Within the MY-FI project, AXIA’s role is to develop an exploitation strategy to assist the partners in commercializing their products. The methodology involves the analysis of the external and internal forces that affect the market beyond innovation, and the definition of a strategic direction.
An essential element of the strategy is market analysis, which involves both qualitative and quantitative assessments of the market to determine its volume and size, customer segments, and competitive landscape.
A key goal of the H2020 MY-FI project is the development of a mycelium-based textile that can be used to produce prototypes for the automotive and textile industries.
Mycelium-based materials market size is estimated to be worth €24.8 million in 2022 and is forecast to a readjusted size of € 233.72 million by 2028 with a CAGR of 45.33% during the forecast period 2022-2028. This estimation shows that there are big margins for new mycelium products commercialization.
The mycelium market is segmented by type, application, region and by manufacturers. The production and consumption of mycelium products are increasing in all segments.
Obtaining homogenous mycelium mats with uniform growth, and ensuring consistency in thickness, colour, and mechanical properties is one of the biggest challenges in the production of textile material from mycelium, which is why research is still ongoing in this area. The market for mycelium-based materials is indeed expanding rapidly, which means that new competitors are entering the market.
This first broad market analysis allows the positioning of the key players of the MY-FI project and gives an impression of how much this field is groundbreaking and innovative.
AXIA’s job in this regard will be to dive into the market and provide insight to the partners on the opportunities and threats, to provide information about the competitors’ landscape and suggest suitable exploitation strategies.