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Fungal Protein Market size was valued at USD 353.06 million in 2019 and is poised to grow from USD 386.6 million in 2023 to USD 874.96 million by 2031, growing at a CAGR of 9.5% in the forecast period (2024-2031).

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. 'Quorn Foods', 'MycoTechnology', 'Nature's Fynd', 'Meati Foods', 'Ecovative Design', 'The Mushroom Company', 'Mushlabs', 'Prime Roots', 'Bolt Threads', 'Terramino Foods', '3F BIO', 'Kinoko-Tech', 'Bioprotein GmbH', 'SuperMeat', 'Emergy Foods', 'Perfect Day', 'Shiok Meats', 'Algama', 'Geltor', 'Finless Foods'

New food ingredients from alternative sources have been created in response to the rapidly increasing need for protein and meat alternatives worldwide. Protein producers are currently coming up with creative solutions to meet the expanding demand for alternative proteins. There has been an increase in interest in creating and manufacturing plant- and cell-based substitutes for farmed meat during the past ten years. Meat substitutes are items made from fungi that taste and look like meat and may be a major factor in encouraging dietary change. Since heavy meat consumption is becoming more and more criticised for its ethical and environmental implications, there is growing interest in how plant-based and fungal protein might meet the growing need for protein from non-meat sources.

Fungal Protein Market statistics is boosted by rising bread, dairy, and other fermented food consumption as well as rising product advancements in the mycoproteins sector. Additionally, the features of fungal proteins that are anti-inflammatory, antioxidant, anti-obesity, and immune system regulators are projected to open up new growth avenues for their use in animal nutrition applications, adding to the market demand. However, the availability of various types of substitute proteins, including insect proteins, animal-based proteins, plant-based proteins, and others, is projected to restrain market expansion to some extent during the course of the assessment period.

North America dominated the 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.

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Global Fungal Protein Market

Product ID: SQSG30B2013