Market Introduction:
Shiitake mushroom is a type of specialty mushroom which are grown on the decaying wood of deciduous trees. Major share of shiitake mushroom production was witnessed in Asia pacific, which held 82.54% of market share in the year 2017. Shiitake mushroom is widely used in the food industry for its rich texture and smoky flavor. Moreover, it has gained popularity among the growing population for its high nutritional and medicinal benefits including its ability to aid weight loss, support cardiovascular health, fight cancer cells, improve energy levels and brain function, reduce inflammation, and support the immune system. Additionally, various elements content in the shiitake mushroom such as selenium, zinc, and kojic acid which are beneficial for healthy skin which is adding fuel to the growth of shiitake mushroom market share.
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Market Forecast
The global market for shiitake mushroom has been experiencing high demand from the last few years and is projected to reach 4370 tons by 2023 compared to 2109 tons in 2017. Increasing application of shiitake mushroom in various industries is driving the market of shiitake mushroom market share. Owing to the high nutritional attributes of shiitake mushroom such as it is a good source of vitamin B & D, it is gaining popularity among the health conscious population.
Based on the category, dried shiitake mushroom is expected to witness the highest growth rate of 16.91% on a global level. Processed shiitake mushroom is expected to grow rapidly during the forecast period. Moreover, on the basis of application, food industry is dominating the market over past years. However, pharmaceutical industry is projected to witness high growth at a CAGR of 16.56% over the forecast period followed by cosmetic segment.
By Downstream Analysis
On the basis of category of the shiitake mushroom, fresh mushroom is dominating the market holding a global market share of 49.8%. However, dried shiitake mushrooms is expected to grow substantially over the forecast period followed by processed shiitake mushrooms.
Potential application of shiitake mushroom in food industry have a positive impact on its market growth with the major market share of 54.4% in the year 2017. However, pharmaceutical segment is likely to witness the highest growth rate followed by cosmetics segment over the coming years.
Based on the sales channel, store based sales channel is dominating the market with a lion’s share of 83.6% in the year 2017. In store based sales channel, wholesaler/distributor dominates the market with the highest market share in the year 2017. However, specialty stores are projected to witness higher growth rate over the forecast period.
Competitive Analysis
The major key players in shiitake mushroom are:
Bonduelle SA (France)
Mitoku Company, Ltd. (Japan)
Agro Dutch Industries Ltd. (India)
The Mushroom Company (U.S.)
Modern Mushroom Farms (U.S.)
Hirano Mushroom LLC (Kosovo)
Banken Champignons (the Netherlands)
Regional Analysis
Among the regions, Asia Pacific is dominating the shiitake mushroom market share with over 82.54% of the global market share and is projected to reach more than USD 26.79 billion by 2023. In Asia Pacific, China is expected to grow at the highest rate followed by Vietnam over the forecast period. Moreover, RoW is projected to witness the highest growth rate during the forecast period 2017-2023 in which Africa is expected to grow at the highest growth rate. In RoW, Middle East is dominating the market with market share of 80% in the year 2017.
Market Segmentation
The global shiitake mushroom market share is segmented by category, application, sales channel and regions.
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