June 22, 2024

Mycoprotein Market Size to Cross USD 1,376.19 Mn by 2033

The global mycoprotein market size accounted for USD 704.18 million in 2023 and is expected to touch around USD 1,376.19 million by 2033, growing at a CAGR of 6.93% from 2024 to 2033.

Key Points

  • Asia Pacific dominated the mycoprotein market with the largest market share in 2023.
  • North America is expected to grow at the fastest pace during the forecast period.
  • By type, the food-grade mycoprotein segment dominated the market with the largest share in 2023.
  • By type, the feed-grade mycoprotein segment is observed to grow at a notable rate during the forecast period.
  • By form, the minced segment dominated the market with the largest share in 2023.
  • By sales channel, the supermarket/hyper market segment dominated the market with the largest market share in 2023.

Mycoprotein Market Size 2024 to 2033

The mycoprotein market is a dynamic sector within the global food industry, characterized by the production and consumption of protein derived from fungi, particularly filamentous fungi like Fusarium venenatum. Mycoprotein serves as a sustainable and nutritious alternative to traditional protein sources like meat and soy, appealing to consumers seeking plant-based or alternative protein options. The market has witnessed significant growth due to increasing awareness of sustainable food production, rising demand for vegetarian and vegan products, and innovations in food technology.

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Growth Factors

Several factors contribute to the growth of the mycoprotein market. One key driver is the growing consumer preference for plant-based protein sources, driven by health, environmental, and ethical considerations. Mycoprotein’s high protein content, low environmental impact, and versatility in food applications make it attractive to health-conscious consumers and those seeking sustainable alternatives to animal products. Additionally, advancements in biotechnology and fermentation processes have enhanced mycoprotein production efficiency, fostering market expansion.

Region Insights

The mycoprotein market exhibits regional variations in terms of consumption patterns, production capabilities, and regulatory landscapes. Europe, particularly the UK, has historically been a prominent market for mycoprotein products, driven by strong consumer demand for vegetarian protein options. North America is also witnessing rapid growth, driven by similar consumer trends and a robust food innovation ecosystem. Asia Pacific shows potential for future growth, with increasing adoption of vegetarian diets and rising awareness of sustainable food choices.

Mycoprotein Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 6.93%
Mycoprotein Market Size in 2023 USD 704.18 Million
Mycoprotein Market Size in 2024 USD 752.98 Million
Mycoprotein Market Size by 2033 USD 1,376.19 Million
Largest Market North America
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Type, By Form, and By Sales Channel
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Mycoprotein Market Dynamics

Drivers

Key drivers fueling the mycoprotein market include shifting consumer preferences towards healthier and sustainable diets, supported by initiatives promoting plant-based eating. Rising concerns about animal welfare and environmental sustainability have prompted consumers to seek alternative protein sources like mycoprotein. Additionally, collaborations between food manufacturers, research institutions, and startups are driving innovation in mycoprotein production methods and product development, further boosting market growth.

Opportunities

The mycoprotein market presents several opportunities for expansion and diversification. Manufacturers are exploring novel applications of mycoprotein in food products, such as meat substitutes, snacks, and functional foods. Expansion into new geographical markets, particularly in regions witnessing a surge in vegetarian and flexitarian lifestyles, offers significant growth potential. Moreover, strategic partnerships and investments in R&D can unlock opportunities for scaling up production and improving cost-effectiveness.

Challenges

Despite its promising prospects, the mycoprotein market faces certain challenges. Consumer acceptance and awareness remain key hurdles, as mycoprotein is a relatively novel ingredient compared to conventional proteins. Regulatory frameworks governing novel food ingredients and labeling requirements can also pose challenges for market entry and product commercialization. Additionally, scaling up production while maintaining quality and sustainability standards presents logistical and technological challenges that require continuous innovation and investment.

Read Also: Medical Foam Market Size To Cross USD 59.03 Billion By 2033

Mycoprotein Market Recent Developments

  • In April 2024, Edonia Parisian food tech startup raised the funding of €2 million in a pre-seed funding round for the production of sustainable, nutrient-dense, plant-based protein from microalgae.
  • In May 2024, Walmart, America’s 20 years largest retailers are introducing the chef-inspired, high culinary quality, free-from and plant-basednew Bettergoods brand.
  • In April 2024, Rival Foods, Dutch startup are producing the whole cuts of plant-based meat without binders with the use of “Shear Cell” technology.
  • In March 2024, the billionaire Amazon founder Jeff Bezos initiated the investment of US$60 million from its Bezos Earth Fund established in 2020. The investment is initiated for improving the availability and quality of alternative proteins like plant-based meat.
  • In May 2024, Waitrose, a leading supermarket chain in the UK, expanded the range PlantLiving with 12 more products for catering to the increasing demand for the less processed plant-based foods.
  • In May 2024, THIS, cult-favorite plant-based meat challenges brand in UK is launching the first to the market chicken thigh SKU. The product will launch in the Tesco UK’s largest retailer.
  • In April 2024, Plantaway, the company working on the realm of plant-based foods, announced to launch its latest range of plant-based gelatos made with the 100% of the plant-based ingredients, the flavored gelatos are completely dairy free and no added sugar.
  • In April 2024, Nasoya, the developer of the plant-based foods revolution and the producers of number 1 brand in Tofu, expands its range of portfolio in new plant-based meat category with the introduction of Plantspired Plant-Based Chick’n.
  • In April 2024, Alpro the Danone-owned brand has introduced the 6 SKUs including plant-based protein drinks, a yogurt substitute, and two bestselling variants, Almond No-Sugars, and Creamy Oat in a latest 500ml pack size.

Mycoprotein Market Companies

  • Enough
  • Tempty Foods
  • The Better Meat Co.
  • Quorn Foods
  • Symrise
  • Mycorena AB
  • An ACME Group Company
  • Bright Green Partners B.V.
  • KIDEMIS GmbH
  • Mycovation
  • MycoTechnology, Inc.

Segments Covered in the Report

By Type

  • Feed Grade Mycoprotein
  • Food Grade Mycoprotein

By Form

  • Minced
  • Slices

By Sales Channel

  • Supermarkets/Hyper Markets
  • Convenience Stores
  • Specialty Stores
  • Online Stores

By Geography

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East & Africa

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