Redding, California, May 24, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Fungal Protein Market by Type (Fusarium Venenatum Extract, Mushrooms, Yeast Extract), Application (Food & Beverage {Beverages, Bakery}, Animal Nutrition {Poultry Feed, Aquafeed}, Pharmaceuticals, and Other Applications), and Geography—Forecast to 2029,’ the global fungal protein market is projected to reach $397.5 million by 2029, at a CAGR of 7.6% from 2023–2029. Moreover, in terms of volume this market is projected to reach 23,185.0 tons by 2029, at a CAGR of 6.2% during the forecast period 2023–2029.
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The major factors driving the growth of the global fungal protein market are the growing demand for allergen-free foods, the rising consumption of processed foods, and the increasing demand for meat substitutes. Additionally, the rising adoption of yeast extract in the processed foods industry and emerging economies in Asia-Pacific and the Middle East are expected to provide significant growth opportunities for fungal protein manufacturers in the coming years.
The global fungal protein market is segmented by type (Fusarium Venenatum Extract, mushrooms, yeast extract), application (food & beverage [bakery, beverages, and other food & beverage applications], animal nutrition [poultry feed, pig feed, aquafeed, and others], pharmaceuticals, and other applications), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
Based on type, in 2023, the fusarium venenatum extract segment is expected to account for the largest share of the global fungal protein market. The large market share of this segment is attributed to the increasing consumer inclination to adopt a healthy diet. Moreover, its dynamic properties, such as being rich in fiber, protein, and low saturated fat content, further drive the demand for fusarium venenatum-based fungal protein in the food & beverage industries.
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Based on application, in 2023, the food & beverage segment is expected to account for the largest share of the global fungal protein market. The large market share of this segment is attributed to the growing global food & beverage industry and the increasing adoption of fungal protein in the food industry due to its cholesterol and satiety benefits and nutritional composition. Furthermore, the growing demand for meat-substitute products and the rise in consumer demand for healthy products further boost the demand for fungal protein in the food & beverage industry.
In recent years, the global fungal protein market has witnessed several product launches, partnerships, agreements, collaborations, expansions, and mergers. The key players operating in the global fungal protein market are Lesaffre (France), Koninklijke DSM N.V. (Netherlands), Kerry Group plc (Ireland), Halcyon Proteins Pty. Ltd. (Australia), MYCORENA AB (Sweden), Oriental Yeast Co., Ltd. (Japan), Van Wankum Ingredients BV (Netherlands), Lallemand Inc. (Canada), AngelYeast Co., Ltd. (China), Associated British Foods plc (U.K.), ENOUGH (U.K.), MycoTechnology, Inc.(U.S.), Monterey Mushrooms, LLC (U.S.), and The Better Meat Co. (U.S.).
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Scope of the Report:
Fungal Protein Market Assessment—by Type
- Fusarium Venenatum Extract
- Mushrooms
- Yeast Extract
Fungal Protein Market Assessment—by Application
- Food & Beverage
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- Bakery
- Beverages
- Other Food & Beverages
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- Animal Nutrition
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- Poultry Feed
- Pig Feed
- Aquafeed
- Other Animal Nutrition Applications
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- Pharmaceuticals
- Other Applications
Fungal Protein Market Assessment—by Geography
- North America
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- U.S.
- Canada
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- Europe
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- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
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- Asia-Pacific
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- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
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- Latin America
- Middle East & Africa
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