Mycelium Packaging Market Expected to Reach US$ 187 Million by 2033, Driven by Increasing Demand for Sustainable and Eco-Friendly Packaging Solutions | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
Mycelium Packaging Market is Projected to Grow at a CAGR of 9.7% from 2023 to 2033. The Market Growth is Being Driven by the Ban on Single-use Plastics in Many Countries, as well as Customer Preferences and the Versatility of Mycelium.
NEWARK, Del, May 10, 2023 (GLOBE NEWSWIRE) -- The mycelium packaging market is expected to grow significantly over the next decade. By 2023, it is projected to reach a value of US$74 million, rising to US$187 million by 2033, with a CAGR of 9.7%.
Mycelium packaging refers to the use of mycelium, the root structure of mushrooms, as a sustainable and eco-friendly alternative to standard packaging solutions.
Mycelium can be grown into a variety of shapes and sizes to fit different packaging needs. It is biodegradable and compostable, making it a more environmentally friendly option. The use of mycelium packaging has gained popularity in recent years due to the growing concern over the environmental impact of traditional packaging materials.
It offers numerous advantages to businesses, such as versatility, visual appeal, and insulation properties. Moreover, it can be customized for various consumer goods, including food, cosmetics, and electronics.
Block formats in mycelium packaging hold a prominent market share of 77.2% in 2022. The versatility and user-friendliness of block formats have made them increasingly popular in the market. They are easily molded into various shapes and sizes, perfect for a range of packaging applications. Mycelium blocks have great insulating properties, can be laced with natural antibacterial agents, and are biodegradable and compostable.
Consumer goods are highly adopting mycelium packaging formats and contributing a market share of 45.3% in 2022. Consumer goods companies are becoming increasingly conscious of their packaging's environmental impact. Mycelium provides a viable alternative to traditional materials. Mycelium packaging is visually appealing, with its natural and organic appearance making it stand out on store shelves.
Europe has been at the forefront of promoting sustainable practices and eco-friendly alternatives, capturing 29.9% of the market share in 2022. Several European companies are collaborating with various industries to create customized mycelium packaging products. In addition, several European research institutes and universities are conducting significant research on mycelium-based materials and their applications in packaging.
The United States has also been a prominent player in the mycelium packaging market, surpassing a market share of 15.1% in 2022. Ecovative Design and Mushroom Packaging are significant players in the industry. Moreover, other companies expressing interest in mycelium packaging as a more environmentally friendly alternative.
Indian businesses are also exploring and employing mycelium-based packaging as an alternative to traditional materials. With a projected CAGR of 8.9% during the analysis period. Collaborations between Indian and international companies are also underway to bring advanced mycelium packaging technologies to India
Competitive Landscape
The leading players in the mycelium packaging market are attempting to increase their sales and revenues by developing their capacities to satisfy the growing demand. The leading businesses are attempting to extend their resources through mergers and acquisitions and are producing new goods to fulfil customer needs. Furthermore, the players are focusing on upgrading their facilities to meet demand. The following are some recent noteworthy advancements by the key players:
Magical Mushroom Company use mycelium to replace plastic trash in June 2022. They discovered a direct alternative to plant-based packaging materials like polystyrene and cardboard. Their actions may aid in the reduction of plastic pollution.
Ecovative Company converted mushroom mycelium into a sustainable resource for modern items in May 2022. Providing soil nutrition rather than more pollution.
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6. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Function Type
7. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Packaging Formats
8. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use
9. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
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