Canned Mushroom Market to Flourish at a CAGR of 4.5% Between 2024 and 2031 Owing to Rising Health-conscious Population and Increasing Demand for Processed Foods
The canned mushroom market is estimated to be valued at USD 12.83 billion in 2024, exhibiting a CAGR of 4.5% over the forecast period (2024-2031). The consumption of canned mushrooms is gaining traction worldwide owing to the rising health-conscious population and busy lifestyles that favor ready-to-eat and packaged food products. Furthermore, canned mushrooms provide a long shelf-life and are readily available in retail stores and supermarkets across different regions.
The growth in the canned mushroom market is driven by the increasing demand for processed and packaged food items as well as the rising health-conscious population globally. Firstly, with evolving lifestyles and busy schedules, consumers are increasingly opting for convenient ready-to-eat food products that save time in cooking. Canned mushrooms provide a hygienic and practical solution for adding nutritional vegetables to meals with minimal preparation. Secondly, mushrooms are considered a healthy food option as they are low in calories, fat-free, and rich in antioxidants, vitamins, and minerals. The health benefits of mushrooms such as boosting immunity and reducing risk of cancers are raising awareness among consumers and boosting the sales of canned mushrooms.
Growing Demand for Nutritious and Convenient Food Options is Driving the Canned Mushroom Market
The demand for nutritious and convenient food options has been steadily growing over the past few years. Canned mushrooms offer a healthy and affordable way for people to incorporate more nutrients into their diet without spending a lot of time preparing meals from scratch. Mushrooms are low in calories and fat but high in vitamin D, riboflavin, niacin, and selenium. The canned form allows people to always have mushrooms on hand for quick cooking without worrying about freshness. As people's lifestyles get busier and they focus more on health and wellness, the demand for canned mushroom products will continue increasing.
Increasing Popularity of Plant-based Diets is Fueling the Market Growth
With more people adopting vegan, vegetarian, or flexitarian diets, the canned mushroom market is poised for strong growth. Mushrooms are considered a great substitute for meat since they have a meaty texture. Canned mushrooms make it very convenient for plant-based consumers to use mushrooms in pasta sauces, rice dishes, tacos, and others. Food companies have also responded by launching more plant-based meal options featuring mushrooms. As environmental and ethical concerns surrounding meat consumption rise, the popularity of plant-based diets will drive more sales of canned mushrooms.
Seasonality of Fresh Mushrooms Presents a Challenge
One major restraint holding back the canned mushroom market's potential is the seasonality of fresh mushrooms. Most mushroom varieties like button mushrooms, shiitakes, and portobellos have limited harvest periods. This means canned mushrooms need to be produced mostly during the harvesting seasons when fresh stocks are available. Any delays or shortages of fresh supply would hamper canned production throughout the year. Although freezing and other techniques aim to extend the seasonal window, full dependence on seasonal crops poses a challenge for steady supply.
Imports Increase Price Fluctuations
Since domestic production cannot meet total demand, the canned mushroom market relies heavily on imports from countries like China, India, and Poland. This import-reliance makes it susceptible to price fluctuations caused by currency exchange rates and export limitations due to factors like adverse weather conditions or new trade policies. Changes in import costs can squeeze profit margins for canned mushroom producers and retailers. It also makes the overall market prices unstable. Reducing dependency on imports by expanding local farming would help stabilize supply and prices in the long run.
Emerging Flavor Innovation Opportunities
With consumers constantly seeking new flavors, there are opportunities for canned mushroom producers to come up with new, interesting varieties beyond the basic white, crimini, and shiitake mushrooms. Flavors like garlic mushroom, tomato mushroom medley, and teriyaki mushroom provide healthier alternatives to snack foods and appeal to changing tastes. Producing flavors customized for various global cuisines can also help expand export markets.
Growing Away-from-Home Consumption
The canned mushroom market stands to benefit tremendously from the rising away-from-home consumption trends. As more people dine out or order in, foodservice companies are increasingly using canned ingredients that have a long shelf life and ensure consistent quality and portion control in large-scale food preparation. Canned mushrooms are perfectly suited for pizzas, pastas, and other dishes at restaurants, cafeterias, fast food chains, and catering businesses. As consumer lifestyles and eating habits continue evolving, demand from the foodservice sector will present major opportunities.
Link: https://www.coherentmarketinsights.com/market-insight/canned-mushroom-market-1966
Key Developments
- In 2021, Big Mountain Foods, a food manufacturer based in Vancouver, announced a partnership with Sprouts Farmers Market, a prominent retailer known for its focus on gut-healthy foods. This collaboration aims to introduce the first Lion’s Mane mushroom product line across North America.
- In 2021, Beatnic, a vegan restaurant chain in North America, announced a partnership with Fable Food Co, a European brand.
Key Players
Kiril Mischeff Group, Costa Group, Okechamp SA., Monterey Mushrooms Inc., Greenyard, Prochamp, The Mushroom Company, Monaghan Mushrooms, Muniraj Mushroom Farm, Dhruv Agro, Shanghai Finc Food Co. Ltd., Greenyard NV, B&G Foods Inc., The Mushroom Company, Prochamp B.V, Shanghai Finc Foods Co. Ltd, Dev Bhoomi Frozen Food Products, Hariom Mushroom Farms, Fruitin Agro Pvt Ltd, and Holyland Group
