The global mycoprotein market share is set for significant growth, projected to increase from USD 720.7 million in 2024 to USD 1.32 billion by 2034. Driven by increasing demand for plant-based proteins and sustainable food production, the market is expected to grow at a compound annual growth rate (CAGR) of 6.2% during the forecast period.
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.
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.
Country-wise Insights
The following table illuminates the growth rate of the industry in certain countries, with Japan and India slotted in to post favorable growth numbers. The countries will lead the market through 2034.
| Countries | Forecast CAGRs from 2024 to 2034 |
| The United States | 5.5% |
| Germany | 5.9% |
| China | 6.1% |
| Japan | 6.7% |
| India | 7.3% |
Key Takeaways from the Mycoprotein Market Study
- Global mycoprotein market was valued at USD 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,” – says Nandini Roy Choudhury, Client Partner at Future Market Insights
Prominent Drivers of the Mycoprotein Market
- Rising Demand for Plant-Based Proteins: The growing trend towards vegan and flexitarian lifestyles is driving demand for plant-based proteins like mycoprotein, which serves as a meat alternative for health-conscious consumers.
- Sustainability: With increasing global focus on sustainable food production, mycoprotein is viewed as an eco-friendly alternative to traditional meat products, helping reduce carbon footprints.
- Product Innovation: Advancements in taste, texture, and functionality of mycoprotein products have led to greater market penetration, especially in processed foods, meat analogues, and ready-to-eat products.
- Health Awareness: Mycoprotein’s health benefits, such as low-fat content and high protein value, are attracting health-conscious consumers, fueling market growth.
Browse full Report: https://www.futuremarketinsights.com/reports/mycoprotein-market
Challenges Faced by the Mycoprotein Market
- High Production Costs: Mycoprotein products are priced higher than traditional meat options, limiting their accessibility to a broader consumer base.
- Limited Consumer Awareness: A lack of consumer knowledge about the nutritional and environmental benefits of mycoprotein is slowing market adoption in certain regions.
- Allergies and Sensitivities: Allergic reactions caused by fungi-based mycoprotein present a challenge, especially for consumers with mold allergies, impacting the growth potential of the market.
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)).
Segmentation Analysis of the Mycoprotein Market
By Form:
- Minced
- Slices
By Sales Channel:
- Supermarkets/Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Stores
By Type:
- Feed Grade
- Food Grade
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
About Future Market Insights (FMI)
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