Mycelium is a vegetative branched-like structure of mushrooms. The fibrous solid structure of the mycelium can be treated with lignocellulosic materials at specific temperatures and pressure, to further manufacture products such as food and beverage, packaging, clothing, and other miscellaneous products. Mycelia are finger-like shapes that develop outward, such as roots, to seek water and nutrients to meet the fungi body's requirements. Mycelia have masses known as Shiro, and these fungal colonies are situated underneath or on the soil surface. Mycelia can easily move through the soil or other surface due to rigid wall structure. Mycelium has a solid fibrous structure that can be utilized to produce materials such as clothing, food, construction, and packaging. It can be used to prepare materials such as leather, edible plant-based steak, and serve as an alternative to plastics. Moreover, this fast-growing mycelium can be a great alternative to styrofoam, which is being banned slowly in most countries due to its harmful effects on the environment. Mycelium is biodegradable, sustainable, and renewable, which means mycelium production is inexpensive and will be highly adopted in the future. Mycelium has various applications such as preventing food spoilage, increasing the shelf life of food packaging, and increasing immunity and oxygen levels in the body. The fungus is inoculated in a mold and dried to stop further mycelium growth. Depending on its end use, the dried mycelium can be molded into various shapes and forms such as powder, tablet, or capsule. Therefore, the fungi can be consumed in multiple forms depending on the requirements. The mushroom’s room structure can be processed and commercialized into either raw or processed based on nature. The raw mycelium includes the vegetative part of the mycelium, which consists of the plant seeds, commonly known as spawns. Processed mycelium is treated under specific temperature and pressure and further used for construction, preparing apparel from mycelium leather, and food packaging. As mycelia can be molded into different shapes, the mycelium foam base can be used extensively in various applications such as animal feed, apparel, food and beverages, and packaging industries. The rising customer preference toward organic and pure ingredients and flavors in food and beverage products is also expected to boost the mycelium market in the future.
The global mycelium market is expected to grow in the coming years owing to increased government regulations for novel food. For instance, the commission regulation in Europe, (EC) No. 982/2002, investigates the marketing standards for cultivating mushrooms and mycelium, resulting in proper standardization in mycelium production. Some of the top companies that are operational in the global mycelium market are Quorn, Ecovative LLC, PRIME ROOTS, Chinova Bioworks, MycoWorks, Atlast, Meati Inc., Bolt Threads, MycoTechnology, Inc., ENOUGH, and MycoTechnology, Inc.
The global mycelium market was estimated to be at $2.48 billion in 2020, which is expected to grow with a CAGR of 7.7% and reach $3.84 billion by 2026. The growth in the global mycelium market is expected to be driven by increasing demand for sustainable materials and their contribution to the circular economy.
The meat production leads to greenhouse emissions; however, mycelium’s biodegradable and eco-friendly properties support its use as an excellent substitute for producing plant-based meat such as bacon, fish fillets, and steak. According to the Ecovative website, half of the meat sold by 2040 would be prepared from plant-based sources. In November 2020, Ecovative's AirMycelium platform, MyEats, produced MyBacon, which is meat-free and made from whole food. Usually, an animal-based processed meat whole requires time from 6 to 8 months; however, mycelia-based food can be prepared in less than two weeks, which means mycelium-based food consumes less time and energy and does not emit any harmful greenhouse gases as animal-based meat emits. Mycelium’s fast-growing fibrous textures make it a perfect replacement for the package, clothing, and construction industry. The dense foam-like structure, usually called hyphae, can be used for applications such as cosmetics, textile, and packaging. The global mycelium market has experienced a few strategic and technological developments from 2019 to 2022. A few of the strategies are product development and innovation, partnerships and collaborations, business expansions, product launch and investments, and awards and recognition. The ideal strategy for the companies has been business expansion and partnership, joint venture, and collaboration to strengthen their position in the global mycelium market.
Key questions answered by this report:
What is the estimated global mycelium market size in terms of revenue for the forecast period 2021-2026, and what is the expected compound annual growth rate (CAGR) during the forecast period 2021-2026?
What are the key trends, market drivers, and opportunities in the market pertaining to mycelium?
What are the major restraints inhibiting the growth of the global mycelium market?
What kinds of new strategies are being adopted by the existing market players to expand their market position in the industry?
What is the competitive strength of the key players in the mycelium market based on an analysis of their recent developments, product offerings, and regional presence?
How is the competitive benchmarking of the key mycelium companies based on the analysis of their market coverage and market potential?
How much revenue is each segment expected to record during the forecast period, along with the growth percentage? The segments are as follows:
o Product, including nature (raw and processed) and form (pre-formed product, powder, and tablet and capsule)
o Application, including food and beverages, packaging, clothing, animal feed, and others
o Region, including North America, the U.K., Europe, Asia-Pacific and Japan, China, and Rest-of-the-World
What is the type of players and stakeholders operating in the market ecosystem of mycelium, and what is their significance in the global market?
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