According to the latest publication from Meticulous Research®, the global fungal protein market is projected to achieve significant growth, reaching $397.5 million by 2029, with a compound annual growth rate (CAGR) of 7.6% from 2023 to 2029. In terms of volume, the market is anticipated to expand to 23,185 tons by 2029, reflecting a CAGR of 6.2% during the forecast period. This growth is driven by increasing demand for allergen-free foods, the rising consumption of processed foods, and the growing interest in meat substitutes.

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Market Drivers and Challenges

The global fungal protein market is primarily propelled by the shift towards allergen-free diets and the rise in processed food consumption. As consumers seek healthier and more sustainable protein sources, fungal protein has emerged as a viable alternative, offering nutritional benefits without the allergens associated with traditional protein sources. The growing popularity of meat substitutes also contributes to the market's expansion, as fungal protein aligns with the demand for plant-based and alternative proteins.

However, the market faces challenges due to undefined regulatory guidelines that could impact growth. The lack of standardized regulations for fungal protein could hinder market development and adoption.

Segment Analysis

• By Type: In 2023, the yeast extract segment is expected to experience the highest CAGR. This growth is attributed to the increasing adoption of yeast extract in the processed foods industry and the expanding market in Asia-Pacific and the Middle East & Africa. Yeast extract offers versatile applications, contributing to a wide range of value-added products for both human and animal nutrition.
• By Application: The food & beverage sector is anticipated to hold the largest market share in 2023. This dominance is driven by the global growth of the food and beverage industry and the adoption of fungal protein due to its cholesterol-lowering and satiety benefits. Additionally, the rising demand for meat substitutes and healthy products further supports the market growth in this segment.
• By Geography: North America is projected to lead the market in 2023, owing to its preference for high-quality ingredients, ample raw material availability, and a strong vegan culture. The region's large number of health-conscious consumers and ongoing protests against animal cruelty also drive the demand for alternative protein sources.

Key Players

The global fungal protein market features a competitive landscape with key players including Lesaffre (France), Koninklijke DSM N.V. (Netherlands), Kerry Group plc (Ireland), Halcyon Proteins Pty. Ltd. (Australia), MYCORENA AB (Sweden), Oriental Yeast Co., Ltd. (Japan), Van Wankum Ingredients BV (Netherlands), Lallemand Inc. (Canada), AngelYeast Co., Ltd. (China), Associated British Foods plc (U.K.), ENOUGH (U.K.), MycoTechnology, Inc. (U.S.), Monterey Mushrooms, LLC (U.S.), and The Better Meat Co. (U.S.). These companies are driving innovation and expanding their presence in the global fungal protein market.

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