Mycoprotein Market Overview

The global mycoprotein market is adjudged to be USD 720.7 million in 2024. By 2034, the valuation of the market is supposed to reach USD 1.32 billion by 2034, progressing at a CAGR of 6.2% over the ensuing period.

Attributes Key Insights
Market Size (2024) USD 720.7 million
Value (2034) USD 1.32 billion
CAGR (2024 to 2034) 6.2%

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Market Trends and Highlights

  • Continually rising awareness regarding the health benefits of mycoprotein, is pacing up the market prospects.
  • Advancements in the mycoprotein products is a factor that will pave the way for market during the forecast period.
  • Continually rising demand for plant based proteins, is also gaining momentum to propel the market.
  • Vegan as well as flexitarian lifestyles is among the factors that is advancing swiftly towards market expansion.

Growth Trajectory from 2019 to 2023 vs. Expansion Potential from 2024 to 2034

Demand for mycoprotein and associated products exhibited an expansion potential to the tune of 5.8% CAGR between 2019 and 2023. Early product innovation in mycoprotein, as well as huge variety of mycoprotein products, scaled up the market growth during the historical period.

Advancements leading to improved taste, texture, and functionality of mycoprotein products, couped with expansion of mycoprotein in new application, also gained grounds in the market.

Rising focus on sustainability in food production, as well as increasing product diversification of mycoprotein, catering to various dietary needs and preferences, are picking up the speed to fuel the market.

Manufacturers have partnered with food service companies to offer products containing mycoprotein as an environmentally responsible and healthful ingredient. Bulk packaging options are also being provided to end-users for institutional use.

Nandini Roy Choudhury
Nandini Roy Choudhury

Principal Consultant

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Mycoprotein Market Drivers

  • Effective branding and marketing strategies that taut the health and taste benefits of mycoprotein help stimulate demand for mycoprotein products.
  • Companies are investigating opportunities to offer personalized mycoprotein products, tailored to individual preferences, with consumers increasingly seeking personalized nutrition solutions.
  • Growing preference for organic and clean label products is a major factor that is presenting heights to the market.

Challenges in the Mycoprotein Market

  • The mycoprotein products are priced higher, as compared to the traditional meat options, which is resulting in the downfall of the the market.
  • Lack of consumer awareness about the benefits of mycoprotein is another factor that is causing a reduction in the viability of the market.
  • Another major market restraining factor is allergies caused by molds or fungi and possible allergens in some mycoprotein products.

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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%

Preference of Veganism Paving the Way for the Market in the United States

The mycoprotein market in the United States will expand at a CAGR of 5.5% through 2034. There has been hype regarding the adoption of vegan as well as vegetarian diets in the United States and consumers are adopting plant-based protein sources. Mycoprotein is an alternative source of meat in such diets; therefore, its positioning as a superior option in the minds of consumers is achieved.

Awareness of Mycoprotein Benefits to Ride the Waves in Germany

The mycoprotein market in Germany to expand at a CAGR of 5.9% through 2034. Educational campaigns, as well as marketing initiatives raise awareness about the benefits of mycoprotein among the people in Germany.

Providing information about nutrition, sustainability, and culinary applications helps build consumer trust and stimulate demand for mycoprotein products. The German food industry is renowned for its innovation and technological advancements.

Continuous research and development Investments in the development of new and improved methods for producing mycoprotein, is creating a symphony of market growth.

Food Security and Sustainability Provides Success in China

Mycoprotein trends in China are taking a turn for the better. A 6.1% CAGR is forecast for the country from 2024 to 2034. The government in China has been prioritizing food security and sustainability as key policy objectives.

Supportive regulations as well as incentives for sustainable food production methods, create a better environment for the expansion of the mycoprotein market. Urbanization and changing lifestyles in China are leading to shifts in dietary preferences and consumption patterns.

There is a rise in demand for convenient and nutritious food options, with increasing urbanization, making mycoprotein based products a viable choice among consumers.

Companies are Walking Hand in Hand for the Market Expansion in Japan

The mycoprotein market in Japan is poised to expand at a CAGR of 6.7% through 2034. Western dietary trends, such as the consumption of meat alternatives, and the adoption of plant based diets have gained popularity in Japan.

Mycoprotein based products offer the taste of meat while offering nutritional benefits, which appeals to consumers to stick on alternatives. Collaboration between food companies, research institutions, and international mycoprotein manufacturers to give wings for the innovation, product development, and market expansion.

Strategic partnerships may facilitate technology transfer, knowledge exchange, and the introduction of novel mycoprotein products tailored to the Japanese market.

Buzz of Dietary Preferences among Millennials to Enhance Prospects in India

The mycoprotein market in India will expand at a CAGR of 7.3% through 2034. India has a large and youthful population with evolving dietary preferences influenced by global trends and social media.

Younger consumers, in particular, are more open to trying new and innovative food products, including plant based alternatives like mycoprotein, contributing to market growth.

The expanding middle class population in India, characterized by increasing disposable incomes and urbanization, propels the demand for premium and healthy food products. Mycoprotein is a high quality and sustainable protein source, and appeals to the preferences of this demographic segment seeking healthier dietary options.

Category-wise Insights

The below table highlights how food grade segment is leading the market in terms of product form, and will account for a share of 55.2% in 2024. Based on form, the minced segment is gaining heights and will to account for a share of 55.3% in 2024.

