Fungal Protein Market Worth $397.5 Million by 2029

Fungal Protein Market by Type (Fusarium Venenatum Extract Protein, Mushroom Protein, Yeast Extract Protein), Application (Food & Beverages {Beverages, Bakery}, Animal Nutrition {Poultry, Aquafeed}, Pharmaceuticals, 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 Protein, Mushroom Protein, Yeast Extract Protein), Application (Food & Beverages {Beverages, Bakery}, Animal Nutrition {Poultry, Aquafeed}, Pharmaceuticals), and Geography - Global Forecast to 2029.’

According to this latest publication from Meticulous Research^®, the fungal protein market is expected to grow at a CAGR of 7.6% from 2022 to 2029 to reach $397.5 million by 2029. Rapidly growing demand for allergen-free foods, rise in consumption of processed food, and growing demand for meat-substitute products are factors driving the growth of the global fungal protein market. Moreover, the increasing adoption of yeast extract in processed food is expected to offer significant growth opportunities for the stakeholders in this market. However, the factors such as undefined regulatory guidelines hamper the market growth to a certain extent.

The fungal protein market is segmented by type (fusarium venenatum extract protein, mushroom protein, and yeast extract protein), application (food & beverages {beverages, bakery, other food & beverages products}, animal nutrition {poultry feed, pig feed, aquafeed, and others}, pharmaceuticals, and other applications), and geography (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa). The study also evaluates industry competitors and analyses the regional and country-level markets.

Based on type, the fungal protein market is segmented into fusarium venenatum extract, mushroom, and yeast extract protein. In 2022, the fusarium venenatum extract protein segment is estimated to account for the largest share of the global fungal protein market due to the growing consumer preference for adopting a healthy diet. Moreover, high fiber, protein, and low and saturated fat content further boost the demand for fusarium venenatum-based fungal protein from the food & beverage industries. However, the yeast extract protein segment is projected to grow at the highest CAGR during the forecast period due to the growing adoption of yeast extract in packaged foods, including frozen dinners, crackers, junk food, gravy, and stock.

Based on application, the fungal protein market is categorized into food & beverage, animal nutrition, pharmaceuticals, and other application. In 2022, the food and beverage segment is estimated to account for the largest share of the global fungal protein market. The large share of this segment is attributed to the growing global food & beverage industry, increasing demand for mycoprotein in the food industry due to its cholesterol and satiety benefits and nutritional composition, and rising demand for meat-substitute products. Furthermore, the rising consumer demand for healthy products further boosts the demand for fungal protein in the food & beverage industry.

Based on geography, the fungal protein market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America is estimated to account for the largest share of the global fungal protein market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The large share of this market is attributed to the expanding culture of veganism, the ongoing protests against animal cruelty, and an enormous number of health-conscious consumers. Moreover, factors such as rising demand for processed food due to changing consumer patterns, increasing desk-bound work cultures, and the lack of time to cook healthy food further boost the demand for fungal protein in the region.

The key players profiled in the global fungal protein market research report are Koninklijke DSM N.V. (Netherlands), Associated British Foods plc (U.K.), Lesaffre Group (France), Kerry Group plc (Ireland), Lallemand Inc. (Canada), Oriental Yeast Co., Ltd. (Japan), Halcyon Proteins Pty. Ltd. (Australia), AngelYeast Co., Ltd. (China), Van Wankum Ingredients BV (Netherlands), and MYCORENA AB (Sweden).

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Key questions answered in the report-

Which are the high-growth market segments in terms of type, application, and regions/countries?
What was the historical market for fungal proteins across the globe?
What are the market forecasts and estimates for the period 2022–2029?
What are the major drivers, restraints, opportunities, and challenges in the fungal protein market?
Who are the major players in the fungal protein market?
How is the competitive landscape, and who are the market leaders in the fungal protein market?
What are the recent developments in the fungal protein market?
What are the different strategies adopted by the major players in the fungal protein market?
What are the geographical trends and high-growth regions/countries?
Who are the local emerging players in the fungal protein market, and how do they compete with the global players?

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