Strategic insights for sustainable growth of mushroom farming industry in Bangladesh: A comprehensive evaluation using SWOT-AHP and TOPSIS frameworks.

Mushroom farming using agri-waste as substrates can offer a sustainable solution to the food security challenges of inadequate and imbalanced diets. Developing strategies to exploit the potential of the mushroom industry fully is yet to be explored in Bangladesh. We, thus, conducted this study to investigate the challenges and opportunities associated with mushroom farming, as well as the characteristics of farms and employees engaged in this industry. A directional stepwise multiple regression analysis showed self-motivation, spawn cost, farm size, and training are the key influencing factors driving profitability. Farm surveys identified SWOT factors with 24 sub-factors cross-validated with expert consultations. The sub-factors were categorized as beneficial (strength and opportunities) and cost (weakness and threats) to formulate the SWOT strategies using the Grey-TOPSIS method. Results indicate a favorable scenario exists for the industry in Bangladesh, with significant opportunities (group weight 0.53) and minimal threats (group weight 0.09). We proposed 12 strategic alternatives for the sustainable growth of this industry. This top-ranking strategy is not only to secure funding (relative closeness,  = 0.87) but also to provide more accessible loan options envisioning a strategic expansion of business operations in Bangladesh. The evaluation highlighted the significance of collaboration with other mushroom farmers to maximize the gain in marketing that will substantially expand the local demand (  = 0.697). Besides, product diversification is also underscored as an important strategy for the growth of the industry. These prioritized SWOT strategies lay the groundwork for policy development, aiding decision-makers in steering the mushroom industry towards sustainable growth for developing countries like Bangladesh. Promoting such an eco-friendly industry will generate ample opportunities for women's employment and appreciable profit while contributing to environmental improvement through recycling agri-waste.