The
food industry is currently flourishing on the back of increased
disposable income of urban populations living in metropolitan areas
of emerging economies. The food industry players are also leveraging
the trends of processed food, ready to eat meals, and innovative
packaging. Consequently, the market for mushroom is gaining traction,
as they contain striking health benefits and are adequate from
aesthetic principles. Put in the category of vegetables, mushrooms
contain a number of nutrients such as vitamin, potassium, and
selenium. According to an up to business intelligence report
developed by Transparency Market Research (TMR), the demand in the
global mushroom market will increment at a formidable CAGR of 8.2%
during the forecast period of 2016 to 2024, by the end of which the
market is estimated to produce opportunities worth US$69,267.9
million.
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Moderately
Consolidated Competitive Landscape
The
analyst of the TMR report has detected an intensely competitive
vendor landscape in the global mushroom market, which can be
attributed to low entry barriers and consequently, entrance of new
players who are catering to regional and country-wide demands. That
being said, The Mushroom Company, Costa Group, Okechamp S.A.,
Drinkwater’s Mushroom Ltd., Monterey Mushrooms Inc., Monaghan
Mushrooms, Shanghai Finc Bio-Tech Inc., CMP Mushrooms Greenyard NV
(Lutece), and Bonduelle SA have been identified as some of the
companies that are currently ahead of the curve owing to their
well-established distribution network and regular indulgence in the
activities of mergers and acquisitions.
Based
on product type, the mushroom market has been segmented into oyster
mushrooms, shiitake mushrooms, and button mushrooms, whereas
form-wise, the market has been bifurcated into fresh and processed,
which has been further sub-segmented into frozen, dried, and canned.
The report has also taken stock of the potential of demand that will
be forthcoming from the end users: retail outlets, food processing,
and food services. Geographically, the developed country of the U.S.
is anticipated to sustain North America as the region of maximum
profitability. As of 2016, the region produced more than one third of
the global demand for mushrooms.
Increased
Demand for Processed Food Augurs Well for Future
Some
of the key factors that are expected to reflect positively on the
mushroom
market are: increasing consumption of processed foods, rise in
consumer awareness regarding health benefits of the vegetable
products, and investment by food industry players to cater to large
audiences with innovative packaging, which also increments the
shelf-life of the products. Additionally, rigorous research and
development activities are currently underway to harness the possible
applications of mushrooms, which will further fuel the market. On the
other hand, strikingly low shelf-life of mushrooms, lack of proper
process management, and lack of consumer awareness are obstructing
the market from flourishing. Nevertheless, growing concerns of
obesity is expected to lure newer consumers who want to reduce meat
consumption, and open new opportunities in this market.
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