May 24, 2024

Mycoprotein Market Size to Reach USD 1,376.19 Mn by 2033

The global mycoprotein market size was estimated at USD 704.18 million in 2023 and is projected to reach around USD 1,376.19 million by 2033, growing at a CAGR of 6.93% from 2024 to 2033.

Key Points

  • Asia Pacific dominated the mycoprotein market with the largest market share in 2023.
  • North America is expected to grow at the fastest pace during the forecast period.
  • By type, the food-grade mycoprotein segment dominated the market with the largest share in 2023.
  • By type, the feed-grade mycoprotein segment is observed to grow at a notable rate during the forecast period.
  • By form, the minced segment dominated the market with the largest share in 2023.
  • By sales channel, the supermarket/hyper market segment dominated the market with the largest market share in 2023.

Mycoprotein Market Size 2024 to 2033

The mycoprotein market is witnessing significant growth due to the rising demand for alternative protein sources, especially among consumers looking for plant-based or sustainable food options. Mycoprotein is a type of protein derived from fungi, particularly Fusarium venenatum, which is cultivated through fermentation processes. It is gaining popularity as a meat substitute and protein ingredient in various food products due to its nutritional value and potential health benefits. The market for mycoprotein is expanding globally, driven by increasing awareness of sustainability and health-conscious consumer preferences.

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Growth Factors

Several factors contribute to the growth of the mycoprotein market. One key factor is the growing adoption of vegetarian and flexitarian diets worldwide, leading consumers to seek protein-rich alternatives to meat. Mycoprotein offers a sustainable and environmentally friendly protein source compared to traditional animal-derived proteins. Additionally, the rising prevalence of lifestyle-related health issues such as obesity and cardiovascular diseases is prompting consumers to opt for healthier dietary choices, including plant-based proteins like mycoprotein.

Mycoprotein Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 6.93%
Mycoprotein Market Size in 2023 USD 704.18 Million
Mycoprotein Market Size in 2024 USD 752.98 Million
Mycoprotein Market Size by 2033 USD 1,376.19 Million
Largest Market North America
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Type, By Form, and By Sales Channel
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Mycoprotein Market Dynamics

Region Insights:

The mycoprotein market shows promising growth across various regions. North America and Europe are leading markets for mycoprotein, driven by strong consumer demand for plant-based protein products and innovative food alternatives. Asia Pacific is also emerging as a significant market, particularly in countries like China and India, where vegetarianism and veganism are becoming more prevalent. These regions offer substantial growth opportunities due to increasing disposable incomes, changing dietary preferences, and growing awareness of sustainable food choices.

Drivers:

Several drivers are propelling the mycoprotein market forward. The rising demand for sustainable protein sources amidst concerns over environmental impact associated with conventional livestock farming is a major driver. Additionally, the increasing investment by food manufacturers in research and development of mycoprotein-based products is fueling market growth. Technological advancements in fermentation processes and biotechnology are also enabling efficient production of mycoprotein at commercial scales, further driving market expansion.

Opportunities:

The mycoprotein market presents attractive opportunities for food manufacturers and investors. Expansion into new geographical markets and product diversification into various food categories such as meat substitutes, snacks, and dairy alternatives are key opportunities. Collaborations and partnerships between food companies and biotechnology firms for product innovation and development of novel mycoprotein-based food products can also unlock growth prospects in the market.

Challenges:

Despite the promising growth trajectory, the mycoprotein market faces certain challenges. Consumer acceptance and perception of mycoprotein as a mainstream food ingredient may pose challenges in some markets where alternative proteins are less familiar. Regulatory complexities related to novel food ingredients and labeling requirements can also hinder market growth. Additionally, ensuring consistent and scalable production of mycoprotein while maintaining competitive pricing remains a challenge for industry players.

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Mycoprotein Market Recent Developments

  • In April 2024, Edonia Parisian food tech startup raised the funding of €2 million in a pre-seed funding round for the production of sustainable, nutrient-dense, plant-based protein from microalgae.
  • In May 2024, Walmart, America’s 20 years largest retailers are introducing the chef-inspired, high culinary quality, free-from and plant-basednew Bettergoods brand.
  • In April 2024, Rival Foods, Dutch startup are producing the whole cuts of plant-based meat without binders with the use of “Shear Cell” technology.
  • In March 2024, the billionaire Amazon founder Jeff Bezos initiated the investment of US$60 million from its Bezos Earth Fund established in 2020. The investment is initiated for improving the availability and quality of alternative proteins like plant-based meat.
  • In May 2024, Waitrose, a leading supermarket chain in the UK, expanded the range PlantLiving with 12 more products for catering to the increasing demand for the less processed plant-based foods.
  • In May 2024, THIS, cult-favorite plant-based meat challenges brand in UK is launching the first to the market chicken thigh SKU. The product will launch in the Tesco UK’s largest retailer.
  • In April 2024, Plantaway, the company working on the realm of plant-based foods, announced to launch its latest range of plant-based gelatos made with the 100% of the plant-based ingredients, the flavored gelatos are completely dairy free and no added sugar.
  • In April 2024, Nasoya, the developer of the plant-based foods revolution and the producers of number 1 brand in Tofu, expands its range of portfolio in new plant-based meat category with the introduction of Plantspired Plant-Based Chick’n.
  • In April 2024, Alpro the Danone-owned brand has introduced the 6 SKUs including plant-based protein drinks, a yogurt substitute, and two bestselling variants, Almond No-Sugars, and Creamy Oat in a latest 500ml pack size.

Mycoprotein Market Companies

  • Enough
  • Tempty Foods
  • The Better Meat Co.
  • Quorn Foods
  • Symrise
  • Mycorena AB
  • An ACME Group Company
  • Bright Green Partners B.V.
  • KIDEMIS GmbH
  • Mycovation
  • MycoTechnology, Inc.

Segments Covered in the Report

By Type

  • Feed Grade Mycoprotein
  • Food Grade Mycoprotein

By Form

  • Minced
  • Slices

By Sales Channel

  • Supermarkets/Hyper Markets
  • Convenience Stores
  • Specialty Stores
  • Online Stores

By Geography

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East & Africa

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