USD 4.20 billion
Report ID: SQSG30B2013 | Region: Global | Published Date: December, 2022 | Pages: 157
Global Fungal Protein Market size was valued at USD 4.20 billion in 2021 and it is expected to reach USD 4.52 billion by 2028, at a CAGR of 7.6% over a forecast period (2022-2028).
A protein obtained from a sustainable food supply based on fungi is known as fungal protein. It includes extract proteins made from yeast and proteins made from Fusarium venenatum. It has many qualities, including being a great choice for use in both human food and beverages as well as animal feed applications because it is high in proteins, vitamins, folic acid, and minerals. Food items are changing, being processed, and getting ready for immediate ingestion. Prepared and ready-to-eat foods, soft drinks, and westernised fast food have supplanted regional specialties and distinctive cultural eating habits in emerging economies. Increased intake of calories, sugar, fats, and animal products is a result of the westernisation of eating habits. Additionally, this trend has also resulted in a decrease in the consumption of pulses, potatoes, and grains. Since their introduction in the 1990s, ready-to-eat foods have become a considerable portion of the food budget.
The rules governing fungal-based protein products cover a variety of components utilised in the manufacturing process, food safety labelling & packaging, health claims, and other issues. For instance, food products sold in different supermarkets, retail stores, and bakeries must have labels with information such as nutrition facts, ingredients used, common name of the products, name & address of manufacturers, and others, in accordance with Food and Drug Administration (FDA) regulations on menu labelling. Therefore, it is anticipated that these laws surrounding different substances and the quality of materials utilised in goods may impede the market expansion for fungal protein.
Global Market Size
USD 4.20 billion
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Global Fungal Protein Market is segmented based on the type, application, nature, and region. Based on type, the market is segmented Yeast and Fusarium Venenatum. Based on application, the market is segmented into Food & Beverages, Animal Nutrition, Pharmaceuticals and other. Based on nature, the market is segmented into Organic, Conventional. Based on Region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Type
The fusarium venenatum extract segment is expected to account for the majority of the global fungal protein market in 2021. The growing consumer preference for a healthy diet is responsible for this segment's size. Furthermore, its dynamic properties, such as being high in fiber and protein while being low in saturated fat, drive demand for fusarium venenatum-based fungal protein in the food and beverage industries.
The yeast extract protein segment, on the other hand, is expected to grow at the fastest CAGR during the forecast period, owing to the increasing use of yeast extract in packaged foods such as frozen dinners, crackers, junk food, gravy, and stock.
Analysis by Application
Based on application, the food and beverage sector is anticipated to hold the greatest market share in 2021. The substantial proportion of this market is ascribed to the expanding global food and beverage industry as well as the growing use of mycoprotein in the food industry due to its advantages in lowering cholesterol, promoting satiety, and having a favourable nutritional profile. The need for fungal protein in the food and beverage industry is further increased by the rising demand for meat substitutes and healthy goods from consumers. However, due to its eukaryotic and unicellular features as well as post-translational modification, the pharmaceutical application category is anticipated to develop at the greatest CAGR throughout the forecast period.
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North America dominated the global fungal protein market, followed by Europe, Asia-Pacific, Latin America, and the Middle East and Africa. The growing vegan lifestyle, persistent campaigns against animal cruelty, and the massive number of health-conscious customers are all credited with the market's substantial proportion. Additionally, the growing need for processed food brought on by shifting consumer habits, a rise in desk-bound workplace cultures, and lack of time to prepare healthy meals all contribute to the region's increased need for fungal protein.
Europe is expected to grow at a significant CAGR during the forecast period. This is primarily due to the region's increased consumption of bread, viennoiserie, cakes, patisserie, and other bakery products. Furthermore, rising demand for processed foods in the region as a result of changing consumer food habits, increasing desk-bound work cultures, and a lack of time to cook healthy foods is expected to drive demand for fungal protein and boost market growth over the forecast period. Rising demand from the European population for foods high in fiber, omega-3, whole grains, and low in calories should drive up demand for ingredients like fungal proteins and boost market statistics in the region.
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Growing Need for Meat Alternatives
Rising Health Concerns
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Global Fungal Protein Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
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According to our Global Fungal Protein Market analysis, in terms of type, the yeast snacks segment held larger market share owing to Presence of high levels of chromium, protein, selenium, potassium, iron, zinc, magnesium and vitamin B nutrients in brewer's yeast based fungal proteins. And in terms of application, food and beverage sector segment contributed to market growth due to its high growth and preference by users. Moreover, future developments in the market for fungal protein include consumers' increased propensity to purchase high-end and environmentally friendly goods.
|Market size value in 2021||USD 4.20 billion|
|Market size value in 2028||USD 4.52 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Fungal Protein Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Fungal Protein Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG30B2013