Fungal Protein Market to Reach $397.5 Million by 2029

Fungal Protein Market by Type (Fusarium Venenatum Extract, Mushrooms, Yeast Extract), Application (Food & Beverage {Beverages, Bakery}, Animal Nutrition {Poultry Feed, Aquafeed}, Pharmaceuticals, and Other Applications), and Geography- Global Forecast to 2029

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Fungal Protein Market by Type (Fusarium Venenatum Extract, Mushrooms, Yeast Extract), Application (Food & Beverage {Beverages, Bakery}, Animal Nutrition {Poultry Feed, Aquafeed}, Pharmaceuticals, and Other Applications), and Geography - Global Forecast to 2029.’

According to this latest publication from Meticulous Research^®, in terms of value, the global fungal protein market is projected to reach $397.5 million by 2029, at a CAGR of 7.6% from 2023–2029. Moreover, in terms of volume, the global fungal protein market is projected to reach 23,185 tons by 2029, at a CAGR of 6.2% during the forecast period 2023 to 2029. The growth of the global fungal protein market is primarily driven by the growing demand for allergen-free foods, the rising consumption of processed foods, and the increasing demand for meat substitutes. However, the undefined regulatory guidelines is expected to restrain the growth of the global fungal protein market.

The global fungal protein market is segmented by type (Fusarium Venenatum Extract, mushrooms, yeast extract), application (food & beverage [bakery, beverage, and other food & beverage applications], animal nutrition [poultry feed, pig feed, aquafeed, and others], pharmaceuticals, and other applications), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on type, in 2023, the yeast extract segment is slated to register the highest CAGR during the forecast period. The fastest growth of this segment is attributed to the rising adoption of yeast extract in the processed foods industry and emerging economies in Asia-Pacific and the Middle East & Africa are expected to create growth opportunities for the players operating in this market. Moreover, nutritional protein and yeast extract ingredients can be used to produce a broad variety of value-added products for both animal and human nutrition.

Based on application, in 2023, the food & beverage segment is expected to account for the largest share of the global fungal protein market. The large market share of this segment is attributed to the growing global food & beverage industry and the increasing adoption of fungal protein in the food industry due to its cholesterol and satiety benefits and nutritional composition. Furthermore, the growing demand for meat-substitute products and the rise in consumer demand for healthy products further boost the demand for fungal protein in the food & beverage industry.

Based on geography, in 2023, North America is expected to account for the largest share of the global fungal protein market. The large market share of North America is attributed to several factors, including the increasing preference for high-quality ingredients, the abundant availability of raw materials, the growing vegan culture, ongoing protests against animal cruelty, and a large number of health-conscious consumers seeking alternative protein sources.

Key Players

The key players operating in the Global fungal protein market are Lesaffre (France), Koninklijke DSM N.V. (Netherlands), Kerry Group plc (Ireland), Halcyon Proteins Pty. Ltd. (Australia), MYCORENA AB (Sweden), Oriental Yeast Co., Ltd. (Japan), Van Wankum Ingredients BV (Netherlands), Lallemand Inc. (Canada), AngelYeast Co., Ltd. (China), Associated British Foods plc (U.K.), ENOUGH (U.K.), MycoTechnology, Inc.(U.S.), Monterey Mushrooms, LLC (U.S.), and The Better Meat Co. (U.S.).

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Key Questions Answered in the Report-

What is the current value of revenue generated by the global fungal protein market?
At what rate is the global fungal protein demand projected to grow for the next 5–7 years?
What are the historical market sizes and growth rates of the global fungal protein market?
What are the major factors impacting the growth of this market at the regional and country levels? What are the major opportunities for existing players and new entrants in the market?
Which segments in terms of type and application are expected to create major traction for the manufacturers in this market?
What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the global fungal protein market?
Who are the major players in the Global fungal protein market? What are their specific product offerings in this market?
What are the recent strategic developments in the global fungal protein market? What are the impacts of these strategic developments on the market?

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