NEWARK, Del: , Oct. 13, 2022 (GLOBE NEWSWIRE) -- The global mycoprotein market is anticipated to reach a valuation of US$ 976 Mn by 2032, with sales growing at a prolific CAGR of 12.6% from 2022 to 2032. Driven by rising demand for better-quality protein diets and an escalation of the vegan trend, the target market is expected to reach an estimated US$ 298 Mn in 2022. The growing awareness of health issues coupled with prevailing health and fitness trends further supplement the growth of the mycoprotein market during the forecast period.
Mycoprotein, a vegetable ingredient that is high in protein, is commonly utilized as a meat alternative in a wide range of foods and beverages. Because of its cholesterol-lowering, satiating, and nutritious characteristics, mycoprotein is witnessing high demand in the global market. The growing demand for high-quality protein diets and mass adoption of veganism is driving the growth of mycoprotein market during 2022-2032.
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Moreover, the growing cases of lifestyle diseases is raising consumer awareness about health and fitness, which will likely drive the market for mycoprotein products. Again, the swift advancement of the foodservice industries, along with the enticing marketing and promotion tactics of vegetarian enterprises, have improved the future prospects of mycoprotein products. In addition to this, heightened awareness of alternative protein sources among the consumers is driving the target market growth during the projected period.
This is because mycoprotein products are excellent sources of protein, accompanied by superior texture and taste. Mycoprotein products also contain a high percentage of different minerals and vitamins. All of these considerations coupled with increased manufacturing of mycoprotein products leads to the expansion of the mycoprotein market over the forecast period.
“Heightened use of mycoprotein in food applications coupled with the growing adoption of plant-based meat will propel the global growth of the mycoprotein market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Rising adoption of plant-based meat will strengthen the market prospects.
- Europe's mycoprotein market is expected to dominate the international market space.
- North America is a close second to Europe in terms of the target market growth.
- Extensive use of mycoprotein in food applications will drive market growth in Asia.
- On the basis of sales channels, supermarkets will lead the market growth during the forecast period.
Competitive Landscape
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, and Atlast Food Co., among others, are some of the major players in the mycoprotein market profiled in the full version of the report.
Leading market players are focusing on increasing the nutritional content of mycoprotein products along with the range of useable carbon sources. Some of the other businesses are keen on incorporating alternatives to meat items like mycoprotein which is expected to aid the growth of these businesses.
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More Insights into Mycoprotein Market Report
In its latest report, FMI offers an unbiased analysis of the global mycoprotein market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of form (minced, slices), sales channel (supermarkets/ hypermarkets, convenience stores, specialty stores, online stores), and region.
According to the latest FMI reports, based on segmentation, the supermarket segment will dominate the global market space in 2022 and will continue to do so over the forecast period. This segment is predicted to account for a major portion of global sales due to the convenience and variety offered at supermarkets.
Based on region, Europe and North America are expected to exhibit significant growth. The strong presence of key manufacturers as well as the growing manufacturing footprints of mycoprotein goods in Europe is propelling the market in this region during 2022-2032. North America is quickly catching up with the target market growth in Europe. East Asia and South Asia, too, are predicted to offer several lucrative opportunities to the mycoprotein market during the forecast period.
Mycoprotein Market by Category
By Form, Mycoprotein Market is Segmented as:
- Minced
- Slices
By Sales Channel, Mycoprotein Market is Segmented as:
- Supermarkets / Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Stores
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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Explore FMI’s Extensive Coverage on Food & Beverage Domain:
Soy Protein Ingredient Market Share: The Soy Protein Ingredient market is valued at USD 10.2 Bn in 2022 and is projected to grow at a CAGR of 4.5% during the forecast period, to reach a value of USD 15.9 Bn by 2032.
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Whey Protein Market Analysis: According to estimates, global consumption of whey protein will reach US$ 9.4 Billion by 2022. Sales are expected to grow at a robust CAGR of 9.8% during the forecast period.
Protein Ingredients Market Forecast: The protein ingredients market is estimated to be valued at USD 27.5 Bn in 2022. As per Future Market Insights (FMI), the overall market value is expected to reach a valuation of USD 47.4 Bn by 2032, rising at a CAGR of 5.6% for 2022-32.
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