Fungus Protein Market - Forecast(2024 - 2030)

Fungus Protein Market Overview:

The global Fungus Protein Market size is estimated to reach $650 million by 2030, growing at a CAGR of 10.4% during the forecast period 2024-2030. Increasing health and wellness consciousness, as well as the consumption of high protein meat meals with healthier components, are likely to boost the worldwide Fungus Protein products market. Fungus Protein, also known as mycoprotein, is a high-protein-content plant-based substance. As a result, it is gaining popularity among vegetarians worldwide and is frequently used as a meat alternative. As a result of this reason, the worldwide Fungus Protein market is seeing increased demand as the world's vegan population grows.

Furthermore, because of the health benefits that Fungus Protein products give, consumption is increasing. They include a lot of nutraceutical elements and are beneficial for your cholesterol. Fungus Protein-containing products are also suggested to benefit in weight management since they induce a feeling of fullness. As a consequence of all of these factors, the market for Fungus Protein products is expected to have significant growth prospects.

Fungus Protein market - Report Coverage:

The “Fungus Protein market - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Fungus Protein Market.

COVID-19 / Ukraine Crisis - Impact Analysis: 

●      The worldwide Fungus Protein market was negatively impacted by COVID-19. With a lockdown and tight controls implemented, global production activity was halted in the first half of 2020. Worries about a rise in animal-borne illnesses such as COVID-19, as well as health issues and a desire for clean label and natural goods, have all propelled the plant-based meat industry and are forging ahead throughout the forecast period. Due to the COVID pandemic, businesses are spending extensively in the retail industry. Some firms have already begun to adjust their marketing tactics in response to the rapid surge in demand.

●      The supply chain disruption due to the Russia-Ukraine war has impeded the Fungus Protein Market growth. The disruption has increased freight charges, created container shortages and lowered the availability of warehousing space. This has resulted in inflationary issues in the aftermarket. The conflict has also led to changes in trade dynamics. The souring trade relations between Russia and Ukraine has led to Fungus Protein producers in Ukraine seeking alternative export markets despite slowdown in production.

Key Takeaways:

Fast Growth of Europe Region

North America currently dominates the global Fungus Protein market, with the highest market share followed by Europe. This is primarily due to the presence of key producers and the growing manufacturing capacity for Fungus Protein products in Europe and North America. The Fungus Protein market in Germany is experiencing significant growth, driven by the increasing demand for meat substitutes. Germany has witnessed a rise in veganism, with the highest number of vegan product launches globally, as highlighted in a study by the US Department of Agriculture's International Agricultural Service. The report "Prevalence of Persons Following a Vegetarian Diet in Germany" from 2022 indicates that 8.1% of women and 3.5% of men in Germany were vegetarians or vegans. The younger population, specifically those between 18 to 29 years old, showed even higher numbers, with 9.2% of women and 5.0% of men following a vegetarian/vegan diet. Moreover, the impact of being a vegetarian or vegan extended beyond the avoidance of animal products, influencing dietary choices in other aspects as well.

The primary distribution channel for Fungus Protein products is dominated by supermarkets.Supermarkets will continue to dominate the market in 2023, accounting for a sizable share of global sales. This is due to the fact that consumers will be able to pick from a large range of items from a single place, allowing them to choose the quality and quantity that best matches their needs. Because they have reduced operating and selling charges, these channels will be able to deliver  items at more affordable pricing. Furthermore, these supermarkets frequently give quality assurance for the items they sell, which is projected to drive expansion in the sector. Consumer attitudes towards meat products have altered, pushing supermarkets to provide alternatives in order to sustain financial income and a competitive advantage over competitors.

Growing Health Consciousness to drive the market growth

Increasing awareness about the health benefits of plant-based diets and the negative impacts of excessive meat consumption has led to a rise in demand for meat substitutes like Fungus Protein. Consumers are seeking healthier alternatives that offer high protein content, low saturated fat, and cholesterol-free options, making Fungus Protein an attractive choice. Fungus Protein is known for its high protein content. Protein is an essential nutrient that plays a crucial role in muscle development, tissue repair, and overall health. With growing health consciousness, individuals are seeking protein-rich alternatives to traditional meat sources. Fungus Protein provides a plant-based, low-fat protein option, making it appealing to health-conscious consumers.

Growing number of vegans across the globe

The global demand for Fungus Protein, a plant-based ingredient known for its high protein content, is surging among vegetarians worldwide as a popular meat substitute. This rise in demand is attributed to the growing number of vegans globally. In May 2022, approximately one in two Americans identified as flexitarians, showcasing a significant dietary shift from one in five Americans in 2018. A survey conducted by Sprouts Farmers Market and One Poll in January 2022 revealed that 47% of respondents described themselves as flexitarians. Interestingly, flexitarian diets were more prevalent among younger generations, with 53% of Generation Z and 50% of Generation X adhering to this dietary approach, in contrast to only 26% of baby boomers. The flexitarian trend has been further promoted by initiatives like Veganuary and meatless Mondays in the United Kingdom, contributing to the increasing popularity of Fungus Protein. In the UK, the percentage of individuals identifying as flexitarians rose from 28% in 2017 to 54% in 2022. Furthermore, the consumption of Fungus Protein products is on the rise due to their perceived health benefits. These products boast a high nutritional content, which is believed to help lower cholesterol levels. Additionally, Fungus Protein products are thought to aid weight loss by inducing a sensation of fullness. Considering these factors, the global market for Fungus Protein products is expected to experience rapid expansion in the coming years.

High Production Costs may impede market expansion

The production of Fungus Protein can be costly, primarily due to the specialized fermentation techniques and controlled environment required. The cost of raw materials, such as feedstock for the fungi, and the energy-intensive processes involved can contribute to higher production costs, making Fungus Protein less economically competitive compared to other meat substitutes.

Fungus Protein Market Share (%) By Region, 2023

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Key Market Players:

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in Fungus Protein Market. The top 10 companies in this industry are listed below:

1. Marlow Foods Ltd.
2. 3F Bio Ltd.
3. Myco Technology, Inc.
4. General Mills
5. Beyond Meat, Inc.
6. Impossible Foods, Inc.
7. Atlast Food Co.
8. Yutong Industrial Co. Ltd.
9. Temasek Holdings
10. Symrise AG

Scope of Report: