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Fungal Protein Market Size
Fungal Protein Market size was worth USD 68.45 billion in 2023 and is projected to grow at over 8.2% CAGR between 2024 and 2032. Owing to technological breakthroughs in fungal strain development and production methods, coupled with rising awareness of the nutritional benefits of fungal proteins. These advancements enhance production efficiency and product quality. At the same time, heightened consumer awareness of the health benefits of fungal proteins drives demand across the food, beverage, and pharmaceutical sectors, positioning fungal proteins as a viable and sustainable protein source in the market.
For instance, in May 2023, Myconeos developed innovative fungal strains for various food applications, including cheese and a range of plant-based products.
The growth of the fungal protein industry is driven by increasing demand for plant-based and sustainable protein sources. Consumers are favoring environmentally friendly alternatives, prompting innovations in fungal protein production. Furthermore, the expanding application scope across the food, beverage, pharmaceutical, and animal feed industries broadens market opportunities. This trend underscores a shift toward sustainable diets and the versatile use of fungal proteins, driving market growth and diversification.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 68.45 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 8.2% |
| 2032 Value Projection: | USD 105.23 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 300 |
| Tables, Charts & Figures: | 532 |
| Segments covered: | By Product |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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For instance, in January 2024, Nature’s Fynd introduced the world’s first fungi-based yogurt, expanding its retail offerings, including dairy-free cream cheese and meatless Fy vfbreakfast patties.
The fungal protein market faces challenges due to high production costs and stringent regulatory challenges. However, these challenges offer opportunities for innovation and industry leadership. Investing in advanced production technologies and collaborating closely with regulatory authorities can improve scalability and ensure compliance, promoting sustainable expansion. Such challenges stimulate strategic planning and differentiation, leading to advancements in product quality and market readiness for alternative protein sources.
Fungal Protein Market Trends
The fungal protein industry is propelled by rising investment and collaboration, fostering innovation in production methods and product development. This trend encourages partnerships and funding that accelerate research, expand market reach, and enhance product offerings.
Additionally, global market expansion plays a pivotal role as companies capitalize on increasing acceptance of fungal proteins worldwide, tapping into diverse consumer preferences for sustainable and plant-based protein sources across various industries. For instance, in February 2024, 70/30 Food Tech plans to establish a mycelium research lab aimed at developing cost-effective proteins for Asia following a successful seed-extension fundraising round in Shanghai.
Fungal Protein Market Analysis
The yeast segment garnered USD 64.75 billion in 2023 and will register USD 98.1 billion by 2032, attributed to its high nutritional value, versatile applications, and growing demand in the food and beverage industry. Yeast's rich protein content, essential amino acids, and health benefits make it popular in dietary supplements, functional foods, and animal feed. Additionally, its sustainable production process aligns with increasing consumer preference for eco-friendly protein sources, further propelling its market growth and ensuring its leading position.
Europe fungal protein market size dominated around USD 23.14 billion in 2023 and will expand at a 7.3% CAGR from 2024 to 2032, fueled by its advanced food technology sector and strong consumer demand for sustainable protein sources. The region's robust regulatory framework ensures high-quality standards, further boosting market growth. In addition, increased emphasis on R&D in the region fosters innovations in fungal protein applications. With a growing trend toward plant-based diets and environmentally friendly products, Europe will stand as a key contributor to the expansion of the fungal protein industry.
Fungal Protein Market Share
Companies, including Angel Yeast, Kerry Group, Leiber, DSM, Lallemand, Inc., Synergy Flavors, and Biospringer, are expanding their footprint through strategic investments and innovative product development. By leveraging partnerships with biotechnology firms and scaling up production capabilities, they aim to meet the rising demand for sustainable protein sources. This proactive approach enhances market penetration and drives research into novel fungal strains and extraction methods, ensuring a diverse range of high-quality products for various applications across the food, feed, and pharmaceutical industries.
Furthermore, companies prioritize investments in marketing and distribution channels, recognizing their pivotal role in expanding market reach. They strategically deploy consumer education and brand awareness campaigns to highlight the nutritional benefits and environmental advantages of fungal proteins. This concerted effort enhances market visibility and fosters consumer trust in the effectiveness and sustainability of fungal-based protein products, thereby solidifying their position in the evolving market landscape.
Fungal Protein Market Companies
Prominent players operating in the fungal protein industry include:
- Lesaffre Group
- Angel Yeast
- DSM
- Kerry Group
- Lallemand, Inc.
- Leiber
- Synergy Flavors
- Biospringer
- Alltech
- Halcyon Proteins
- Thai Foods Product International Co., Ltd.
- Sensient Technologies Corporation
- Specialty Biotech
- Ohly
- Biorigin
- Oriental Yeast
- Kothari Fermentation & Biochem Ltd.
- Titan Biotech Limited Company
- Mycotechnology, Inc.
- Kohjin Life Sciences
- Organika Health Products, Inc.
- AB Mauri
- Marlow Foods Limited
Fungal Protein industry News
- In June 2024, Pureture introduced a groundbreaking yeast protein innovation, marking a significant advancement in sustainable protein alternatives for the market.
- In October 2023, Angel introduced a range of biotechnological products across the microbiological, animal, and human nutrition sectors. Highlights included ultrafiltration yeast extract FM888, yeast protein hydrolysate FP108, soy protein hydrolysate FP408, cell wall components, yeast protein, β-glucan, and more.
The fungal protein market research report includes in-depth coverage of the industry, with estimates and forecasts in terms of revenue and volume (Tons) (USD Million) from 2021 to 2032 for the following segments:
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Market, By Product
- Yeast
- Baker’s Yeast
- Brewer’s Yeast
- Other Yeast
- Yeast protein market by application, 2024 – 2032 (USD Thousand) (Tons)
- Food & beverages
- Processed Food
- Beverages
- Bakery
- Dairy
- Others
- Animal nutrition
- Poultry
- Swine
- Aquaculture
- Pet food
- Equine
- Pharmaceuticals
- Fusarium Venenatum
- Fusarium Venenatum market by application, 2024 – 2032 (USD Thousand) (Tons)
- Meat Alternative
- Breakfast & cereal
- Fat Substitute (Dairy)
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- MEA
- Saudi Arabia
- UAE
- South Africa
- Rest of MAE
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