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Mycoprotein Market Overview:
Mycoprotein Market size is estimated to reach $1.4 billion by 2030, growing at a CAGR of 7.5% during the forecast period 2023-2030. The rising number of vegans across the globe, increasing demand for high-quality protein diets, and innovation in product development are propelling the Mycoprotein Market growth. Additionally, Mycoprotein is gaining popularity among vegan consumers as a source of protein-based nutrients that can be included in a healthy diet. Mycoprotein is high in fiber, high in protein, low in saturated fat, and free of cholesterol, which has a positive effect on the consumption pattern and demand dynamics of the end products. Mycoprotein products are similar to other meat alternatives like tempeh or seitan in terms of flavor and texture. Mycoprotein products are expected to see increased demand because of their high mineral and vitamin content as well as the high proportion of various minerals. These factors positively influence the Mycoprotein industry outlook during the forecast period.
Market Snapshot:
Mycoprotein Market - Report Coverage:
The “Mycoprotein Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Mycoprotein Market.
COVID-19 / Ukraine Crisis - Impact Analysis:
• The Mycoprotein market, known for its sustainable and protein-rich fungal-based products, experienced a multifaceted impact during the COVID-19 pandemic. This global crisis introduced unprecedented challenges but also revealed opportunities within the industry. The pandemic initially led to supply chain disruptions and decreased consumer demand due to lockdowns and economic uncertainties. Mycoprotein's immune-boosting properties gained attention during the pandemic.
• The Mycoprotein market in Russia and Ukraine has faced significant disruption due to the ongoing war. Supply chain interruptions, increased production costs, and reduced consumer spending have led to a decline in sales and profitability for industry players, necessitating strategic adaptations to weather the challenging economic environment.
Key Takeaways:
• Fastest Growth of Asia-Pacific Region
Geographically, in the global Mycoprotein market share, Asia-Pacific is analyzed to grow with the highest CAGR of 8.9% during the forecast period 2023-2030. This surge can be attributed to rising consumer awareness of health-conscious dietary choices and the increasing adoption of vegetarian and vegan lifestyles. Growing disposable incomes, urbanization, and changing dietary preferences are driving demand for sustainable and protein-rich alternatives. For instance, the Asia-Pacific economy grew by 4.6% up from 3.8% in 2022 and an upgrade of 0.3% from October 2022. Market players are capitalizing on this trend by expanding their product offerings and distribution networks. The region's robust economic growth, coupled with a focus on sustainable food sources, positions Asia-Pacific as a lucrative market for Mycoprotein, with significant potential for further expansion in the foreseeable future.
• Food Grade Mycoprotein to Register the Fastest Growth
In the Mycoprotein Market analysis, the Food Grade Mycoprotein segment is estimated to grow with the highest CAGR of 7.9% during the forecast period. This dominance can be attributed to the growing consumer interest in plant-based and alternative protein sources, driven by health and sustainability concerns. Globally, infectious diseases are increasing. Approximately 8% of the world’s population has died, and 640 million cases of Coronavirus Disease. Food Grade Mycoprotein is increasingly used in meat substitutes, vegetarian and vegan products, and as a protein-rich ingredient in various food items. Its versatility and ability to mimic the texture and taste of meat make it a preferred choice among consumers seeking healthier and eco-friendly dietary options. As a result, it has gained traction across a wider range of food applications, positioning it as the dominant segment in the Mycoprotein market.
• Super Markets are Leading the Market
According to the Mycoprotein Market forecast, the Super Market segment held the largest market valuation of 40% in 2022. The fact that many supermarkets offer quality assurance for their products is anticipated to greatly aid in the segment's expansion. The way that consumers view meat products has evolved, pushing supermarkets to carry substitutes in order to maintain financial viability and a competitive advantage over competitors. According to UK-based Sainsbury's, when consumers choose to eat less meat, the number of people seeking for vegan food online climbed by 82% year over year, while sales of plant-based products increased by 65 percent. Retailers and supermarket chains have been forced to adapt their product portfolios in response to consumers' growing desire for meat substitute items in order to stay up with their rising level of health consciousness. For instance, as part of its efforts, Tesco has set a revenue goal for plant-based meat substitutes for September 2020.
• Rising Number of Vegans Across the Globe
Mycoprotein is a very protein-rich substance derived from plants. As a result, it is frequently used as a meat substitute and is growing in favour among vegetarians worldwide. Due to the rising number of vegans worldwide, this aspect is causing the need for mycoprotein to increase globally. The study of 2,000 Americans was carried out in January 2021 by One Poll under contract with Sprouts Farmers Market. Overall, it showed that 47% of respondents identified as flexitarians. Baby boomers make up just 6% of the flexitarian population, compared to 13% of Generation Z and 10% of Generation X. Additionally, initiatives like Veganuary and meatless Mondays in the UK have promoted the flexitarian trend.
• Increasing Demand for High Quality Protein Diets
The increasing demand for high-quality protein diets is a pivotal driver fuelling the growth of the Mycoprotein market. In an era where health and wellness are paramount, consumers are actively seeking protein sources that not only offer nutritional benefits but also align with their environmental and ethical concerns. Mycoprotein, derived from fungi, has emerged as a sustainable, plant-based protein alternative that provides essential amino acids and low-fat content. Its ability to meet the demand for clean-label, nutritious, and environmentally friendly protein options has positioned it favourably. This surge in health-conscious consumer preferences has driven the Mycoprotein market's expansion, with sustained growth prospects on the horizon. The World health statistics report is the World Health Organization’s (WHO) 2022 edition reviews more than 50 health-related indicators from the Sustainable Development Goals (SDGs) and WHO’s Triple Billion targets, with a focus on the impact of the coronavirus disease pandemic.
