ASIA-PACIFIC MYCELIUM MARKET FORECAST 2023-2032

The Asia-Pacific mycelium market growth assessment includes the analysis of Indonesia, India, Philippines, Vietnam, China, Japan, Australia & New Zealand, South Korea, and Rest of Asia-Pacific. Over the past several years, the mycelium industry in China has experienced remarkable growth. The impressive advancements in processing capabilities and increasing consumer usage have had a transformative impact on China’s economy. China has emerged as a global leader in the production of various commercial and consumer products derived from mushrooms. In fact, China’s market for mycelium-based products and services is growing faster than any other economy in the world. This rapid expansion is expected to lead to significant consolidation among medium and large players, driven by the Chinese government’s efforts to promote the mushroom industry and enhance its competitiveness in the global mycelium market.

Further, China’s interest in mycelium has witnessed substantial growth between 2010 and 2021, with both production and demand consistently on the rise. The Chinese economy continues to experience robust growth within the mycelium sector, fueled by ongoing increases in industrial output, imports and exports, consumer consumption, and capital investment.

Whereas mushrooms are a popular dietary choice in South Korea, with a per capita consumption of 4.2 kg. Recently, China has shown interest in high-quality mushrooms imported from South Korea, which has drawn attention to the mycelium market. Given South Korea’s significant per capita mushroom consumption, there is an anticipated growth in the mycelium market within the food and beverage sector in the future.

The Asia-Pacific mycelium market segmentation includes type, product form, and end-user. The product form segment includes tablet and capsule, powder, re-formed product, and other product forms.

With regard to the powdered form, the process begins with using fresh mycelium as the initial raw material, which is then subjected to pre-freezing and subsequent microwave drying at low humidity and temperature. This treatment results in the mycelium being transformed into a powdered form. This powdered mycelium retains all the micro and macronutrients found in the original substrate. This technique is suitable for industrial-scale production due to the presence of all the essential components in the powdered mycelium, which can also be stored for extended periods.

The applications of powdered mycelium are diverse, ranging from its use as animal feed, fertilizer, medication, and even as a flavoring agent. As an example, World of Nature has successfully commercialized various powdered mycelium products derived from Reishi Mushrooms, which are administered to chemotherapy patients.

Botaniex and Mycovation are among the leading companies in the Asia-Pacific mycelium market.

Mycovation is a first-of-its-kind food manufacturing company that turns mycelium protein into nutritious and sustainable food products. It has a range of mycelium-based ingredients that can be converted into numerous applications, from meat analogs to functional beverages. Its product portfolio includes Mymic, Maximyze, and MyX. The company is headquartered in Central Region, Singapore.

One of its products, Mymic, is a mushroom mycelium powder that helps replicate whole-cut meat analogs.