Luton, Bedfordshire, United Kingdom, Sept. 16, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Mycoprotein market.
Mycoprotein Market Value Is Expected to Reach US$ 948.86 Million By 2029 Accelerating with A CAGR of 5.7% over the analysis period 2022-2029.
The global mycoprotein market continues on a striking course, with worldwide sales assessed to increase by nearly 2x by 2029. Due to its benefits for lowering cholesterol, promoting satiety, and having a high protein content, mycoprotein is mostly employed as a meat substitute in a variety of food and beverage applications. Due to rising demand for high-quality protein diets and the expanding veganism trend, the global Mycoprotein market is predicted to experience strong growth.
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Additionally, due to the health advantages that mycoprotein products provide, consumption is on the rise. They have high nutraceutical ingredients and are good for cholesterol. Products containing mycoprotein are also thought to aid in weight management since they promote a sensation of fullness. The market for mycoprotein products is anticipated to see strong development opportunities as a result of all these reasons.
The use of alternative protein as a food additive in consumer goods, including mycoprotein products, is projected to continue to expand. Plant-based food alternatives, which are the most prevalent source of alternative protein, increased by 17% in 2018.
Recent Developments:
- 3F BIO Ltd, a Scottish company dedicated to sustainable protein production, has invested a sum of around £ 461,000 to allow it to expand its development operations for sustainable protein development.
- Quorn Foods is trying to stay as an appealing provider with investments in marketing and category management of their meat substitute and mycoprotein brand “Quorn”. The company invests 15% of its revenue in the marketing of meat substitute products and spends 12 million euros annually on R&D
- Argentinian tech firm Enye Technologies has optimized the production process for mycoprotein products, allowing for cheaper production both industrially and at home. The company is focusing on the development of mycoprotein products for business to business (B2B) and business to consumers (B2C) by establishing joint licensing ventures with food companies and multinationals.
Report Scope:
| Report Attribute | Details |
| Forecast Period | 2022-2029 |
| Estimated Market Value ( USD ) in 2022 | $ 576.14 million |
| Forecasted Market Value ( USD ) by 2029 | $ 948.86 million |
| Compound Annual Growth Rate | 5.7% |
| Regions Covered | Global |
Mycoprotein Market Key Players
The key players dominating the market are 3F Bio Ltd, General Mills, Marlow Foods Ltd, MycoTechnology, Inc., Temasek Holdings, Tyson Ventures.
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Key Market Segments: Mycoprotein Market
Mycoprotein Market by Type, 2020-2029
- Feed Grade Mycoprotein
- Food Grade Mycoprotein
Mycoprotein Market by Application, 2020-2029
- Meat Alternatives
- Pet Food
- Feed
Asia Pacific Will Be a Hub of Profitable Growth Over the Forecast Period
Due to the increased presence of significant manufacturers and the increased footprint of mycoprotein product manufacturing in these regions, Europe currently holds the majority of the global mycoprotein market for mycoprotein products, followed by North America.
In the upcoming years, East Asia and South Asia are expected to have the biggest demand for mycoprotein products due to the expanding usage of these products in food and beverage applications including meat extenders and meat replacements.
Global Mycoprotein Market: Growth Dynamics and Challenges
High quantities of proteins are found in a vegetable component called mycoprotein. Due to this, it is becoming more and more popular among vegetarians all over the world and is frequently used in place of meat. As a result, the world's vegetarian population is driving up demand on the mycoprotein industry.
Additionally, due to the health advantages that mycoprotein products provide, consumption is on the rise. They have a high nutritional content and are good for cholesterol. Products containing mycoprotein are also thought to aid in weight management since they promote a sensation of fullness. The Mycoprotein market is anticipated to see strong development opportunities as a result of all these reasons.
Challenges:
1.The Mycoprotein Market based on the source can be further segmented into Soy Protein, Wheat Protein, Pea Protein, Almond Protein, Rice Protein and Others.
2. Europe dominated the Mycoprotein Market with a major share of 42.6% in 2020. This is owing to the increasing millennial generation in the western globe and is driving a move toward meat alternatives consumption.
3. Asia Pacific is estimated to outpace all the regions by clocking the highest CAGR of 6.05% during the forecast period 2021-2026.
Search for Alternative Protein Sources to Facilitate Market Growth
Due to the higher proportion of various minerals and the high vitamin content in mycoprotein products, the demand for these goods is expected to rise globally. Due to increased manufacturing of high-quality mycoprotein products, the global market for mycoprotein products is predicted to experience significant growth.
The consumption of high-protein meat meals with healthier ingredients is anticipated to propel the worldwide mycoprotein market, as is rising awareness of health and wellness trends.
The primary driver of market expansion is the creation of value-added goods with protein additions and other nutritious items that need less preparation time and have a longer shelf life overall.
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