Shiitake Mushroom Market Size To Expand at a Notable CAGR Of 6.56% During 2023 - 2032

February, 2023/MRFR Press Release/- Market Research Future has published a report on the Global Shiitake Mushroom Market.

Market Insights

Market Research Future has discovered that the global shiitake mushroom market is expected to grow at a highly optimistic CAGR of 6.56% during the forecast period from 2023 to 2032. MRFR also projects that the growth of the market is expected to reach a market value of approximately USD 1.2 Bn by the end of 2032. Shiitake mushrooms are native to East Asia and are considered to be a medicinal mushroom in some branches of traditional medicine.

Commonly used for the preparation of a variety of local delicacies in East Asian countries, Shiitake is also used in the pharmaceutical and personal care industries. Shiitake mushrooms offer a rich, umami flavor profile which is highly sought after. Use of shiitake mushroom in processed food to create a rich and robust flavoring profile is expected to boost the demand for shiitake mushrooms. Moreover, recognition of its medicinal attributes has resulted in the increased demand of shiitake mushrooms for the production of cosmetic & personal care products as well as dietary supplements. The high consumption of shiitake mushrooms in China, Japan, and other East Asian countries is also a key factor driving growth. The growth of the population present in these regions is expected to further drive the demand for shiitake mushrooms. Additionally, shiitake mushrooms are available in various forms such as dried, fresh, powdered and others and can be used for a number of applications. Rising veganism is a prime factor driving the increasing adoption of shiitake mushrooms. Mushrooms when cooked down can have a meaty texture, and offer a complex flavor profile that is highly sought after in the vegan food community, thus driving market demand.

However, the low shelf life od shiitake mushrooms and related products are likely to slow market growth over the assessment period. Pest infestations are also rather common in shiitake mushroom plantations, thus challenging market growth. However, the rising demand for exotic mushrooms as the f&B sector grow more diverse across the globe is expected to create new market opportunities.

Market Segmentation

The global shiitake mushroom market has been segmented in MRFR's report on the basis of category, application, sales channel, and region. Category has been segmented to include processed, fresh, and dried. Among these segments, the fresh shiitake segment has captured an estimated 50% share of the global market. Fresh mushrooms have desirable flavor and textural attributes that are subject to change in various forms.

Applications of shiitake mushrooms can be found in food, pharmaceuticals, cosmetics, and others. Food applications are the highest among others and the food segment has a market share of 54.4%. However, the various health benefits of shiitake mushrooms such as the improvement of cardiovascular health, bone building, and others have boosted pharmaceutical applications.

Sales channels through which shiitake mushrooms are distributed have been segmented into store-based and non-store based.  Store-based sales channels dominate the market. However, specialty stores are projected to grow at a CAGR of 15.54% during the forecast period.

Regional Analysis

The Asia Pacific is set to lead the global shiitake mushrooms market with a market share of 82.54% and will grow at a significant growth rate due to the high consumption of shiitake mushrooms in various regional cuisine as well as the increasing use of shiitake mushrooms in pharmaceutical applications in the region. The RoW regional market is expected to grow rapidly as a CAGR of 15.01% during the projection period due to the growing awareness regarding the ingredient and its rising applications. Regions like North America are projected to witness healthy growth at a CAGR of 11.05% during the forecast period.

Key Players

Mitoku Company, Ltd. (Japan), Hirano Mushroom LLC (Kosovo), Modern Mushroom Farms (U.S.), Bonduelle SA (France), Banken Champignons (the Netherlands), Agro Dutch Industries Ltd. (India), and The Mushroom Company (U.S.) are among the leaders in the global Shiitake mushroom market as identified by MRFR in the report. The study analyzes these market players' roles in the global market as well as their market positioning.

Latest Industry News

• The Tamil Nadu Agricultural University is set to sign an agreement with Japanese company, Yats Corporation to initiate cultivation of Shiitake mushrooms on an industrial scale. The project is funded by the Japan Internation Cooperation Agency.