The global mycoprotein market size will reach a valuation of USD 720.7 million in 2024, driven by culinary innovation and chef endorsements. The trend is set to create new opportunities for the market, leading to a projected CAGR of 6.2% between 2024 and 2034, and reaching a total valuation of approximately USD 1.3 billion by 2034.
The growing number of people adopting vegan and vegetarian diets is a key factor driving the demand for mycoprotein. Mycoprotein is suitable for people with various dietary restrictions, further broadening its appeal, as more consumers seek plant based protein sources.
The surging popularity of food delivery services presents an opportunity for mycoprotein manufacturers to partner with online platforms and meal kit companies. Companies, by offering mycoprotein based meal options through these channels, can reach a wider audience and capitalize on the convenience trend driving the food delivery market.
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The growth potential of the mycoprotein market has attracted investment from both established food companies and venture capitalists. Collaborations between food manufacturers and biotech companies are scaling up innovation and accelerating the development of new mycoprotein based products.
Food manufacturers are increasingly incorporating mycoprotein into a variety of products, including burgers, sausages, nuggets, and ready to eat meals. The diversification of product offerings is expanding the market reach of mycoprotein and attracting new consumers who are looking for convenient and tasty plant based options.
Continuous improvements in cultivation techniques, such as using novel substrates and optimizing fermentation conditions, are enhancing the yield and quality of mycoprotein, making it more economically viable for mass production.
Leveraging scientific research and clinical studies, companies can substantiate health claims and highlight the functional benefits of mycoprotein, such as its potential to support muscle growth, weight management, and gut health. Government initiatives promoting sustainable food production and healthier diets are driving the adoption of alternative protein sources like mycoprotein.
Incorporating bioactive compounds or fortifying mycoprotein with vitamins and minerals can further enhance its nutritional profile and appeal to health conscious consumers.
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Key Takeaways from the Market Study
- Global mycoprotein market was valued at US$ 1 million in 2023.
- From 2019 to 2023, the market demand expanded at a CAGR of 5.8%.
- The market in Japan to expand at a CAGR of 6.7% through 2034.
- By type, the food grade segment to account for a share of 55.2% in 2024.
- The market in India will expand at a CAGR of 7.3% through 2034.
- By form, the minced segment to account for a CAGR of 55.3% through 2034.
“Advances in fermentation technology and genetic engineering are driving efficiencies in mycoprotein production, leading to cost reductions and scalability,” states an FMI analyst.
Competitive Landscape
Prominent players in the mycoprotein market are Marlow Foods Ltd, 3F Bio Ltd., Tyson Ventures, MycoTechnology, Inc., Temasek Holdings, General Mills, Beyond Meat Inc., Impossible Foods Inc., Quorn Foods, Marlow Foods Ltd, Yutong Industrial Co. Limited, Shouguang Ftl Bio. Co., Ltd., Symrise, and Kernel Mycofoods, Atlast Food Co., among others.
Company Portfolio
- Tyson Ventures, a venture capital arm of Tyson Foods, is involved in investing in innovative food technologies, including those related to mycoprotein. While Tyson Foods is traditionally known for its meat based products.
- MycoTechnology, Inc. specializes in developing and commercializing food and beverage ingredients derived from fungi, including mycoprotein. Their flagship product, PureTaste®, is a mycelium based protein that can be incorporated into a variety of food and beverage applications.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global mycoprotein market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the mycoprotein market, the market is segmented on the basis of form (minced, slices), sales channel (supermarkets / hypermarkets, convenience stores, specialty stores, online stores), and type (feed grade, food grade), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and the Middle East & Africa (MEA)).
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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