The global mushrooms market is forecast to witness robust growth in the years to come. Accelerating growth rate will in turn fuel completion as established players aim for the lion’s share in the global mushrooms market, finds Transparency Market Research (TMR) in a new study. The report also highlights some of the most prominent companies such as Costa Group, Okechamp S.A., Monterey Mushrooms Inc., CMP Mushrooms Greenyard NV (Lutece), Drinkwater’s Mushroom Ltd., Shanghai Finc Bio-Tech Inc., Monaghan Mushrooms, The Mushroom Company, and Bonduelle SA and provides market intelligence into the key strategies adopted by them.
In order to consolidate larger share in the global mushrooms market major players are strengthening their distribution channels around the world. Besides this, several companies have taken the recourse of mergers and acquisitions to have a stronger hold worldwide. For instance, Bonduelle Group acquired Ready Pac Foods, which led the former to record a whopping revenue generation of over 2 billion euros in 2016-2017.
According to TMR, the global mushrooms market, which was valued at US$34.1 bn in 2015, is expected to reach US$69.3 bn by the end of 2024. If these figures hold true, the global mushrooms market will record a healthy 8.2% between 2016 and 2024. Regionally, the rising demand from China will enable the Asia Pacific market for mushrooms to show impressive growth at a CAGR of 8.8% during the course of the forecast period. However, the dominance is expected to remain with North America during this time.
Increasing Awareness about Health Benefits to Offer Lucrative Growth Prospects
The demand for mushrooms is expected to rise in response to the increasing awareness about the health benefits of mushroom. Besides this, recent advancements in the packaging industry are expected to bode well for the global mushrooms market. Against this backdrop, the market is likely to witness a spike in the demand for dried, cancer, and frozen variants of mushrooms. Spurred by these factors, the production of mushroom-based foods will surge. Given the scenario, experts foresee strong growth on cards for the global mushrooms market.
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Low Shelf Life of Mushrooms Emerges as a Key Concern
On the downside, low rate of production and inadequate storage facilities often hinder the market’s trajectory. Furthermore, these factors evidently hold back the market from reaching its true potential especially in emerging nations. In addition, the low shelf life of mushrooms and their increasing costs also restrain the market to an extent. Never mind this, a rising number of consumers worldwide are relying on packaged and processed food for convenience they offer. This will in turn fuel the demand for mushrooms in the coming years. The market is also expected to gain from the rising demand for fresh mushrooms witnessed worldwide.
In emerging markets especially, the market will benefit from factors such as the expanding demography of health-conscious population, increasing production of mushrooms, and the rising investment in related research and development activities.