Fungal Protein Global Market Report 2024

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 historical growth in the fungal protein sector can be attributed to several factors, including the escalating demand for plant-based proteins, a growing interest in alternative protein sources, increased incidences of allergies to animal proteins prompting exploration of substitutes, expansion within the food and beverage industry, rising concerns about environmental sustainability, and the influence of government initiatives and regulations encouraging these developments.

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%. Anticipated growth in the upcoming period is expected to be driven by various factors, including the increasing consumer awareness regarding protein sources, the expanding adoption of vegan lifestyles, the broadening applications of fungal proteins across diverse industries, global population growth necessitating alternative protein sources, and increased investments in the development of alternative proteins. Key trends projected for this period encompass a surge in consumer demand for fungal proteins, ongoing product innovation within this protein segment, the diversification of applications for fungal proteins across industries, a heightened focus on supply chain sustainability in their production, and an increased focus on global market expansion and penetration strategies for fungal protein products.

The continuous rise in the consumption of processed foods is a significant factor contributing to the anticipated growth of the fungal protein market. Processed foods, which undergo various mechanical or chemical processes for modification or preservation, are increasingly incorporating fungal protein as a sustainable and less environmentally impactful substitute for traditional protein sources such as meat. In December 2021, India's exports of agricultural and processed food products, despite logistical challenges posed by the COVID-19 pandemic, witnessed a growth of over 13% in the first eight months of the fiscal year, reaching $13,261 million from $11,671 million in the corresponding period of the previous fiscal year. This surge underscores the expanding influence of processed foods and their role in propelling the fungal protein market.

The increasing adoption of vegan and vegetarian lifestyles among individuals is anticipated to drive the growth of the fungal protein market. Veganism, characterized by the avoidance of animal products in all aspects of life, including food and clothing, has gained popularity. Fungal protein aligns with the principles of vegan and vegetarian diets, offering a sustainable and nutritious alternative to traditional animal-derived proteins. As of July 2023, approximately 6% of Americans identified as vegans, and nearly one-third expressed a desire to consume more vegan meals, indicating a growing trend in plant-based diets and contributing to the expansion of the fungal protein market.

Innovation emerges as a prominent trend shaping the fungal protein market, with major companies focusing on developing novel solutions and leveraging myco-proteins in innovative ways to gain a competitive advantage. In September 2021, Novozymes A/S, a Danish biotechnology company, launched the Myco-protein Innovation Call, a global platform aimed at scaling up innovative approaches to utilizing fungi as a protein source. By harnessing the potential of fungi and mycelium, this initiative seeks to revolutionize future food production methods. The Myco-protein Innovation Call facilitates collaboration across diverse scientific and business domains to drive transformative changes in global food systems at scale.

Major players in the fungal protein market are increasingly adopting a strategic partnership approach to facilitate the swift implementation of hybrid product go-to-market strategies. This strategic collaboration involves companies leveraging each other's strengths and resources to achieve mutual benefits and success. An illustrative example is the partnership announced in May 2022 between MeaTech 3D Ltd., an Israel-based company specializing in 3D bioprinting technology for cellular agriculture, and ENOUGH. The collaboration aims to accelerate MeaTech's hybrid product go-to-market strategy by combining Peace of Meat's expertise in cultured avian growth with ENOUGH's innovative mycoprotein component. This partnership will result in groundbreaking hybrid alternative meat products that preserve the distinctive tastes, smells, and textures of traditional meat. Cultured bird fat biomass will provide the hallmark attributes, while ENOUGH's mycoprotein contributes significant nutritional value with high protein and fiber content, along with essential amino acids, zinc, and iron. ENOUGH, based in Scotland, is recognized for its large-scale production of mycoprotein ingredients.

In July 2021, Ginkgo Bioworks, a biotechnology company based in the United States, pursued a strategic acquisition. Ginkgo Bioworks acquired Dutch DNA Biotech B.V., a biotechnology company based in the Netherlands, for an undisclosed amount. This acquisition strategically expands Ginkgo Bioworks' portfolio by incorporating fungal strain assets essential for the large-scale production of proteins. The move aligns with Ginkgo Bioworks' commitment to advancing its capabilities in the fungal protein market through the incorporation of valuable assets and expertise from Dutch DNA Biotech B.V.

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.

Europe was the largest region in the fungal protein market in 2023. The regions covered in the fungal protein market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the fungal protein market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of fungal proteins encompass fusarium venenatum extract, mushrooms, and yeast extract. Fusarium venenatum represents a protein-rich microfungus found in the Fusarium genus, available in both organic and conventional forms. These fungal proteins find applications across various sectors including food and beverages, bakery products, processed foods, dairy items, and other related industries.

The fungal protein market research report is one of a series of new reports that provides fungal protein market statistics, including fungal protein industry global market size, regional shares, competitors with a fungal protein market share, detailed fungal protein market segments, market trends and opportunities, and any further data you may need to thrive in the fungal protein industry. This fungal protein market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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