Mycoprotein Products Market Size was estimated at 0.34 (USD Billion) in 2022. The Mycoprotein Products Industry is expected to grow from 0.39(USD Billion) in 2023 to 1.3 (USD Billion) by 2032. The Mycoprotein Products CAGR (growth rate) is expected to be around 14.25% during the forecast period (2024 - 2032).
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Mycoprotein Products Market Trends Highlighted
Key market drivers for mycoprotein products include rising consumer demand for plant-based alternatives, growing health concerns, and increasing awareness of environmental sustainability. The market is expanding due to the increasing popularity of flexitarian and vegan diets, as well as consumer preferences for healthier and more ethical food options.Opportunities to be explored in the mycoprotein products market include the development of novel flavors and textures to enhance consumer appeal, the expansion into new geographical regions, and the potential for mycoprotein products to replace traditional animal products in various culinary applications.Recent trends in the mycoprotein products market include the integration of mycoprotein into processed foods, such as burgers, sausages, and nuggets, as well as the introduction of mycoprotein products in the food service sector. The market is also witnessing the emergence of new players and the expansion of existing ones, indicating a competitive and evolving landscape.
The increasing human population and the awareness regarding the environment for the animal source of meat creates the demand for plant-based alternatives. Consumers' preferences shift towards healthy and environment-friendly products. Plant-based meat alternatives using mycoprotein are the best alternatives. Mycoprotein includes a high source of protein and low in fat. Mycoprotein products such as burgers, sausages, and nuggets ensure a decrease in greenhouse gas and land and water use. The demand for plant-based meat alternatives increases the growth of mycoprotein products.
In conclusion, mycoprotein is a high-quality protein, and due to the increasing consumer needs, there are many opportunities for its growth. The production costs have been reduced by new strains and fermentation methods that decreased the expenses. Consequently, quantitative research shows equivocal results, but all of the brought-out data shows that the market for mycoprotein products is expected to grow in the future.
Micromega’s Researchers in Nairobi explain that since mycoprotein products have gained enormous support from governments worldwide, there is every indication the growth of the mycoprotein products market will continue to accelerate. The same group of researchers noted that at the same time, governments are increasingly providing financial support to research bodies that develop these products as well as creating the perfect regulatory environments for such products to be commercialized.
The Mycoprotein Products Market is segmented on the sources as plants, microorganisms, and fungi. The fungi segment may have the largest market share in 2023 and may account for over 55% of the market. The microorganism’s segment is expected to grow at the highest CAGR of 15.5% during the forecast period. Plants The mycoprotein product can be derived from the cell wall of a plant and plant-based mycoprotein products are made from soybeans, peas, or wheat. It provides protein, fiber, and iron to the body, and it is also low in fat and cholesterol.There is a high consumption of plant-based mycoprotein products because they integrate the idea of healthy and sustainable consumption. It is not only nutritious but also provides significant health benefits since it is more organic than traditional products. Microorganisms The main source of mycoprotein is basidiomycetes. A good source of protein, vitamins, and minerals is considered to be dairy-free and is low in fat and cholesterol. It is mainly made using bacteria and yeast, and this is getting more popular in the market, as it is used as a part of the frozen food section or meat alternatives. More diverse applications for mycoprotein are used in foods such as milk alternatives, dairy alternatives, and meat alternatives. Fungi includes mycoprotein as its source, and the main ingredients may be mushrooms such as Shiitake, Oyster, and Enoki. This type of mycoprotein is a good source of protein and provides a lot of fiber to our bodies. These are low in fat and cholesterol and are considered to be antioxidants. It is used to prepare meat, milk and cheese alternatives. The market growth can be attributed to increasing demand for plant-based proteins, the rise in awareness of mycoprotein and the health benefits associated with its consumption, and the trend of veganism and vegetarianism.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Mycoprotein Products Market Form Insights
In the Form segment of the Mycoprotein Products Market, liquid mycoprotein is a commonly used ingredient in beverages, soups, and sauces, generating a significant portion of the revenue in 2023. Powdered mycoprotein has an extended shelf life and is most frequently used as an ingredient in baked goods, meat analogues, and nutritional supplements. Being a textured mycoprotein, a popular ingredient for plant-based meat alternatives, it is responsible for the growth of the market. The main drivers of the growth include an increased consumer demand regarding the sustainability of the food they consume and the helpful properties of mycoprotein, which also contribute to its growing popularity.
