Mycelium Market Analysis: Key Applications & Strategic Footsteps In an era where consumers are mindful of the environmental impact of their choices, there is a growing focus on sustainability. This awareness has entered various industries, with consumers increasingly seeking organic and vegan-based products. From packaging to F&B, mycelium has emerged as a versatile choice. For instance, its incorporation in alternate meat, food flavors, and dairy alternatives caters to a rising preference for low-fat, low-cholesterol options. Triton’s report estimates that the global mycelium market is expected to witness growth at a CAGR of 7.66% over the 2023-2030 forecast years. Additionally, heightened awareness surrounding animal cruelty in product processing and testing, particularly in cosmetics and pharmaceuticals, has led to a global surge in veganism. This shift in consumer preferences is anticipated to drive demand for mushroom-based alternatives, including bacon, steak, and various plant-based products. Although mycelium initially found significant use in food and beverage products, its utilization has since broadened to various other sectors.
Mycelium-Induced Products: Viable & Ecological Alternative 1. Widening Prospects in Food & Beverage: The rising inclination towards organic and natural ingredients has boosted mycelium demand, responding to a growing demand for chemical-free preservatives and flavor enhancers. Mushroombased products are expanding the horizon of functional foods, aligning with the heightened focus on immunity. Besides, alcoholic and non-alcoholic categories are experiencing a mushroom-based revolution. For example, MUD/WTR, a US-based startup, is crafting coffee powder from mycelium. Several players are also researching to develop mycelium-based fermentation for vegan beer production. For the growing vegan community, mycelium mycoprotein is a game-changer, enabling the industry to embrace vegan raw materials across various consumables. Our estimates indicate that the food and beverage sector dominates the market in terms of application, attaining $1754.92 million in 2022. In terms of form, pre-formed lead the market in 2022 and is expected to register a CAGR of 7.69% during 2023-2030. Pre-formed mycelium, when cultivated on organic substrates, assumes diverse forms. Its adaptability lies in the unique binding properties that allow it to develop into various textures resembling food products, packaging materials, etc. In the case of plant-based food, this mold’s blocks are sliced into thin pieces, mirroring the texture and taste of meat, as seen in Atlast’s MyBacon, introduced in 2020. 2. Rising Utility in Packaging: