The global mycoprotein market size surpassed USD 704.18 million in 2023 and is projected to attain 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 is experiencing significant growth globally due to increasing consumer demand for alternative protein sources, especially among health-conscious individuals and those seeking plant-based diets. Mycoprotein, derived from fungi like Fusarium venenatum, is known for its nutritional value and meat-like texture, making it a popular choice in vegetarian and vegan food products. This market segment is expected to expand further as consumers seek sustainable and protein-rich options beyond traditional meat sources.
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Growth Factors
Several key factors are driving the growth of the mycoprotein market. Firstly, rising awareness of the environmental impact of meat production has led to a shift towards plant-based protein sources like mycoprotein, which have a lower carbon footprint. Additionally, the growing trend of flexitarian and vegan diets among health-conscious consumers has boosted the demand for mycoprotein-based products. Furthermore, advancements in food technology and product innovation have improved the taste and texture of mycoprotein, making it more appealing to a wider audience.
Region Insights
The mycoprotein market is witnessing growth across various regions globally. North America and Europe are prominent markets due to the increasing adoption of vegetarian and flexitarian diets. Asia Pacific is also emerging as a significant market, driven by a large population base and increasing disposable income, which is fueling demand for healthier and sustainable food alternatives. Additionally, countries in South America and Africa are beginning to explore mycoprotein as a viable protein source, presenting opportunities for market expansion in these regions.
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 contribute to the growth of the mycoprotein market. Changing consumer preferences towards healthier and sustainable food choices, coupled with concerns about animal welfare, are primary drivers. Government initiatives promoting sustainable agriculture and reducing meat consumption also play a role in market expansion. Furthermore, collaborations between food companies and research institutions to develop innovative mycoprotein-based products are driving consumer acceptance and market growth.
Opportunities:
The mycoprotein market presents several opportunities for industry players. Increasing investments in research and development to enhance mycoprotein production and product formulations can unlock new market segments and applications. Expansion into emerging markets with growing vegetarian and vegan populations offers significant growth potential. Additionally, partnerships and collaborations between food manufacturers and retailers can help increase market penetration and consumer awareness of mycoprotein products.
Challenges:
Despite its growth potential, the mycoprotein market faces certain challenges. Consumer acceptance and taste preferences remain a hurdle, as mycoprotein products must compete with established meat alternatives. Scaling up production to meet increasing demand while ensuring cost-effectiveness and sustainability presents logistical challenges. Regulatory frameworks around novel food ingredients and labeling standards also need to be addressed to facilitate market growth and consumer trust. Overcoming these challenges will be crucial for the sustained expansion of the mycoprotein market globally.
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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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