The edible fungi market is projected to gain traction in the forecast period. Edible fungi are the class of fungi that are highly nutritious and safe for consumption by human beings, unlike many fungi which are poisonous and hence unsafe for consumption. In recent years, the awareness regarding the health benefits of edible fungi has been increased, due to which the popularity of edible fungi has grown immensely over the years. Due to the various know health benefits that edible fungi provide, the consumption of edible fungi is increasing and is anticipated to propel the growth of the edible fungi market during the forecast period. Also, the rise in government subsidies and financial aiding to farmers cultivating edible fungi are attracting new farmers to the market and leading to high cultivation of edible fungi, which is anticipated to surge the growth of the edible fungi market during the forecast period.
The recent outbreak of the novel coronavirus disease had a negative impact on the edible fungi market. The pandemic has the increased the focus of people on health and fitness, which led to drastic changes in the food preferences of people. It led to increased demand for foods high in nutrition, which led to a surge in the demand for edible fungi during the pandemic. Also, countries such as India saw a rise in mushroom cultivation during the pandemic as a source for providing employment, which led to a boost in the market growth. Also, as the pandemic led to a reduction in meat consumption, people shifted to other sources of protein and nutrient-rich foods like edible fungi, which further had a positive impact on the market growth. The impact on the changes in dietary preferences of people due to pandemics is expected to last long, and hence the market is anticipated to continue growing substantially in the coming years.
Rising awareness regarding dietary benefits.
The consumption of edible fungi has enormous health benefits, due to various healthcare institutions are acknowledging the benefits of edible fungi, leading to the rising awareness of its health benefits among the general population, which is anticipated to propel the growth of the edible fungi market during the forecast period. Edible fungi contain antioxidant agents like selenium, vitamin C, and choline which help eliminate toxic free radicals from the body. According to National Cancer Institute, United States, the antioxidants present in edible fungi may help prevent various types of cancer including prostate, lung, and breast cancer. Also, edible fungi capture vitamin D from the sunlight and hence contain some amounts of Vitamin D. According to an article published in National Center for Biotechnology Information, U.S. National Library of Medicine, lower levels of Vitamin D levels are associated with increased risk of depression, Parkinson’s disease, autoimmune diseases, cancer, heart diseases, diabetes, among others. Due to the rising prevalence of Vitamin D deficiencies among people, more people are now interested in foods like edible fungi which are one of the few food sources of Vitamin D. Also, edible fungi being the only vegan dietary source of Vitamin D is gaining popularity, with the rising trend of veganism around the world, which is expected to surge the growth of edible fungi in the coming years. Edible fungi are also a source of fiber. According to an article from the Journal of Chiropractic Medicine published in NCBI, U.S. National Library of Medicine, eating lots of fiber is associated with a lower risk of type 2 diabetes and helps reduce the blood glucose levels in people already suffering from the disease. The potassium present in edible fungi helps in regulating blood pressure and decreases the risk of hypertension and cardiovascular diseases. American Heart Association (AHA) recommends eating more foods that contain potassium to prevent heart diseases. Owing to such health benefits and increased awareness among people, the growth of the edible fungi market is projected to bolster during the forecast period.
Government support and rise in investment.
With the rising popularity of edible fungi, the governments of various countries are supporting the farmers by financially aiding them, to capture the opportunities that arise with the rising popularity, which is anticipated to further propel the growth of the edible fungi market in the coming years. For instance, in 2015, the government of Fuping County in China along with the company Jiaxin Planting Co. Ltd. established a large mushroom planting industrial park in Nanliyuan village, China which employs a large number of locals and also encourages villagers to join its operations by renting mushroom greenhouses with government subsidies. The government-backed financial policies and government-subsidized insurance helped drastically increase the cultivation of mushrooms there, and till October 2017, 46 such growing zones had been built in the county, containing more than 3,300 greenhouses. In India, the government of Maharashtra provides 30 to 40% of subsidies for mushroom farming. In December 2020, the government of Bihar announced to provide subsidy on mushrooms under Chief Minister Horticulture Mission of up to 70 % for general caste farmers and up to 90% for SC and ST farmers. These subsidies and support by the governments are encouraging more farmers for cultivation and hence is anticipated to propel the growth of the edible fungi market during the forecast period.
The Asia Pacific to dominate the market share.
Geographically, the Asia Pacific region is anticipated to hold a significant market share owing to the presence of China which is the largest producer of edible fungi in the world. Mushrooms are widely used in various Asian cuisines which is one of the factors for the domination of the region in the edible fungi market. Also, edible fungi are used in various traditional Chinese medicines widely prevalent in China. The Asia Pacific region is also anticipated to witness substantial growth due to the rising government support for the cultivation of edible fungi.
Prominent/major key market players in the edible fungi market include Xuerong Biotechnology, Ruyiqing, JUNESUN FUNGI, among others. The players in the edible fungi market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the edible fungi market.
Frequently Asked Questions (FAQs)
Q1. What is the base year considered in the edible fungi market report?
A1. 2019 has been taken as the base year in the edible fungi market report.
Q2. How is the edible fungi market segmented?
A2. The edible fungi market has been classified on the basis of type, application, and geography.
Q3. Who are the major players in the edible fungi market?
A3. Prominent/major key market players in the edible fungi market include Xuerong Biotechnology, Ruyiqing, JUNESUN FUNGI, among others.
Q4. What factors are anticipated to drive the edible fungi market growth?
A4. Due to the various know health benefits that edible fungi provide, the consumption of edible fungi is increasing and is anticipated to propel the growth of the edible fungi market during the forecast period.
Q5. Which region holds the largest market share in the edible fungi market?
A5. Geographically, the Asia Pacific region is anticipated to hold a significant share in the edible fungi market owing to the presence of China which is the largest producer of edible fungi in the world.