The global mycoprotein market is adjudged to be USD 720.7 million in 2024. By 2034, the valuation of the market is supposed to reach USD 1.32 billion by 2034, progressing at a CAGR of 6.2% over the ensuing period.
| Attributes | Key Insights |
|---|---|
| Market Size (2024) | USD 720.7 million |
| Value (2034) | USD 1.32 billion |
| CAGR (2024 to 2034) | 6.2% |
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Demand for mycoprotein and associated products exhibited an expansion potential to the tune of 5.8% CAGR between 2019 and 2023. Early product innovation in mycoprotein, as well as huge variety of mycoprotein products, scaled up the market growth during the historical period.
Advancements leading to improved taste, texture, and functionality of mycoprotein products, couped with expansion of mycoprotein in new application, also gained grounds in the market.
Rising focus on sustainability in food production, as well as increasing product diversification of mycoprotein, catering to various dietary needs and preferences, are picking up the speed to fuel the market.
Manufacturers have partnered with food service companies to offer products containing mycoprotein as an environmentally responsible and healthful ingredient. Bulk packaging options are also being provided to end-users for institutional use.
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The following table illuminates the growth rate of the industry in certain countries, with Japan and India slotted in to post favorable growth numbers. The countries will lead the market through 2034.
| Countries | Forecast CAGRs from 2024 to 2034 |
|---|---|
| The United States | 5.5% |
| Germany | 5.9% |
| China | 6.1% |
| Japan | 6.7% |
| India | 7.3% |
The mycoprotein market in the United States will expand at a CAGR of 5.5% through 2034. There has been hype regarding the adoption of vegan as well as vegetarian diets in the United States and consumers are adopting plant-based protein sources. Mycoprotein is an alternative source of meat in such diets; therefore, its positioning as a superior option in the minds of consumers is achieved.
The mycoprotein market in Germany to expand at a CAGR of 5.9% through 2034. Educational campaigns, as well as marketing initiatives raise awareness about the benefits of mycoprotein among the people in Germany.
Providing information about nutrition, sustainability, and culinary applications helps build consumer trust and stimulate demand for mycoprotein products. The German food industry is renowned for its innovation and technological advancements.
Continuous research and development Investments in the development of new and improved methods for producing mycoprotein, is creating a symphony of market growth.
Mycoprotein trends in China are taking a turn for the better. A 6.1% CAGR is forecast for the country from 2024 to 2034. The government in China has been prioritizing food security and sustainability as key policy objectives.
Supportive regulations as well as incentives for sustainable food production methods, create a better environment for the expansion of the mycoprotein market. Urbanization and changing lifestyles in China are leading to shifts in dietary preferences and consumption patterns.
There is a rise in demand for convenient and nutritious food options, with increasing urbanization, making mycoprotein based products a viable choice among consumers.
The mycoprotein market in Japan is poised to expand at a CAGR of 6.7% through 2034. Western dietary trends, such as the consumption of meat alternatives, and the adoption of plant based diets have gained popularity in Japan.
Mycoprotein based products offer the taste of meat while offering nutritional benefits, which appeals to consumers to stick on alternatives. Collaboration between food companies, research institutions, and international mycoprotein manufacturers to give wings for the innovation, product development, and market expansion.
Strategic partnerships may facilitate technology transfer, knowledge exchange, and the introduction of novel mycoprotein products tailored to the Japanese market.
The mycoprotein market in India will expand at a CAGR of 7.3% through 2034. India has a large and youthful population with evolving dietary preferences influenced by global trends and social media.
Younger consumers, in particular, are more open to trying new and innovative food products, including plant based alternatives like mycoprotein, contributing to market growth.
The expanding middle class population in India, characterized by increasing disposable incomes and urbanization, propels the demand for premium and healthy food products. Mycoprotein is a high quality and sustainable protein source, and appeals to the preferences of this demographic segment seeking healthier dietary options.
The below table highlights how food grade segment is leading the market in terms of product form, and will account for a share of 55.2% in 2024. Based on form, the minced segment is gaining heights and will to account for a share of 55.3% in 2024.
| Category | Shares in 2024 |
|---|---|
| Food Grade | 55.2% |
| Minced | 55.3% |
Based on type, food grade mycoprotein is projected to account for over half of the total mycoprotein type share in 2024. The prevalence of food allergies and intolerances is rising around the world, stimulating the demand for allergen free food options.
The market for meat substitutes is gaining traction, attributed to the concerns about animal welfare, as well as personal health, which presents lucrative avenues for food grade mycoprotein.
Food grade mycoprotein does not contain common allergens such as soy, nuts, and gluten, and is well suited for consumers with food sensitivities. Mycoprotein is extensively used in meat analogues, burgers, sausages, and other plant based meat alternatives, as a versatile ingredient.
Consumers exhibit a growing preference for minced mycoprotein consumption, as per analysts at Future Market Insights. Expected to capture 55.3% of the total revenue share in 2024, the scope for minced mycoprotein is only set to broaden in forthcoming years.
Marketing initiatives highlighting the taste, texture, and nutritional benefits of minced mycoprotein, along with its versatility in cooking, can drive consumer interest and stimulate market growth.
Advances in food processing technology have facilitated the development of minced mycoprotein with improved texture, taste, and sensory attributes. Enhanced processing techniques, including extrusion and texturization, enable the production of minced mycoprotein products.
A deep dive in the competitive landscape of the mycoprotein market states that the industry is burgeoning and giants are working day in and out to achieve goals and to stand out unique in the queue.
Company Portfolio
| Attribute | Details |
|---|---|
| Market Size (2024) | USD 720.7 million |
| Market Valuation (2034) | USD 1.32 billion |
| CAGR (2024 to 2034) | 6.2% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | Value in USD million/billion |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
| Market Segments Covered | Form, Sales Channel, Type, Region |
| Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled | Marlow Foods Ltd; 3F Bio Ltd.; Tyson Ventures; MycoTechnology Inc.; Temasek Holdings; General Mills; Beyond Meat Inc.; Impossible Foods Inc.; Quorn Foods; Marlow Foods Ltd; Yutong Industrial Co. Limited; Shouguang Ftl Bio. Co. Ltd.; Symrise; Kernel Mycofoods; Atlast Food Co. |
The mycoprotein market is projected to reach a valuation of USD 720.7 million in 2024.
The mycoprotein industry is set to expand by a CAGR of 6.2% through 2034.
The mycoprotein market is forecast to reach USD 1.32 million by 2034.
India is set to be the top performing market, exhibiting a CAGR of 7.3% through 2034.
Food grade segment is preferred, and will hold the major share of 55.2% through 2024.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Form 5.1. Minced 5.2. Slices 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Sales Channel 6.1. Supermarkets / Hypermarkets 6.2. Convenience Stores 6.3. Specialty Stores 6.4. Online Stores 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type 7.1. Feed Grade 7.2. Food Grade 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 11. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 15. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Marlow Foods Ltd 18.2. 3F Bio Ltd 18.3. Tyson Ventures 18.4. MycoTechnology, Inc. 18.5. Temasek Holdings 18.6. General Mills 18.7. Beyond Meat Inc. 18.8. Impossible Foods Inc. 18.9. Quorn Foods 18.10. Marlow Foods Ltd 18.11. Yutong Industrial Co. Limited 18.12. Shouguang Ftl Bio. Co., Ltd. 18.13. Symrise 18.14. Kernel Mycofoods 18.15. Atlast Food Co. 19. Assumptions & Acronyms Used 20. Research Methodology
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