Fresh mushroom in Singapore: Key market research findings
- Awareness about health benefits of mushrooms triggers an increase in its demand
- Increasing popularity of vegetarianism drives market growth
- Key vendors – Aries Fresh, FreshDirect, Mycofarm, SG Vegetables, Ban Choon, and Thygrace
Technavio’s market research analysts predict the fresh mushroom market in Singapore to grow at a CAGR of around 3%, in terms of volume, between 2016 and 2020. Increasing awareness about the health benefits associated with the consumption of mushrooms is spurring an upsurge in the demand for fresh mushrooms in Singapore. In this region, most end-users prefer consuming fresh oyster mushrooms, whereas, in the foodservice industry, shiitake and button mushrooms are the most popular products. However, exotic mushrooms such as shiitake and oyster have short shelf lives due to which foodservice operators and supermarkets prefer sourcing locally-grown mushrooms.
The new market research report from Technavio presents a breakdown and analysis of the fresh mushroom segments based on the product type.
“Vegetarianism is a trend that is becoming increasingly popular in Singapore. People are adopting vegetarian diets due to ethical concerns for animals and the environment. Since mushrooms are the only non-animal source of Vitamin D, people opting for vegetarianism are also consuming mushrooms to maintain a balanced diet. Besides, expatriates and foreigners working in Singapore who are conscious of the environmental issues are paying premium prices for products that are made through ethical and good farming practices,” says Vijay Sarathi, Lead Analyst, Food & Beverages, Technavio Research.
By 2020, the button mushroom segment will retain its position as the key revenue generating vertical of the fresh mushroom market in Singapore by accounting for more than 39% of the overall market revenue. Fresh button mushrooms are also known as white button mushrooms and are available round the year. They are generally are used as an ingredient in casseroles, soups, and salads. Furthermore, the small size of button mushrooms makes them ideal for skewers and stews. They are a rich source of Vitamin D and potassium and help in fighting prostate cancer. They also help balance estrogen production in the body.
The key vendors in the market are Aries Fresh, FreshDirect, Mycofarm, SG Vegetables, Ban Choon, and Thygrace. Increasing vendor competition may result in the reduction of product prices by many companies, which will negatively impact vendor margins and market growth. The current market includes companies of different sizes, where some vendors are more specialized than others in terms of particular commodities and few vendors have larger financial resources compared to others. Therefore, to survive and succeed in the competitive market, it becomes imperative for vendors to distinguish their product and service offerings by means of a clear and unique value proposition.
A more detailed analysis is available in the Technavio market research report, Fresh Mushroom Market in Singapore 2016-2020.
We can customize reports by other regions and specific segments upon request.
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