New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Mycelium Global Market Report 2023" - https://www.reportlinker.com/p06466519/?utm_source=GNW
, Norwegian Mycelium AS, Scelta Mushrooms BV, and GROWN bio.
The global mycelium market is expected to grow from $2.61 billion in 2022 to $2.86 billion in 2023 at a compound annual growth rate (CAGR) of 9.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The mycelium market is expected to reach $3.95 billion in 2027 at a CAGR of 8.4%.
The mycelium market consists of sales of mycelium and mycelium-based products, such as natural flavors, textiles, and packaging.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Mycelium is the vegetative stage and type of fungus that forms a network of thread-like structures called hyphae. It plays a crucial role in decomposing organic matter and ecosystem nutrient cycling.
North America was the largest region in the mycelium market in 2022. The regions covered in mycelium report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main product types of mycelium are pre-formed products, powders, capsules, tablets, and others.Powder refers to powdered natural flavoring substances that can be easily mixed into food products, mycelium can be dried and ground into a powder for applications such as food additives.
The various nature includes raw, and processed, used in food and beverage, packaging, clothing and apparel, animal feed, and others.
The increasing demand from end users such as the food industry is expected to propel the growth of the mycelium market going forward.The food industry refers to all businesses that handle the processing, packaging, and distribution of uncooked food.
Mycelium is used in various food products as it can produce natural flavors, and consumers increasingly seek natural and sustainable alternatives to synthetic flavors.For instance, in 2021, according to the Food & Drink Federation, a UK-based organization that represents and advises UK food and drink manufacturers, Scotland registered 1,185 companies that manufacture food and beverages.
Additionally, in the same year, food and beverages turnover accounts for $12.5 billion(£10.3 billion), which is 33% of total Scottish manufacturing. Therefore, the increasing demand from end users such as the food and beverage industry is driving the growth of the mycelium market.
The utilization of technological solutions is a popular trend in the mycelium market.Major companies operating in the mycelium market focus on technical solutions to reinforce their position in the market.
For instance, in January 2022, Ecovative LLP, a US-based mycelium technology company, released Forager to create fungi-based foams and covers for the fashion and automobile markets.Forager includes proprietary AirMyceliumTM technology to generate sheets of pure mycelium material on a commercial scale, with the ability to fine-tune density, form, tensile strength, texture, and other properties.
Forager™ foams and Hides are available in various thicknesses, textures, and finishes.Each component is adjusted for its final application, produced at scale, and biodegradable after its use, meeting the highest standards of the fashion and garment sectors.
The in-hand sensation provides a great alternative to animal or plastic-based materials while minimizing environmental effects.
In March 2021, MycoWorks, a US-based company that creates fine mycelium products partnered with High Fashion House Hermès, a US-based luxury goods company.Through this partnership, the company aims to create an innovative mycelium leather alternative bag, the Victoria bag.
This bag is an alternative for leather based bags that are made of made of mycelium, the thread-like filament structure of fungi.
The countries covered in the mycelium market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The mycelium market research report is one of a series of new reports that provides mycelium market statistics, including mycelium industry global market size, regional shares, competitors with a mycelium market share, detailed mycelium market segments, market trends, and opportunities, and any further data you may need to thrive in the mycelium industry. This mycelium market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466519/?utm_source=GNW
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