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Mycoprotein Market size is predicted to reach $1.4 billion by 2030, growing at a CAGR of 7.5% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. Rising number of vegans across the globe, increasing demand for high quality protein diets, and innovation in product development are propelling the Mycoprotein Market growth. finds IndustryARC in its recent report, titled “Mycoprotein Market Size, Share & Trends Analysis Report “By Type (Feed Grade Mycoprotein, Food Grade Mycoprotein), By Form (Minced, Slices), By Application (Meat Alternatives, Pet Food, Feed, and Others), By Sales Channel (Super Markets/Hyper Markets, Convenience Stores, Speciality Stores, Online Stores), By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030”
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APAC to Register Highest Growth:
Geographically, in the global Mycoprotein market share, Asia-Pacific is analyzed to grow with the highest CAGR of 8.9% during the forecast period 2023-2030. This surge can be attributed to rising consumer awareness of health-conscious dietary choices and the increasing adoption of vegetarian and vegan lifestyles. Growing disposable incomes, urbanization, and changing dietary preferences are driving demand for sustainable and protein-rich alternatives. Market players are capitalizing on this trend by expanding their product offerings and distribution networks. The region’s robust economic growth, coupled with a focus on sustainable food sources, positions Asia-Pacific as a lucrative market for Mycoprotein, with significant potential for further expansion in the foreseeable future.
Mycoprotein Market 2023-2030: Segmentation
|
Attribute |
Segment |
|
By Type |
· Feed Grade Mycoprotein · Food Grade Mycoprotein |
|
By Form |
· Minced · Slices |
|
By Application |
· Meat Alternatives · Pet Food · Feed · Others |
|
By Sales channel |
· Super Markets/Hyper Markets · Convenience Stores · Speciality Stores · Online Stores |
|
By Region |
· North America · South America · Europe · Asia-Pacific · Rest of the World |
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Mycoprotein Market Report – Key Takeaways:
Meat Alternatives hold the highest market share with 35% in 2022 in the mycoprotein market for several compelling reasons. Firstly, there is a growing global trend towards flexitarian and vegetarian diets driven by health and sustainability concerns. Mycoprotein offers a sustainable, protein-rich alternative to meat, catering to this expanding consumer base. According to USDA during the same period, imports of plant-derived proteins, which include isolated soy proteins, grew 66 percent, from 21,169 MT in 2010 ($90 million) to 35,059 MT ($149 million) in 2022. As consumers become more health-conscious, they seek protein sources that are low in saturated fat and cholesterol, and mycoprotein fits these criteria. It is also allergen-free, making it suitable for a wider audience.
The online sales segment is the fastest-growing channel for the mycoprotein market due to several factors with a CAGR of 10.1% during forecast period 2023-2030. Firstly, the convenience of online shopping aligns with the busy lifestyles of consumers, making it easy to access mycoprotein products anytime, anywhere. Secondly, the extensive reach of e-commerce platforms allows mycoprotein manufacturers to tap into global markets and reach a broader customer base. Additionally, online platforms enable targeted marketing and personalized recommendations, enhancing the consumer shopping experience. According Shopify, in 2022, mobile shopping from Shopify merchants captured 69% of online sales over BFCM. Online retail continues to expand due to the increasing use of smartphones and tablets globally. Mobile commerce is expected to account for 42.9% of ecommerce sales by 2024. Moreover, the growing trend of direct-to-consumer sales and subscription models further fuels online sales growth, creating a direct link between producers and consumers. Overall, the online sales channel capitalizes on convenience, accessibility, and efficient marketing strategies, driving rapid market expansion.
North America region held a major market share of 36% in 2022. The region witnessed a significant shift in consumer preferences towards plant-based and sustainable protein sources. Mycoprotein, derived from fungi, aligns with these preferences due to its low environmental impact and high nutritional value. Secondly, North America has a well-established food industry infrastructure, facilitating the production, distribution, and marketing of mycoprotein-based products. According to USDA, Expenditures on food accounted for 12.8 percent of U.S. households’ spending in 2022, an increase from 12.4 percent in 2021. Additionally, increased health awareness, a growing vegan and vegetarian population, and rising incidences of food allergies are driving demand. These factors collectively position North America as a leader in mycoprotein market share, with further growth potential.
