Mycoprotein Market by Form (Minced, Slices), Distribution Channel (Offline, Online), End-user - Global Forecast 2024-2030

Mycoprotein Market by Form (Minced, Slices), Distribution Channel (Offline, Online), End-user - Global Forecast 2024-2030

The Mycoprotein Market size was estimated at USD 329.29 million in 2023 and expected to reach USD 363.53 million in 2024, at a CAGR 11.17% to reach USD 691.03 million by 2030.

Mycoprotein is a distinct form of single-cell protein derived from Fusarium venenatum, a naturally occurring fungus. This high-quality protein source, lower in total and saturated fat, offers a more sustainable and healthier alternative to traditional animal-derived proteins. Mycoprotein is rich in essential nutrients, includes a significant amount of dietary fibers, and aligns with the typical amino acid profile of meat. The mycoprotein market chiefly encapsulates the sectors involved in the production, processing, distribution, and end consumption of mycoprotein-loaded products. It serves a dynamic range of applications, from alternative protein sources in human food products to potential animal feed ingredients. The major factors propelling the growth of the mycoprotein market are increasing awareness of the health benefits of plant-based diets and growing demand for sustainable protein sources. This upward growth of mycoprotein is supported by expanding application of mycoprotein in animal feed products. However, the higher cost of mycoprotein products than conventional meat products and the complexities associated with the manufacturing of mycoproteins hinder the expanding adoption of mycoprotein. On the other hand, ongoing research and development for the production of mycoprotein and a growing trend toward personalized nutrition in the food & beverage industry present an untapped opportunity for manufacturers of mycoprotein to grow their business in the coming years.

Regional Insights

In the Americas, the demand for mycoprotein is increasing due to growing interest in plant-based diets owing to health and environmental concerns. Consumer shift towards healthier food alternatives has given the mycoprotein sector an unprecedented boost. Amid increasing health and safety regulations, robust product labeling standards have been established to guarantee transparency to consumers as organizations such as The U.S. Food and Drug Administration (FDA) and Health Canada have made it compulsory for market vendors to disclose mycoprotein as a product ingredient. In the EMEA, France prioritizes the cultivation and consumption of sustainable protein sources, including mycoprotein. The country's strong agricultural sector has made it crucial in the mycoprotein market. In the Middle East and Africa, the market is in its early stages with limited adoption due to cultural preferences and lack of awareness. Despite this, promising government initiatives are encouraging sustainable plant-based diets, fostering research and investment. In the APAC region, countries such as China and India present a higher growth potential, given their massive population indices and a paradigm shift towards the consumption of plant-based diets. Indonesia, the Philippines, Malaysia, and Vietnam, while being developing countries, provide potential growth opportunities due to their rapid urbanization and growing health-conscious communities.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Mycoprotein Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Increasing awareness of the health benefits of plant-based diets
Rising demand for sustainable protein sources
Expanding application of mycoprotein in animal feed products

Market Restraints

High cost of mycoprotein products than conventional meat products

Market Opportunities

Ongoing research and development for the production of mycoprotein
Growing trend toward personalized nutrition in the food & beverage industry

Market Challenges

Complexities associated with the manufacturing of mycoproteins

Market Segmentation Analysis

Form: Growing preference for minced for its convenience and versatility
Distribution Channel: Rising accessibility of mycoprotein across online platforms among millennial and Gen Z consumers
End-User: Potential of mycoprotein in the food & beverage industry with the growing focus on plant-based diets

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Mycoprotein Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Mycoprotein Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Cargill's Investment in Fungi-Based Protein Solutions

Cargill has strategically invested an undisclosed amount in Enough, a Scottish firm that specializes in creating mycoprotein through advanced fungi and fermentation processes. This investment reflects Cargill's diversification into non-traditional protein sources, positioning itself distinctively from typical plant-based alternatives.

Nosh.bio Leverages Ginkgo Strain Optimization Services to Enhance Meaty Taste of Mycoprotein

Nosh.bio, a German plant-based protein startup, has partnered with Ginkgo Bioworks to develop a new mycoprotein product that closely mimics the taste and texture of red meat. To achieve this, Ginkgo's Strain Optimization Services was utilized to identify protein-producing fungi strains with exceptional sensorial characteristics. Ginkgo's proprietary encapsulation and screening technology, known as EncapS, is expected to enable Nosh.bio to efficiently analyze up to 1 million strain variants in a single run and select the most promising candidates for further development.

Scottish Mycoprotein Start-Up Enough Raises Funding

Enough, a mycoprotein start-up has raised EUR 40 million in growth funding. The new funding round aimed at expanding operations and achieving a target of doubling in size by the following year. At present, Enough aims to produce 10,000 metric tonnes of Abunda annually. The company plans to expand its teams across offices in Glasgow, London, and Sas van Gent.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Mycoprotein Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Mycoprotein Market, highlighting leading vendors and their innovative profiles. These include Aqua Cultured Foods, Enifer, Enough B.V., KIDEMIS GmbH, Maia Farms, Meatless B.V. by BENEO, Mycorena AB, MycoTechnology, Inc., Mycovation by The Trendlines Group., Nosh Biofoods GmbH, Quorn by Marlow Foods, Sustainable Superfoods by ACME Group, The Better Meat Co., Tyson Foods, Inc., and Yutong Industrial Co., Limited.

Market Segmentation & Coverage

This research report categorizes the Mycoprotein Market to forecast the revenues and analyze trends in each of the following sub-markets:

Form
Minced
Slices
Distribution Channel
Offline
Online
End-user
Biotechnology
Food & Beverage
Pharmaceutical
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year