Portland, OR, Aug. 02, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global fungal protein market generated $156.6 million in 2020, and is expected to garner $386.6 million by 2030, witnessing a CAGR of 9.5% from 2021 to 2030. The research provides an extensive analysis of changing market trends, top winning strategies, key segments, pricing strategies, product portfolio, and competitive scenario.
Rise in consumer demand for allergen-free foods, change in dietary patterns, and growth in disposable income in developing countries drive the growth of the global fungal protein market. In addition, the consumer awareness about healthy diet further fuel the growth of the market. However, availability of healthier substitutes and undefined regulatory guidelines restrain the market growth. Contrarily, product innovation and rise in demand for protein ingredients and surge in use of yeast extract in processed food industry are the factors estimated to present new opportunities in the next few years.
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Covid-19 Scenario:
- The outbreak of covid-19 doesn’t affected much to the industry as it comes under essential services. However, the travel ban and lockdown issued to curb the spread of covid-19 led to disrupted supply chains.
- At the same time, the government bodies have now issued certain relaxations on the existing regulations. Owing to which the market would recoup soon.
The report offers a detailed segmentation of the global fungal protein market based on type, nature, application, and region.
On the basis of food type, the yeast segment held more than four-fifths of the total market share of the global fungal protein market in 2020, and is projected to maintain its leadership position during the forecast period. However, the fusarium venenatum is expected to witness the fastest CAGR of 10.7% from 2021 to 2030.
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Based on nature, the organic segment accounted for the highest share with more than four-fifths of the total share in 2020, and is projected to maintain its lead throughout the forecast period. Furthermore, the segment is also projected to garner the highest CAGR of 10.0% from 2021 to 2030.
Geographically, Europe contributed to the highest market share in terms of revenue, accounting for more than one-third of the global market in 2020, and is expected to maintain its dominant share throughout the forecast period. However, the Asia-Pacific is expected to manifest the highest CAGR of 10.1% from 2021 to 2030. The other two provinces studied in the report include LAMEA and North America.
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Key players analyzed in the report of the global fungal protein market include Cayman Chemical Company, Chihon Biotechnology Co., Ltd., Duke Thomson's India Pvt. Ltd, DuPont de Nemours, Inc., Galactic, Mayasan Biotech, Merck Group, Royal DSM, Santa Cruz Biotechnology, Inc, and Siveele B.V.
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