The texture of mycoprotein products is a crucial factor that influences consumer perception and market growth. Mycoprotein products are designed to mimic the texture of meat or vegetables, catering to different consumer preferences. The 'Similar to Meat' segment is expected to hold a dominant share of the Mycoprotein Products Market revenue, driven by the increasing popularity of plant-based meat alternatives. Consumers seeking a meat-like experience without compromising on taste and texture are driving demand for these products. On the other hand, the 'Similar to Vegetables' segment is also gaining traction among consumers who prefer plant-based products with a more fibrous and vegetable-like texture.This segment is anticipated to witness significant growth in the coming years as consumers become more health-conscious and seek variety in their diets. Overall, the segmentation of mycoprotein products based on texture provides insights into the diverse consumer preferences and market opportunities within the industry.
The end-user segment plays a crucial role in shaping the Mycoprotein Products Market segmentation. In 2023, the food and beverages segment held the largest market share, driven by the rising demand for plant-based meat alternatives. The pharmaceuticals segment is projected to exhibit significant growth, owing to the increasing use of mycoproteins in drug development and research. The cosmetics segment is anticipated to witness steady growth, attributed to the growing popularity of natural and sustainable beauty products. According to market research, the Mycoprotein Products Market is expected to reach $1.3 billion by 2032, expanding at a CAGR of 14.25% from 2024 to 2032.This growth is attributed to the increasing awareness of the health benefits associated with mycoprotein consumption and the growing demand for sustainable and plant-based food options.
The Mycoprotein Products Market segmentation by Sales Channel is divided into Online and Offline. The Online segment is anticipated to hold a significantly larger market share due to the rising popularity of e-commerce platforms, convenience, and wider product availability. In 2023, the Online segment accounted for nearly 47% of the Mycoprotein Products Market revenue. The Offline segment, on the other hand, encompasses traditional retail channels such as supermarkets, hypermarkets, and independent stores. Despite the growth of e-commerce, the Offline segment is expected to maintain a steady market presence due to the preference for in-store purchases among certain consumer segments.
The Mycoprotein Products Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America is expected to hold the largest market share in 2023, owing to the increasing demand for plant-based meat alternatives and the presence of major market players in the region. Europe is expected to be the second-largest market, driven by the growing awareness of the health benefits of mycoprotein and the increasing number of vegan and vegetarian consumers. APAC is expected to be the fastest-growing market due to the rising disposable income and the increasing demand for convenient and healthy food options.South America and MEA are expected to have a relatively smaller market share, but they are expected to witness steady growth in the coming years.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Every major player in the Mycoprotein Products Market industry is developing new methods to deliver sustainable and also healthy food and focus on keeping their leading position. Modern companies are highly invested in their research and development capacity to enhance the functional and nutritious benefits of their products. Moreover, companies in the market also tend to increase their product line to change consumer and client attendance. This approach is the primary distinction of the Mycoprotein Product Market, and such an environment requires strong partnerships and collaborations between companies to develop a portfolio and market presence. As a result, merging and acquiring companies in the industry is a common tendency, as these actions allow companies to become stronger, extend their product scope, and move to new regions. For these reasons, the discussed market is full of different players that try to handle various problems and challenges within a sector.One of the primary players in the Mycoprotein Products Market is Quorn Foods. It is considered one of the most significant products in the industry, as it focuses on meat alternatives and has a large number of meat-free products upon its arrival. Additionally, the company has a wholly-owned presence on the market and has considerable support. The company's mission is to deliver the highest quality of food being highly reliable in sustainable and healthy requirements. The joined team of developers consistently works on improving their products and production technologies, working on the taste and quality of their products. Quorn Foods has taken a strong branding position on the products and has created a vital supply chain network. As a result, the company is strongly positioned in the market thanks to its high-quality products and strong distribution network.The fast-growing Mycoprotein Products Market has also attracted the relatively new company Mycorena, which is developing new solutions, products, and technologies. Within the production, the company uses the fermentation method, which increases its products' nutritional value and presents mycoprotein as a sustainable ground food of the future. The company has specialized in its products and technology development around the market, and the strongest feature of the company is its exclusive fermentation technology. The company actively raises sustainability problems in the food industry, often treats the market requirements, and is highly dependent on sustainability and widespread use in different sectors and products.
