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Fungal Protein Market Size
- Report ID: GMI4770
- Published Date: Jul 2024
- Report Format: PDF
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 Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Fungal Protein 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.
Frequently Asked Questions (FAQ) :
Fungal Protein Market Scope
