Fungal Protein Market 2024-2033: Trends, Analysis & Growth Forecast Outlook

The fungal protein market size has grown strongly in recent years. It will grow from $3.8 billion in 2023 to $4.06 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to increasing demand for plant-based proteins, rising interest in alternative protein sources, rising allergies to animal proteins, expansion of food and beverage industry, environmental sustainability concerns, government initiatives and regulations.

The fungal protein market size is expected to see strong growth in the next few years. It will grow to $5.33 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to increasing consumer awareness, expanding vegan, expanding applications in various industries, global population growth, investments in alternative proteins. Major trends in the forecast period include increasing consumer demand, product innovation, expanding applications, supply chain sustainability, global market penetration.

Market Overview -
Fungal protein refers to the food-grade protein ingredient made from a type of fungus for human consumption. Fungal protein is used to substitute traditional protein sources such as meat in the food industry.

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Surging Demand For Processed Foods Propels Growth In The Fungal Protein Market
The rising consumption of processed foods is significantly contributing to the growth of the fungal protein market going forward. Processed food refers to a food item that has gone through several mechanical or chemical processes in order to change or preserve it. Fungal protein is used as a substitute for meat and other forms of protein in processed foods due to it being significantly less polluting and sustainable than protein from livestock. For instance, in December 2021, according to the Agricultural and Processed Food Products Export Development Authority (APEDA), an India-based apex-export trade promotion active government body, India's exports of agricultural and processed food goods increased by more than 13% in the first eight months of the current fiscal, despite logistical difficulties brought on by the COVID-19 pandemic. From April through November 2020-21 to April through November 2021-22, exports of goods covered by the APEDA scope grew from $11,671 million to $13,261 million. Therefore, the rising consumption of processed food will drive the fungal protein market.

Competitive Landscape -
Major companies operating in the fungal protein market report are Cayman Chemical Company, Chiron Biotechnology Co. Ltd., Duke Thomson's India Pvt. Ltd., DuPont de Nemours Inc., Merck Group, Royal DSM, Santa Cruz Biotechnology Inc., Siveele B.V., Halcyon Proteins Pty. Ltd., Kerry Group Plc., Lallemand Inc., Lesaffre Group, AngelYeast Co. Ltd., Associated British Foods Plc., Koninklijke DSM N.V., MycoTechnology Inc., Meati Foods, Quorn Foods, White Dog Labs, 3F BIO Ltd., Nature's Fynd, Sustainable Bioproducts, Perfect Day, Solar Foods, Geltor Inc., BlueNalu, Clara Foods, Terravia Holdings Inc. (formerly Solazyme), Entomo Farms, New Wave Foods .

Innovation Takes Center Stage Advancements In Fungal Protein Market
Innovation is a key trend gaining popularity in the fungal protein market. Major companies operating in the fungal protein market are focusing on developing innovative solutions and new ways of working with myco-proteins to gain a competitive edge in the market. For instance, in September 2021, Novozymes A/S, a Denmark-based biotechnology company, launched Myco-protein Innovation Call, a global myco-protein innovation platform created to aid in the scaling up of innovative methods for using fungi as a source of protein. Using the power of fungi and mycelium, this global platform aims to change the way that food is produced in the future. Myco-protein Innovation Call brings together the most cutting-edge scientific and business skills from across industries and sectors in order to revolutionize the global food systems at scale.

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Key Segments -
The fungal protein market covered in this report is segmented -
1) By Type: Fusarium Venenatum Extract, Mushrooms, Yeast Extract
2) By Nature: Organic, Conventional
3) By Application: Food and Beverages, Bakery, Processed Food, Dairy, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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