Overview and Scope
Fungal protein refers to the food-grade protein ingredient made from a type of fungus for human consumption. Fungal protein is used to substitute traditional protein sources such as meat in the food industry.
Sizing and Forecast
The fungal protein market size has grown strongly in recent years. It will grow from $3.8 billion in 2023 to $4.06 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to increasing demand for plant-based proteins, rising interest in alternative protein sources, rising allergies to animal proteins, expansion of food and beverage industry, environmental sustainability concerns, government initiatives and regulations.
The fungal protein market size is expected to see strong growth in the next few years. It will grow to $5.33 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to increasing consumer awareness, expanding vegan, expanding applications in various industries, global population growth, investments in alternative proteins. Major trends in the forecast period include increasing consumer demand, product innovation, expanding applications, supply chain sustainability, global market penetration.
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Segmentation & Regional Insights
The fungal protein market covered in this report is segmented –
1) By Type: Fusarium Venenatum Extract, Mushrooms, Yeast Extract
2) By Nature: Organic, Conventional
3) By Application: Food and Beverages, Bakery, Processed Food, Dairy, Other Applications
Europe was the largest region in the fungal protein market in 2023. The regions covered in the fungal protein market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising consumption of processed foods is significantly contributing to the growth of the fungal protein market going forward. Processed food refers to a food item that has gone through several mechanical or chemical processes in order to change or preserve it. Fungal protein is used as a substitute for meat and other forms of protein in processed foods due to it being significantly less polluting and sustainable than protein from livestock. For instance, in December 2021, according to the Agricultural and Processed Food Products Export Development Authority (APEDA), an India-based apex-export trade promotion active government body, India’s exports of agricultural and processed food goods increased by more than 13% in the first eight months of the current fiscal, despite logistical difficulties brought on by the COVID-19 pandemic. From April through November 2020–21 to April through November 2021–22, exports of goods covered by the APEDA scope grew from $11,671 million to $13,261 million. Therefore, the rising consumption of processed food will drive the fungal protein market.
Key Industry Players
Major companies operating in the fungal protein market are adopting a strategic partnership approach, aiming to help expedite hybrid product go-to-market strategies. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in May 2022, MeaTech 3D Ltd., an Israel-based company that develops 3D bioprinting technology for use in cellular agriculture, announced a partnership between its subsidiary Peace of Meat and ENOUGH. The agreement intends to expedite MeaTech’s hybrid product go-to-market strategy. This revolutionary partnership will combine Peace of Meat’s unique knowledge of cultured avian growth with ENOUGH’s revolutionary mycoprotein component to create revolutionary hybrid alternative meat products. The hallmark tastes smells, and textures of traditional meat will be provided by cultured bird fat biomass. ENOUGH’s mycoprotein will provide significant nutritional value because of its high protein and fiber content and vital amino acids, zinc, and iron. ENOUGH is a Scotland-based company that manufactures mycoprotein ingredients on a large scale.
The fungal protein market report table of contents includes:
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