Mycelia are finger-like shapes that develop outward, such as roots, to seek water and nutrients to meet the fungi body's requirements. Mycelia have masses known as Shiro, and these fungal colonies are situated underneath or on the soil surface. Mycelia can easily move through the soil or other surface due to rigid wall structure. Mycelium has a solid fibrous structure that can be utilized to produce materials such as clothing, food, construction, and packaging. It can be used to prepare materials such as leather, edible plant-based steak, and serve as an alternative to plastics. Moreover, this fast-growing mycelium can be a great alternative to styrofoam, which is being banned slowly in most countries due to its harmful effects on the environment. Mycelium is biodegradable, sustainable, and renewable, which means mycelium production is inexpensive and will be highly adopted in the future.

Read Report Overview: Mycelium Market

The global mycelium market was estimated to be at $2.48 billion in 2020, which is expected to grow with a CAGR of 7.7% and reach $3.84 billion by 2026. The growth in the global mycelium market is expected to be driven by increasing demand for sustainable materials and their contribution to the circular economy.

A major factor driving the mycelium market is the shift in consumer behavior toward veganism. Mycelium is eventually becoming the go-to option for alternate meat, food flavors, vegan food preservatives, and dairy alternatives. Moreover, mycelium production requires low investment and returns a high revenue.

One of the major challenges to the growth and development of the global mycelium market is the low commercialization of mycelium products as the market is still at a nascent growth stage. Furthermore, mycelium processing at an industrial level requires funding, permissions, and payments to patent holders, resulting in difficulty for new players to enter the market.

Global Mycelium Market (by Application)

Mycelium is being widely used across various applications/industries such as food and beverage, packaging, clothing and apparel, and animal feed. The others segment comprises constructions and electrical materials made from mycelium, which are lightweight and a better alternative to traditional products that are harmful to the environment.

Global Mycelium Market (by Region)

One of the major drivers for the growth of the mycelium market is the increased consumers shift toward vegan or plant-based products. The mycelium market has the highest market share in the Europe region due to the presence of government regulations supporting the growth of novel food items made from mushrooms and mycelium.

Competitive Landscape of Global Mycelium Market

The global mycelium market has seen major development by key companies operating in the market, such as business expansion, partnership, collaboration, and joint venture. The favored strategy for the companies has been product launches to strengthen their position in the mycelium market. For instance, in June 2021, Ecovative LLC launched its new packaging product named MycoComposite. The company launched Forager Hides, a leather alternative for usage in apparel and clothing, in March 2021.

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Another strategy adopted by the players in the market is partnerships and collaborations. The companies have put in considerable efforts to develop new strategies for increasing the availability of mycelium-based products. For instance, in June 2021, a company called MOGU partnered with Matter of Stuff, an online furniture purchasing and manufacturing consultancy firm, to sell its products online. In October 2020, Bolt Threads partnered with Stella McCartney, Kering (the parent company of Balenciaga, Gucci, Alexander McQueen, and Bottega Veneta), Lululemon, and Adidas to launch a brand-new range of its leather products. Therefore, the companies are adopting strategies to support themselves financially, expand their product portfolio, and enhance their regional spread.