In your output, the point where the kernel is actually loaded is this one:

Init version 2.86 booting

Which is after 23 seconds. After that, init, a userspace process, takes over and begins configuration of the userspace, although this inevitably provokes activation of various kernel drivers, possibly including loading appropriate modules.

You haven't said what platform this is, but on, e.g., the 700 Mhz single core raspberry pi, this is ~4 seconds. So this is still very slow, indicating a problem.

If we subtract the gap between 0 and 19 seconds, you're down to what might be expected. This gap ends with a comment about MII PHY -- this is an ethernet device driver. If it is possible to boot the system with no networking, you could confirm this by configuring the ethernet driver out of the kernel and see if that gets to init quicker.

After the 23 second mark the major bottleneck will probably be I/O on the root filesystem. For some reason there is a 5 second gap between 25 - 30 seconds ending with a comment about a FAT filesystem error. In fact there's a few fs errors there. This implies the init system is trying to mount filesystems that don't exist, which will be a time waster.

Between 33 and 37 seconds you have more errors indicative of screw-ups involving how filesystems are arranged and/or how software which depends upon such is configured.

In your output, the point where the kernel is actually loaded is this one:

Init version 2.86 booting

Which is after 23 seconds. After that, init, a userspace process, takes over and begins configuration of the userspace, although this inevitably provokes activation of various kernel drivers, possibly including loading appropriate modules.

You haven't said what platform this is, but on, e.g., the 700 Mhz single core raspberry pi, this is ~4 seconds. So this is still very slow, indicating a problem.

If we subtract the gap between 0 and 19 seconds, you're down to what might be expected. This gap ends with a comment about MII PHY -- this is an ethernet device driver. If it is possible to boot the system with no networking, you could confirm this by configuring the ethernet driver out of the kernel and see if that gets to init quicker.

After the 23 second mark the major bottleneck will probably be I/O on the root filesystem. For some reason there is a 5 second gap between 25 - 30 seconds ending with a comment about a FAT filesystem error. In fact there's a few fs errors there. This implies the init system is trying to mount filesystems that don't exist, which will be a time waster.

Between 33 and 37 seconds you have more errors indicative of screw-ups involving how filesystems are arranged and/or how software which depends upon such is configured. One of these dependencies might be a tmpfs filesystem that's supposed to have been created in RAM but failed (hence missing files in /var/ and /tmp). You could ask a separate question posting your /etc/fstab and asking someone to explain it, if the point here is not clear.