Seafood Mushroom Market Size, Share, Growth, and Industry Analysis, By Type (Fresh & Processed), By Application (Household, Food Services, & Others) and Regional Insights and Forecast to 2032

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SEAFOOD MUSHROOM MARKET REPORT OVERVIEW

The global Seafood Mushroom Market size was USD 1.45 billion in 2023 and the market is projected to touch USD 2.2 billion by 2032, exhibiting a CAGR of 4.77% during the forecast period.

Seafood mushrooms refer to a variety of consumable fungi. They are identified for their resemblance in taste and texture to seafood, mostly oysters. These mushrooms inhabit the Pleurotus genus and are valued for their exquisite flavor, firm texture, and nutritional essence. Seafood mushrooms are cultivated by controlled farming practices.

Increasing inclination towards plant-based food and rising alertness of health are fueling the market growth. Implementation of organic farming methods and packaging innovations are offering avenues for market expansion.

COVID-19 IMPACT

Growth Impelled by Pandemic due to High Demand for Healthy Food

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing high-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic has propelled the overall market. Increased requirement for nutritive and immune-boosting foods in health crises has changed in consumption choices. Increased online sales channels, direct-to consumer models, and hygiene protocols strengthened market spirit amidst economic instability. Implementation of health and safety measures in cultivation, processing, and packaging to ensure product quality and consumer confidence changed health and safety measures and hence increased market growth. Conversely, COVID-19 pandemic has posed many challenges such as logistics disturbance, supply chain distribution, and export-import operations which affected product accessibility and pricing dynamics, hence, it has slightly hindered the market growth.

LATEST TRENDS

Growing Drift towards Veganism and Vegetarianism Boosting Market Growth

Enduring trend in the market that is boosting the market progress is the rising shift towards veganism and vegetarianism amid the citizens. It has led clients to look for meat alternatives and seafood alternatives that offer parallel flavors and nutritional benefits. They are offering a sustainable and healthy choice to seafood. In addition, the health benefits related with mushrooms have boosted their demand and accordingly supported the market growth.

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SEAFOOD MUSHROOM MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into fresh & processed.

• Fresh: This type of products are usually harvested and sold directly to consumers. They are distinguished for their flavor and texture and are expensive in culinary applications.

• Processed: These kinds of products are modified by using various techniques such as drying, freezing, and canning to increase their shelf-life and making them suitable for various dishes.

By Application

Based on application the global market can be categorized into household, food services, & others.

• Household: In households, they are used in various dishes, from soups to stir-fries, appealing to health-conscious consumers.

• Food Services: In food services, restaurants incorporate seafood mushrooms into gourmet entrees and make an attractive menu variety.

• Others: There are other applications such as plant-based products and vegan alternatives, catering to sustainable eating trends.

DRIVING FACTORS

Health and Wellness among Population Propelling Market Expansion

One of the major attributes in the global seafood mushroom market growth is the growing fitness and well-being amongst the population is enhancing the market growth. Mushrooms are mostly used for their dietary advantages such as high levels of vitamins, minerals, and antioxidants. Since people are seeking highly health-conscious substitutes, there is an increase in demand for nutrient-dense foods. Furthermore, sustainability concerns are a vital factor for the market expansion. The environmental impact of meat and seafood production has led consumers to seek out more sustainable food sources, mushrooms, including seafood varieties, are known for their low environmental footprint.

Presence of Culinary Versatility and Technological Advancement Fueling Market Growth

Another growing aspect is the growing popularity of culinary versatility of the product. These mushrooms can be used in a wide variety of food items. They are engaging in various culinary traditions and consumer preferences. They are valuable ingredients in both home cooking and professional kitchens due to their ability to absorb flavors and their texture. Furthermore, advancements in technology for mushroom farming and processing are supporting market growth. Innovation in agricultural techniques including vertical farming and controlled environment agriculture, have enhanced yield and quality.

RESTRAINING FACTORS

High Production Cost and low Shelf-Life Impeding the Market Growth

The limiting factors for the market impediment are the high cost of production and the lower shelf-life of the product. An exceptionally higher level of administrative or management efficacy and participation are during the process of mushroom production. For obtaining high-quality yield a specific treatment is very crucial. Conditions such as humidity, temperature, and light have a significant effect on yield quality as well as production. Especially in remote geographic regions, pests, insects, and animals can cause serious problems for farmers. Since some insects, such as fungus gnats, thrive in similar conditions, pest control is essential, which leads to an increase in the cost of production. Thus, high production and operational cost may restrain the market growth. Furthermore, due to their rapid rate of respiration and the fragile structure of the epidermis, mushrooms are extremely perishable by nature and start to degrade just one day after being harvested. Therefore, the shelf-life of the freshly harvested products in ambient conditions is about 1-3 days. Therefore, the low shelf-life may limit the market expansion.

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SEAFOOD MUSHROOM MARKET REGIONAL INSIGHTS

Asia Pacific Region Dominating the Market due to High Demand of Traditional Medical Systems

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

Asia-Pacific has emerged as the most dominant region in the global seafood mushroom market share due to the high demand for the products as a traditional medical system in this region. The product is treated as a traditional medical treatment such as Ayurveda and Chinese medicine techniques are more popular and prevalent in the entire Asia region, where different kinds of mushrooms are used to cure various conditions. The region’s demand for mushrooms is most likely to be driven by benefits offered by medical mushrooms such as their nutritional and low-calorie benefits as well as their immunity boosting effects. The Europe region comprises a large consumer base that relies on imports to a great extent. Higher per capita income in the region’s developed nations is supported to generate high demand for exotic mushrooms, which are considered gourmet items. The North America region is anticipated to witness high growth. The U.S. and Canada are major contributors due to more consumers having expressed interest in paying a higher price for quality products made with natural and organic ingredients. Furthermore, rising veganism in the region is likely to boost demand for meat substitutes such as mushrooms in the food and dietary supplements industries which are encouraging market enlargement.

KEY INDUSTRY PLAYERS

Key Industry Players Shaping the Market through Farmers’ Cooperative Associations and Market Strategies

Many prominent industry players in this market are using local farmer’s cooperatives and growers’ associations to contribute to regional market growth through collective marketing and distribution efforts. Additionally, by using expertise in mushroom cultivation to offer unique and premium products that differentiate their products from other players. There are many companies in the market that use some techniques such as merger, acquisitions, partnership and using new advanced technologies for producing and developing new products and stay ahead in the market.

List of Market Players Profiled

• Yuan Sang (Singapore)
• Guan's Farm (U.S.)
• Xue Rong(CN) (China)
• T Fresh Company (U.S.)
• Pin Pin Xian(CN) (China)
• Minongrenjia(CN) (China)
• Lao Yi Sheng Xian(CN) (China)

INDUSTRIAL DEVELOPMENT

May 2022: Meati has released its first steak filet product. Meati’s steak filet is created from mycelium, the vegetative portion of fungus and that consists of thread-like strands. It is available direct-to-consumer from the brand’s websites.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.