by The global mycoprotein market size was exhibited at USD 704.18 million in 2023 and is predicted to rise 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.
The mycoprotein market refers to the industry involved in producing and marketing protein-rich food products derived from fungi, particularly species of the genus Fusarium or Aspergillus. Mycoprotein is gaining popularity as a sustainable and nutritious alternative to traditional meat-based proteins due to its favorable environmental footprint and health benefits. It is primarily used in meat substitutes and vegetarian food products.
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Growth Factors
Several factors are driving the growth of the mycoprotein market. Increasing consumer awareness about health and sustainability is a key driver, as mycoprotein is low in fat, high in protein, and cholesterol-free. Moreover, the rise in vegetarian and flexitarian diets globally has created a strong demand for plant-based protein sources like mycoprotein. Additionally, advancements in biotechnology and fermentation techniques have made mycoprotein production more efficient and cost-effective, further stimulating market growth.
Region Insights:
The mycoprotein market is witnessing significant growth across various regions. Europe has emerged as a leading market, driven by a strong preference for plant-based diets and a mature market for meat alternatives. North America follows closely, with increasing adoption of vegetarianism and veganism among consumers. Asia Pacific is also experiencing rapid growth, propelled by rising disposable incomes, changing dietary habits, and growing awareness of health and sustainability.
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
Drivers:
Several drivers are influencing the expansion of the mycoprotein market. Health consciousness among consumers, particularly in developed countries, is a major driver, as mycoprotein offers a sustainable protein source with health benefits. The expanding market for meat substitutes due to concerns over animal welfare and environmental impact is another significant driver. Moreover, collaborations and investments by key players in research and development are accelerating market growth by improving product quality and diversity.
Opportunities:
The mycoprotein market presents promising opportunities for growth. Increasing investments in research and development to enhance product quality and expand applications are creating new avenues for market players. Emerging economies with a growing middle-class population and changing dietary preferences offer untapped opportunities for market expansion. Furthermore, partnerships between food manufacturers and retailers to introduce innovative mycoprotein-based products can unlock new market segments.
Challenges:
Despite its growth potential, the mycoprotein market faces certain challenges. One challenge is consumer acceptance and awareness, particularly in regions where alternative proteins are not yet mainstream. Regulatory hurdles related to the approval and labeling of mycoprotein as a food ingredient can also pose challenges for market players. Additionally, concerns related to allergenicity and potential adverse reactions in some individuals may limit widespread adoption and market penetration of mycoprotein products.
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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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