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The Singapore - Fresh Mushroom Market size is projected to increase by USD 33.26 million and the market size is estimated to grow at a CAGR of 4.75% between 2023 and 2028.
This Singapore fresh mushroom market report extensively covers market segmentation by product (button mushroom, shiitake mushroom, oyster mushroom, and others), distribution channel (offline and online), and application (food and pharmaceuticals). Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
Medicinal values associated with mushrooms are notably driving the market growth. Mushrooms are considered a superfood, as they are high in antioxidants, and contain selenium, which is a mineral that is not present in most vegetables. This mineral plays a vital role in liver enzyme function and aids in combating cancer by detoxifying cancer-triggering compounds in the body. Mushrooms are high in potassium and low in sodium which decreases the chances of cardiovascular diseases and high blood pressure. Moreover, the demand for Chaga mushrooms is expected to increase due to the various health-promoting benefits associated with their consumption. The growing health consciousness among consumers is also expected to drive the growth of Chaga mushrooms in Singapore. Additionally, the number of new product launches containing Chaga mushrooms as an ingredient is expected to increase. Thus, the medicinal and nutritional benefits associated with the consumption of mushrooms will drive the growth of the market during the forecast period.
The Singapore Fresh Mushroom Market shows an accelerated CAGR during the forecast period.
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Rising adoption of vegan diets is an emerging trend shaping the market growth. The major aspects fueling the growth of the Singapore - fresh mushroom market include the booming food and beverage sector, coupled with the increasing number of health-conscious people globally. The changing food preference among people for vegan food items is driving the demand for mushrooms, as they are a rich source of vitamins, protein, and minerals and can be used as a meat substitute. The growing vegan population demanding a protein-rich diet is expected to drive the growth of the Singapore - fresh mushroom market.
Furthermore, mushrooms provide a strong natural umami flavour, allowing consumers to reduce salt proportion by 30%-40%, thereby benefiting health. The rapid expansion of the food and beverage industry is accelerating the demand for mushrooms across hotels, restaurants, and cafeterias. The rise in the adoption of mushrooms as a substitute for meat will positively influence market demand. Such factors are expected to drive the growth of the market during the forecast period.
Risks related to diseases, abnormal temperature change, and extreme weather events are a significant challenge hindering the market growth. Mushrooms are exposed to diseases and pests. A variety of midge species, small flies, and certain mite species can damage the mushroom crop. Although mushrooms belong to the fungi group, they can still be affected by a wide range of fungal pathogens, such as Trichoderma, Mycogone, Dactylium, Fusarium, Verticillium, Scopulariopsis, Papulaspora, Diehlomyces. Global warming is increasing the frequency and severity of extreme weather events around the world.
However, mushroom producers are using carefully managed environments for cultivation, extreme weather events may still impact their cultivation process. Therefore, increasing damage to crops and agricultural products due to natural calamities can severely impede the growth of the Singapore - fresh mushroom market. Such factors are expected to hinder the growth of the market during the forecast period.
The offline segment comprises department stores, supermarkets, hypermarkets, convenience stores, and shopping malls. FairPrice Xtra, Sheng Siong, and NTUC FairPrice are some of the largest retail chains in Singapore that have separate retailing sections for fresh mushrooms. The growing agricultural industry and the establishment of numerous retail outlets are driving sales of mushrooms in this segment. Additionally, with the growing number of vegan population and the rise in health-conscious consumers, the sales of fresh mushrooms in Singapore through offline channels are expected to increase. Many consumers prefer local stores to buy supplies and service products, such as fresh button mushrooms and fresh oyster mushrooms. Therefore, the above-mentioned factors are expected to increase the demand for the Singapore - fresh mushroom market in the offline segment, which will drive the growth of the market during the forecast period.
The market share growth by the button mushroom segment will be significant during the forecast period. Button mushrooms are common and well-known white fungi used in many recipes and cooking techniques, such as cakes, omelets, pasta, risotto, and pizza. Button mushrooms are the workhorse of the mushroom family, and their mild flavor and meaty texture make them incredibly versatile.
The button mushroom was the largest and was valued at USD 39.57 million in 2018
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Additionally, button mushrooms are the least expensive type, have the most delicate flavor, and easily absorb the flavors of the ingredients they are cooked with. They can be consumed raw or cooked by roasting, deep-frying, grilling, braising, and sauteing. Button mushrooms are high in demand as they contain proteins and essential amino acids that can meet nutritional needs and have low cholesterol and fat content. Moreover, button mushrooms are available throughout the year and are the most preferred type of mushrooms owing to their superior taste and sweet and earthy smell. Thus, the versatility of button mushrooms and usage in cooking will drive the demand for button mushrooms which, in turn, will drive the growth of the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The Singapore Fresh Mushroom Market report also includes detailed analyses of the competitive landscape of the market and information about 7 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Singapore Fresh Mushroom Market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Singapore Fresh Mushroom Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.75% |
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Market growth 2024-2028 |
USD 33.26 million |
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Market structure |
Concentrated |
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YoY growth 2023-2024(%) |
4.25 |
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Regional analysis |
Singapore |
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Performing market contribution |
APAC at 100% |
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Key countries |
Singapore and APAC |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aries Fresh Pte Ltd., Champ Fungi Sdn. Bhd., Cold Storage Singapore 1983 Pte Ltd., Kin Yan Agrotech Pte Ltd., Koninklijke Ahold Delhaize NV, Mycofarm Pte Ltd., and The Mushroom Farm |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Market Segmentation by Application
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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