• Consumer Acceptance Presents a Significant Challenge
Consumer acceptance presents a significant challenge for the Mycoprotein market. While Mycoprotein offers compelling nutritional advantages, including being a sustainable and plant-based protein source, it faces hurdles related to taste and texture. Many consumers are unfamiliar with Mycoprotein and may hesitate to try it due to concerns about how it tastes and feels in their mouths. Overcoming this challenge requires effective marketing and product development efforts to enhance the sensory appeal of Mycoprotein-based products. It's crucial for industry players to innovate and create offerings that not only deliver on nutrition but also satisfy consumers' taste preferences and texture expectations to drive wider adoption in the market.
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Mycoprotein Market. The top 10 companies in this industry are listed below:
1. Enough
2. Tempty Foods
3. The Better Meat Co.
4. Quorn Foods
5. Symrise
6. Mycorena AB
7. An ACME Group Company
8. Bright Green Partners B.V.
9. KIDEMIS GmbH
10. Mycovation
11. MycoTechnology, Inc.
12. Nature's Fynd
13. Maia Farms
14. Beyond Meat
15. Meati Foods
Scope of the Report:
1. Mycoprotein Market - Overview
1.1. Definitions and Scope
2. Mycoprotein Market - Executive Summary
3. Mycoprotein Market - Comparative Analysis
3.1. Company Benchmarking - Key Companies
3.2. Global Financial Analysis - Key Companies
3.3. Market Share Analysis - Key Companies
3.4. Patent Analysis
3.5. Pricing Analysis
4. Mycoprotein Market - Start-up Companies Scenario
4.1. Key Start-up Company Analysis by
4.1.1. Investment
4.1.2. Revenue
4.1.3. Venture Capital and Funding Scenario
5. Mycoprotein Market – Market Entry Scenario Premium
5.1. Regulatory Framework Overview
5.2. New Business and Ease of Doing Business Index
5.3. Case Studies of Successful Ventures
6. Mycoprotein Market - Forces
6.1. Market Drivers
6.2. Market Constraints
6.3. Market Challenges
6.4. Porter's Five Force Model
6.4.1. Bargaining Power of Suppliers
6.4.2. Bargaining Powers of Customers
6.4.3. Threat of New Entrants
6.4.4. Rivalry Among Existing Players
6.4.5. Threat of Substitutes
7. Mycoprotein Market – Strategic Analysis
7.1. Value Chain Analysis
7.2. Opportunities Analysis
7.3. Market Life Cycle
8. Mycoprotein Market – by Type (Market Size – $Million/$Billion)
8.1. Feed Grade Mycoprotein
8.2. Food Grade Mycoprotein
9. Mycoprotein Market – by Form (Market Size – $Million/$Billion)
9.1. Minced
9.2. Slices
10. Mycoprotein Market – by Application (Market Size – $Million/$Billion)
10.1. Meat Alternatives
10.2. Pet Food
10.3. Feed
10.4. Others
11. Mycoprotein Market – by Sales Channel (Market Size – $Million/$Billion)
11.1. Super Markets/Hyper Markets
11.2. Convenience Stores
11.3. Speciality Stores
11.4. Online Stores
12. Mycoprotein Market – by Geography (Market Size – $Million/$Billion)
12.1. North America
12.1.1. The U.S.
12.1.2. Canada
12.1.3. Mexico
12.2. Europe
12.2.1. UK
12.2.2. Germany
12.2.3. France
12.2.4. Italy
12.2.5. Spain
12.2.6. Russia
12.2.7. Rest of Europe
12.3. Asia-Pacific
12.3.1. China
12.3.2. India
12.3.3. Japan
12.3.4. South Korea
12.3.5. Australia & New Zealand
12.3.6. Rest of Asia-Pacific
12.4. South America
12.4.1. Brazil
12.4.2. Argentina
12.4.3. Chile
12.4.4. Colombia
12.4.5. Rest of South America
12.5. Rest of the World
12.5.1. Middle East
12.5.2. Africa
13. Mycoprotein Market – Entropy
14. Mycoprotein Market – Industry/Segment Competition Landscape
14.1. Market Share Analysis
14.1.1. Market Share by Product Type – Key Companies
14.1.2. Market Share by Region – Key Companies
14.1.3. Market Share by Country – Key Companies
14.2. Competition Matrix
14.3. Best Practices for Companies
15. Mycoprotein Market – Key Company List by Country Premium
16. Mycoprotein Market - Company Analysis
16.1. Quorn Foods
16.2. Kellogg Company
16.3. Amy's Kitchen
16.4. Marlow Foods (UK) Ltd
16.5. Beyond Meat
16.6. Archer Daniels Midland Company
16.7. Meatless BV
16.8. Naturex
16.9. MycoTechnology
16.10 .Calyxt
•"Financials to the Private Companies would be provided on best-effort basis."
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The Mycoprotein Market is projected to grow at 7.5% CAGR during the forecast period 2023-2030.
Global Mycoprotein Market size is estimated to be $0.78 billion in 2023 and is projected to reach $1.4 billion by 2030
The leading players in the Mycoprotein Market are 3F Bio Ltd, General Mills, Marlow Foods Ltd, MycoTechnology, Inc. Temasek Holdings and Others.