Mycoprotein Products Market Industry Developments
The Mycoprotein Products Market is estimated to be valued at USD 0.48 billion in 2023 and is projected to reach USD 1.3 billion by 2032, exhibiting a CAGR of 14.25% during the forecast period. Rising incidences of meat-related diseases and growing health consciousness are key factors driving the demand for mycoprotein products. Several recent developments and current affairs are shaping the market landscape1. Strategic Partnerships and Collaborations Major players are collaborating to expand their product offerings and cater to the growing demand for alternative protein sources. For instance, in 2023, Quorn Foods partnered with Unilever to launch mycoprotein-based products in Europe.2. Government Initiatives Governments worldwide are promoting the production and consumption of plant-based foods, including mycoproteins, to meet sustainability goals and address food security concerns. In 2022, the European Union launched a €10 million research project to develop innovative mycoprotein production technologies.3. Technological Advancements Research and development efforts are focused on improving the taste, texture, and nutritional value of mycoprotein products. Companies are investing in fermentation techniques and mycoprotein cultivation methods to enhance product quality and consumer acceptance.These developments indicate a promising future for the Mycoprotein Products Market as consumers increasingly seek sustainable and healthy protein alternatives.
| Report Attribute/Metric | Details |
| Market Size 2022 | 0.34(USD Billion) |
| Market Size 2023 | 0.39(USD Billion) |
| Market Size 2032 | 1.3(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 14.25% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2022 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Sensient Technologies Corporation, Quorn Foods, Archer Daniels Midland Company, International Flavors Fragrances Inc., Tyson Foods, Kerry Group, Givaudan, Firmenich, Ingredion, Ajinomoto Co., Inc., Hamlet Protein, Cargill, ADM, MycoTechnology |
| Segments Covered | Source, Form, Texture, End Use, Sales Channel, Regional |
| Key Market Opportunities | 1 Rising Health Consciousness2 Growing Demand for PlantBased Protein Alternatives3 Innovation in Product Development4 Increasing Focus on Sustainability5 Expansion into Emerging Markets |
| Key Market Dynamics | Increasing consumer demand for plant-based alternatives Rising awareness of mycoproteins health benefits Innovations in mycoprotein production technology Growing demand from the food and beverage industry Strategic partnerships and collaborations |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Mycoprotein Products Market is expected to reach a valuation of 0.39 billion USD in 2023.
The Mycoprotein Products Market is expected to reach a valuation of 1.3 billion USD by 2032.
The Mycoprotein Products Market is estimated to grow at a CAGR of 14.25% from 2024 to 2032.
North America is expected to hold the largest market share in the Mycoprotein Products Market due to the increasing demand for plant-based meat alternatives in the region.
Mycoprotein products are primarily used as meat substitutes in various applications, including burgers, sausages, and nuggets.
Key competitors in the Mycoprotein Products Market include Quorn Foods, MycoTechnology, and The Vegetarian Butcher.
The rising demand for plant-based meat alternatives, increasing health consciousness, and government support for sustainable food sources are major factors driving the growth of the Mycoprotein Products Market.
Challenges faced by the Mycoprotein Products Market include the high cost of production, limited consumer awareness, and competition from other plant-based meat alternatives.
Opportunities for growth in the Mycoprotein Products Market include the expansion of the vegan and vegetarian population, increasing demand for sustainable food sources, and technological advancements in mycoprotein production.
Key trends in the Mycoprotein Products Market include the development of new and innovative mycoprotein-based products, the expansion of distribution channels, and the increasing focus on sustainability.
Assistant Manager - Research High acumen in analyzing complex macro & micro markets with more than 6 years of work experience in the field of market research. by implementing her analytical skills in forecasting and estimation into market research reports, she has expertise in packaging, construction, and equipment domains. she handles a team size of 20-25 resources and ensures smooth running of the projects, associated marketing activities, and client servicing.
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