Mycelium Market Booms as Sustainable Alternatives Gain Global Traction
Market Overview The global mycelium market was valued at USD 3,082.48 million in 2023 and is projected to grow at a steady CAGR of 7.6% during the forecast period. Mycelium, the root-like structure of fungi, has gained significant traction in recent years due to its applications across diverse industries, including packaging, textiles, food, construction, and pharmaceuticals. Its eco-friendly, biodegradable nature and its ability to serve as a sustainable substitute for plastic, leather, and polystyrene have positioned mycelium as a highly valuable material in the circular economy. The market is witnessing strong momentum driven by technological advancements in biofabrication, increased awareness of environmental issues, and consumer preferences shifting toward sustainable and plant-based alternatives. From packaging materials to leather substitutes, mycelium-based innovations are rapidly transforming industrial processes and opening up new business models focused on enviro...