The increasing health and environmental consciousness among consumers align with mycoprotein’s low-fat, sustainable, and high-protein attributes, making it an attractive alternative protein source. To tap into these markets successfully, businesses should consider local preferences, tastes, and culinary traditions, adapting mycoprotein products accordingly. Building strategic partnerships with local food manufacturers, distributors, and retailers can facilitate market penetration. Moreover, raising awareness about the benefits of mycoprotein and its versatile applications can accelerate consumer adoption.
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Key Opportunity Analysis:
Diverse Product Applications
Mycoprotein’s versatility extends well beyond meat substitutes, offering a wide array of applications across the food industry. This adaptability presents a golden opportunity for innovation and product development. In the realm of vegetarian and vegan cuisine, mycoprotein can be employed in ready meals, adding a protein-rich, meaty texture to dishes like pasta, stir-fries, and curries. Its neutral flavor allows for easy incorporation into various flavor profiles, making it a valuable ingredient for chefs and food manufacturers alike. Furthermore, the snack industry stands to benefit from mycoprotein. It can be transformed into crispy, savory snacks, enhancing both taste and nutritional value. These snacks align perfectly with the growing consumer demand for healthier, plant-based alternatives to traditional chips and crackers.
Education and Awareness
Education and awareness campaigns are pivotal in driving consumer acceptance and propelling the growth of the mycoprotein market. Communicating the benefits and sustainability aspects of mycoprotein is crucial for its widespread adoption. Firstly, informing consumers about the nutritional advantages of mycoprotein, such as its high protein content and low-fat profile, can attract health-conscious individuals seeking alternative protein sources. Highlighting its suitability for various dietary preferences, including vegetarian and vegan diets, can broaden its appeal. Moreover, emphasizing mycoprotein’s eco-friendly production process, which requires fewer resources and generates lower greenhouse gas emissions compared to traditional livestock farming, can resonate with environmentally-conscious consumers. Sustainability is a growing concern, and mycoprotein aligns with these values.
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The Report also Covers the Following Areas:
Mycoprotein Market 2023-2030: Key Highlights
Covid and Ukrainian Crisis Impact:
The Mycoprotein market, known for its sustainable and protein-rich fungal-based products, experienced a multifaceted impact during the COVID-19 pandemic. This global crisis introduced unprecedented challenges but also revealed opportunities within the industry. The pandemic initially led to supply chain disruptions and decreased consumer demand due to lockdowns and economic uncertainties. Mycoprotein’s immune-boosting properties gained attention during the pandemic.
The Mycoprotein market in Russia and Ukraine has faced significant disruption due to the ongoing war. Supply chain interruptions, increased production costs, and reduced consumer spending have led to a decline in sales and profitability for industry players, necessitating strategic adaptations to weather the challenging economic environment.
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List of Key Market Players in Mycoprotein Market:
The Global Mycoprotein Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
Meat Alternates Market – Global Meat Alternates Market size is estimated to reach $8.7 billion by 2027 and it is expected to grow at a CAGR of 12.3% over the forecast period of 2022-2030, Owing to increasing consumer awareness towards different kinds of diseases with the consumption of meat products and the movement raised by animal lovers and organizations to avoid cruelty to animals help to grow the vegan and vegetarian population in the world.
Gluten Free Food Market – The Global gluten free food market is anticipated to witness a dramatic growth and is estimated to growing at a healthy CAGR of 9.8% from 2022 – 2030, Owing to the rising celiac disease prevalence, health-conscious consumers, and product innovation for broader appeal.
Lactose Free Food Market – The global Lactose-free Food market size is evaluated to be $13,750 million as of 2021, and raging opportunities to replace contemporary dairy products is intensifying the growth at a CAGR of 5.40% during the forecast period 2023-2030, owing to actose intolerance awareness, dairy allergies, health-conscious consumers, and expanding dairy alternatives.
Sugar Substitutes Market – Sugar substitute market is projected to cross $16 Billion by 2030 growing at a CAGR of 4.8% through 2023 owing to the sedentary lifestyle and rising health awareness among the consumers.
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