Mushrooms Inc., Drinkwater’s Mushroom Ltd., Monaghan Mushrooms, The Mushroom Company, CMP Mushrooms Greenyard NV (Lutece), Shanghai Finc Bio-Tech Inc., and Bonduelle SA. One of the key development in the competitive landscape of the global mushroom market involved Bonduelle Group acquire Ready Pac Foods. This acquisition has led to the generation of revenue over 2 billion euros over the financial year 2016-2017 for the first time in Bunduelle’s history. This surge in turnover is mark of resilience showed by the company despite of adverse market conditions such as drop in consumption in Europe, economic crunch in developing nations, and difficult harvests among others.
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The global mushrooms market stood at an overall valuation of US$34.1 bn in the year 2015. The market is expected to reach the valuation worth US$ 69.3 bn by the end of the mentioned forecast period of 2016-2024. This growth is expected to be achieved at a healthy CAGR of 8.2% during the aforementioned forecast period. The Asia Pacific market for mushrooms is primarily driven by China and estimated to progress with a CAGR of 8.8% during the mentioned forecast period of 2016-2024. However, North America will continue its dominance over the global mushroom market as the region for maximum demand and is estimated to reach valuation of US$23.8 bn along by the fall of 2024.
Advancements in Packaging Technology to Drive Global Mushrooms Market
There has been a tremendous rise in the consumption of refined food and that coupled with increasing awareness among customers about the health advantages of mushrooms is primarily driving the global mushroom market. In addition to this, advancements in packaging technology has considerably enhanced the shelf-life of mushrooms. This has been also a significant driver for the growth in the global mushrooms market. It is also expected that there will be a great demand for processed mushroom such as dried, canned, and frozen.
Production of mushroom-based consumables such as mushroom-based beverages and health drinks and growing acquisitions and partnerships between the prominent market players has played an important part in the developing the mushroom market globally. People around the world have been heavily relying on processed food, imported products, and there has been increasing demand for mushrooms to be used in different food items and beverages in developed economies have considerably impacted the growth of the mushroom market. Also, there are various health benefits associated with the consumption of mushrooms. This factor is also expected to stimulate the market in a positive manner.
Low Shelf Life and Lack of Sturdy Storage Facilities May Hinder Market Growth
Low production rate of mushrooms and lack of proper storage facilities are causing some concern for the global mushroom market to achieve its true potential. This factor is more evident in emerging countries. Moreover, low life on shelf subsequently leads to increased costs of storage and preservation. This may also hinder the development of the global mushroom market. Nonetheless, escalating food markets and food chain in the emerging nations backed with continuous research for yet unknown uses of mushrooms are most likely to open newer avenues for the global mushrooms market.