According to a recent report by ResearchAndMarkets, the Europe mycelium market, excluding the UK, is projected to reach $1.14 billion by 2028, growing at a compound annual growth rate (CAGR) of 9.06% during the forecast period. The increasing demand for natural ingredients and flavors in the food industry is a significant driver of demand, contributing to overall market growth.
Key players in the market, including manufacturers of mycelium-based products, are profiled in the report, and a thorough competitive assessment is provided, enabling readers to gain insights into their relative positions and presenting a clear overview of the market landscape.
The study also highlights that the increasing preference for natural ingredients and flavors in the food industry is anticipated to be a significant driver of demand. Companies are actively identifying key market trends and future application patterns for mycelium-based products.
Some players are prioritizing research and development to capture a dominant market share, while others are opting for mergers and joint ventures to expand their geographic reach. The major players in the industry are capitalizing on the growing preference for natural ingredients and the ongoing trend of urbanization.
Mycelium, which resembles fungi, offers numerous ecological benefits, including its role in decomposition processes and its usage as a dietary staple for various herbivorous mammals. Additionally, mycelium and its derivatives are utilized in the production of leather for various applications.
However, the limited capacity of mycelium to support heavy loads when used as a construction material in applications like concrete and wall insulation is a major obstacle to market growth. Over time, it loses its resistance to water and becomes susceptible to humidity, potentially impacting supply in the forecast period. The decline in strength after prolonged exposure to moisture may limit its usage in packaging applications.