In recent years, the consumption of processed foods has increased rapidly across the globe. A major factor for this increase is the growing world population. According to the Department of Economic and Social Affairs of the United Nations, the world population is projected to reach 9.7 billion by 2050. Urban consumers are gaining exposure to a much wider choice of foods, with better food availability than consumers living in rural areas. This urbanization trend contributes significantly toward improved living standards and rising incomes, influencing the affordability of processed food products. Hence, food processors are seeking and exploring new processing and preservation technologies. Food manufacturers are likely to turn to alternative proteins, such as fungal protein, to improve the nutritional profiles of their products.
Proteins are used in the food industry for nutritional and functional reasons. Human protein requirements can be met through the consumption of alternative proteins. In recent years, health awareness has significantly increased, resulting in the emergence of health & wellness trends. These trends have increased the demand for processed food products that support better health, especially low-calorie and nutritious products. There is an increasing demand for processed functional foods due to the rising prevalence of diseases, increasing health awareness, changing nutritional requirements, and consumer willingness to try new products. The number of food products with nutritious ingredients has grown considerably in recent years. The rising consumption of processed foods may drive the demand for fungal protein as a food ingredient, as it is a versatile and functional ingredient that can be used to improve the nutritional profiles of processed foods.
Alternative proteins are used in the manufacture of weaning foods, porridge & gruel, cookies, crackers, muffins, bread, cereals, cakes, doughnuts, pasta, dry mixes, tortillas, flatbreads, soups & sauces, ground meat, ground meat for patties, sausage, meatloaf, vegetarian foods, stews & soups, meat systems, baked goods, and specialty items. The functional & nutritional properties of fungal protein and its widening food applications have increased its utilization in the processed foods industry. As a result, the demand for fungal protein is on the rise, driving the growth of this market. According to the latest publication on the global fungal protein market by Meticulous Research®, The global fungal protein market is projected to reach $397.5 million by 2029, at a CAGR of 7.6% from 2023–2029. Moreover, this market is projected to reach 23,185 tons by 2029, at a CAGR of 6.2% during the forecast period 2023–2029.
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