Over the historical period, the alternative products of meat have gained sizable market demand across the developed and emerging economies. Alternative products of meat includes plant-based proteins and mycoprotein among others. Mycoprotein is generally a high protein vegan ingredient, which is primarily used as a substitute of meat in numerous food & beverages applications. Mycoprotein is expected to witness rising demand across the globe due to the high percentage of various minerals and vitamin contents in mycoprotein. Mycoprotein is expected to remain comparatively below exploited resource around the world. However, the global market for mycoprotein is likely to witness strong growth due to increasing production of high quality protein products. The Mycoprotein Market comprises global and local companies, who are engaged in the manufacturing and marketing of mycoprotein across the countries and regions.
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The global market for mycoprotein is anticipated to register a strong rate with higher single-digit compound annual growth rate (CAGR) during the forecast period from 2018 to 2028, according to recent research analysis of the company. The global mycoprotein market is currently dominated by Europe followed by North America due to high presence of key manufacturers and large production footprint of mycoprotein in these regions. However, Europe and North America are expected to record moderate rate over the forecast period. East Asia and South Asia are estimated to witness largest demand of mycoprotein in upcoming years due to increasing application of mycoprotein ingredient in food & beverage applications in East Asia and South Asia countries. The global market for mycoprotein is expected to witness an expansion in the awareness of the mycoprotein ingredient in Latin American and the Middle East & African countries over the forecast period.
Increasing consumption of high protein products is expected to boost the growth of mycoprotein market
Over the last decade, the overall consumption trend of the global food & beverage industry has changed as more consumers are adopting substitutes of meat in their diet. The global market for mycoprotein is likely to record growing demand across the world during the estimated period from 2018 -2028 owing to several market influencing acumens, which are strongly impacting the overall growth of the global mycoprotein market. Some of the market acumens includes expansion in the global production of high protein products, continuous innovations in meat substitute industry, rising demand for plant-based products, low cost of mycoprotein, increasing consumption of high-level nutrients and several health benefits among other market driving factors. The rising awareness related to the application of mycoprotein is anticipated to create several market incremental opportunities for the key players of the mycoprotein market to penetrate more market share across the developed and emerging economies.
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The mycoprotein market can be segmented on nutrients type, nature and end-use application. On the basis of nutrients type, mycoprotein market can be categorized into minerals (sodium, potassium, calcium, phosphorous, selenium, magnesium, and zinc) and vitamins (vitamin B1, vitamin B2, vitamin B7, and vitamin B9). On the basis of nature, the mycoprotein market can be segmented into organic and conventional. On the basis of end-use application, the mycoprotein market can be segmented into functional food, nutraceuticals, bakery & confectionery products, dairy products and beverages. Geographically, the global market for mycoprotein can be segmented into seven regions: North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa.
Increasing business footprint of key companies in emerging economies is anticipated to increase overall sales of mycoprotein
The global market for mycoprotein is expected to witness expansion in the business and production footprint of several key companies in the market. Continuous innovations and consolidations in the market are estimated to remain the key success factor for the manufacturing companies to remain a global leader in the mycoprotein market. Some of the key market participants in the global mycoprotein market are Quorn Foods (Marlow Foods Ltd.); Tyson Foods Inc.; 3fbio Ltd. and Naturex among other prominent players in mycoprotein market.
The research report presents a comprehensive assessment of the mycoprotein market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to mycoprotein market segments such as geographies, nutrients type, nature and end use application.
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