Category Shares in 2024
Food Grade 55.2%
Minced 55.3%

Demand for Food Grade Mycoprotein to be at the Pinnacle

Based on type, food grade mycoprotein is projected to account for over half of the total mycoprotein type share in 2024. The prevalence of food allergies and intolerances is rising around the world, stimulating the demand for allergen free food options.

The market for meat substitutes is gaining traction, attributed to the concerns about animal welfare, as well as personal health, which presents lucrative avenues for food grade mycoprotein.

Food grade mycoprotein does not contain common allergens such as soy, nuts, and gluten, and is well suited for consumers with food sensitivities. Mycoprotein is extensively used in meat analogues, burgers, sausages, and other plant based meat alternatives, as a versatile ingredient.

Analysts Foresee Minced Mycoprotein Consumption to Soar Over Other Forms

Consumers exhibit a growing preference for minced mycoprotein consumption, as per analysts at Future Market Insights. Expected to capture 55.3% of the total revenue share in 2024, the scope for minced mycoprotein is only set to broaden in forthcoming years.

Marketing initiatives highlighting the taste, texture, and nutritional benefits of minced mycoprotein, along with its versatility in cooking, can drive consumer interest and stimulate market growth.

Advances in food processing technology have facilitated the development of minced mycoprotein with improved texture, taste, and sensory attributes. Enhanced processing techniques, including extrusion and texturization, enable the production of minced mycoprotein products.

Competitive Landscape

A deep dive in the competitive landscape of the mycoprotein market states that the industry is burgeoning and giants are working day in and out to achieve goals and to stand out unique in the queue.

Company Portfolio

  • Naturex, a subsidiary of Givaudan, is a leading global supplier of natural ingredients, including Mycoprotein extracts. The company offers a wide range of Mycoprotein products, catering to various industries including food and beverages, pharmaceuticals, and cosmetics. Naturex emphasizes product quality, innovation, and sustainability in its operations.
  • Fratelli D'Amico Societa' Di Esercizio S.P.A. is a prominent Italian company specializing in Mycoprotein cultivation, processing, and trading. The company, with decades of experience in the industry, is known for its high quality Mycoprotein products and strong presence in both domestic and international markets.

Key Coverage in the Mycoprotein Industry Report

  • Sustainable Protein Sources
  • Next Gen Protein
  • Health Benefits of Mycoprotein Consumption
  • Mycoprotein for Athletes And Fitness Enthusiasts
  • Plant-Based Meat Alternatives Market
  • Cultured Meat Market
  • Soybean Market

Report Scope

Attribute Details
Market Size (2024) USD 720.7 million
Market Valuation (2034) USD 1.32 billion
CAGR (2024 to 2034) 6.2%
Forecast Period 2024 to 2034
Historical Data Available for 2019 to 2023
Market Analysis Value in USD million/billion
Regions Covered North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa
Market Segments Covered Form, Sales Channel, Type, Region
Countries Profiled The United States, Canada, Brazil, Mexico, Germany, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel
Key Companies Profiled 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; Kernel Mycofoods; Atlast Food Co.

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

Frequently Asked Questions

How much do analysts projects the mycoprotein market to generate in value terms in 2024?

The mycoprotein market is projected to reach a valuation of USD 720.7 million in 2024.

What growth potential does the mycoprotein market exhibit until 2034?

The mycoprotein industry is set to expand by a CAGR of 6.2% through 2034.

How much valuation is projected for the Mycoprotein market in 2034?

The mycoprotein market is forecast to reach USD 1.32 million by 2034.

Which country is projected to lead the Mycoprotein market?

India is set to be the top performing market, exhibiting a CAGR of 7.3% through 2034.

Which is the dominant type in the Mycoprotein domain?

Food grade segment is preferred, and will hold the major share of 55.2% through 2024.

Table of Content
  • 1. Executive Summary
  • 2. Market Overview
  • 3. Market Background
  • 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
  • 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Form
    • 5.1. Minced
    • 5.2. Slices
  • 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Sales Channel
    • 6.1. Supermarkets / Hypermarkets
    • 6.2. Convenience Stores
    • 6.3. Specialty Stores
    • 6.4. Online Stores
  • 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type
    • 7.1. Feed Grade
    • 7.2. Food Grade
  • 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
    • 8.1. North America
    • 8.2. Latin America
    • 8.3. Western Europe
    • 8.4. Eastern Europe
    • 8.5. South Asia and Pacific
    • 8.6. East Asia
    • 8.7. Middle East and Africa
  • 9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
  • 10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
  • 11. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
  • 12. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
  • 13. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
  • 14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
  • 15. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
  • 16. Key Countries Market Analysis
  • 17. Market Structure Analysis
  • 18. Competition Analysis
    • 18.1. Marlow Foods Ltd
    • 18.2. 3F Bio Ltd
    • 18.3. Tyson Ventures
    • 18.4. MycoTechnology, Inc.
    • 18.5. Temasek Holdings
    • 18.6. General Mills
    • 18.7. Beyond Meat Inc.
    • 18.8. Impossible Foods Inc.
    • 18.9. Quorn Foods
    • 18.10. Marlow Foods Ltd
    • 18.11. Yutong Industrial Co. Limited
    • 18.12. Shouguang Ftl Bio. Co., Ltd.
    • 18.13. Symrise
    • 18.14. Kernel Mycofoods
    • 18.15. Atlast Food Co.
  • 19. Assumptions & Acronyms Used
  • 20. Research Methodology
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