Fungal Protein Market

Fungal Protein Market Size, Growth (2023-2028)

Fungal Protein Market size was anticipated to be US$157.7 million in 2022 and is projected to reach US$ 387.6 million by the end of 2028, increasing at a CAGR of 9.6% during 2023 and 2028.

Market Overview:

The global fungal protein market is growing at a fast pace owing to the rapidly increasing demand for allergen-free-foods, changing health habits of the population, growing disposable income in emerging economies and increasing awareness regarding healthy diet among consumers are the significant features that drive the global fungal protein market during the forecast period. Fungal protein is a form of single-cell protein, also called mycoprotein, which is derived from fungi for human consumption. The fungus can be produced in vats using glucose syrup as the food. It consists of fusarium venenatum based protein and yeast-based proteins. Fungal protein possesses various attributes, including proteins, vitamins, folic acid, and minerals that can be used both in human and animal feed food & beverages applications. These are some of the significant factors that drive the global fungal protein market revenue.

REPORT COVERAGE:

Fungal Protein Market Drivers:

The rising consumption of dairy, bakery and other fermented foods combined with growing product innovations in the fungal protein area would promote the growth of the global fungal protein market. Moreover, the anti-oxidant, anti-obesity, anti-inflammatory, and immune system regulatory properties of fungal proteins are likely to declare the growth avenues for animal nutrition applications, thus driving the global fungal protein market demand in the near future. Food products are transformed, processed, and prepared for readily available in the stores for consumption. In developing countries, the ready-to-eat food items, drinks, and many more were replaced by the traditional food. The increasing consumption of Westernized food results in a high intake of calories, fats, and sugar. These ready-to-eat foods were introduced in the early '90s, and in the present scenario, these represent a steady increase in the share of the food segment. All these mentioned features tend to increase the growth of the global fungal protein market during the foreseen period.

Fungal Protein Market Restraints:

The availability of healthier substitutes and undefined regulatory guidelines were the essential features that step back the growth of the fungal protein market. The rules and regulations connected with the fungal-based protein products are associated with various ingredients used in health claims, food hygiene labeling & packaging, and others. For food products, on menu labeling, the labels must have information regarding nutrition facts, name of the products, ingredients used, name & address of the manufacturer, and others available in various supermarkets, bakeries, retail stores, etc. Thus, these regulations associated with several ingredients used in food products are estimated to hinder the global fungal protein market growth in the upcoming years.

Recent Developments in the Fungal Protein Market:

Duke Thomson is all set to organize dedicated food safety and quality conclave. The regulatory body of the Indian Food Industry is trying to improve the quality of food products manufactured at every stage. Thus, it helps in increasing the demand for packaged food.

Challenges in the Fungal Protein Market:

The rules and regulations associated with the fungal-based products used in labeling, packaging, and others are significant challenges that hamper the growth of the global fungal protein market. For example, for any type of food product, the information regarding the food item, manufacturer, ingredients, price of the products was to be mentioned on the menu label. Thus, these regulations slow down the revenue of the global fungal protein market in the coming years.

Fungal Protein Market Segmentation:

By Type:

• Fusarium venenatum
• Yeast

Based on type, the global fungal protein market is divided into fusarium venenatum and yeast. Yeast plays a significant role in holding the highest fungal protein market share and is projected to continue its dominance during the forecast period. The yeast extract is produced from the variety of processed yeast products created by extracting the cell contents, which are used in various food products as flavorings. Yeast can be found in a vast range of food products, namely junk foods, stock, frozen dinners, and produce flavors. Additionally, its taste properties are widely used for soups, sauces, and more packaged food. Therefore, the yeast segment boosts the growth of the fungal protein market shortly.

 By Nature:

• Conventional
• Organic

Depending on the nature, the global fungal protein market is categorized into conventional and organic. For the last few years, the traditional segment held the highest global fungal protein market share. However, its popularity has also increased due to improved everyday living and knowing the benefits of fungal protein products.

By Application:

• Food & Beverages
• Pharmaceutical
• Animal Nutrition
• Others

Based on Application, the global fungal protein market is segmented into food & beverages, pharmaceutical, animal nutrition, and others. The food and drink segment predominantly holds the largest fungal protein market share owing to the increasing demand for fungal protein in the food industry. Moreover, increasing demand for healthy products from consumers also contributes to uplifting the global fungal protein market growth.

Fungal Protein Market Regional Analysis:

Fungal Protein Market Report includes the segmentation of Regions:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Europe accounts for the highest global fungal protein market share owing to the development and widespread retail channels all over Europe. Mainly, Germany is the largest fungal protein market in Europe. Moreover, North America tends to be the fastest-growing region. On the other hand, the Asia Pacific and the Middle East & Africa fungal protein market tend to rise with a steady CAGR respectively during the forecast period due to the increasing consumption of packaged food.

Impact of COVID-19 on the Global Fungal Protein Market:

The COVID-19 virus is being revolved across the globe and has created medical emergencies due to which the demand for hygiene products is increasing in the market. The pandemic has raised the sales of healthy food products. The packaged food has declined due to COVID-19. Thus the demand for yeast extracts has also decreased. The imposition lockdown has affected various industries. In 2020, the increasing demand for snack products led the global fungal protein market to impact positively.

Fungal Protein Market Key Players:

1. The companies covered in the report include:
2. Cayman Chemical Company
3. Chiron Biotechnology Co., Ltd.
4. Duke Thomson's India Pvt. Ltd
5. DuPont de Nemours, Inc.
6. Merck Group
7. Royal DSM
8. Santa Cruz Biotechnology, Inc
9. Siveele B.V.