The global market for mycoprotein products was estimated to be worth over US$ 200 Mn in 2018 by Fact.MR's most recent study, and it is anticipated to soar with a compound yearly growth rate of over 12% from 2019 to 2027.
Approximately a billion people globally do not now have access to a diet that provides enough protein and calories. However, the processing of one of the main protein sources, animal meat, has negative environmental implications, which is why mycoprotein products have become quite popular as an alternative source of protein in both developed and developing nations. Plant-based proteins and mycoprotein products are two examples of meat substitutes.
Mycoprotein products are anticipated to experience increasing demand across the globe, owing to the elevated proportion of different minerals and the high vitamin content in mycoprotein products. Furthermore, the worldwide Mycoprotein Products Market is likely to witness a powerful surge owing to increased processing of high-quality protein products.
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Increased Demand for Meat Substitutes Will Fuel the Growth of Mycoprotein Market
Producers are therefore taking significant measures to create superior products and enhance their product portfolio in order to meet the increasing demand. Numerous cases of soya allergies and wheat gluten intolerance around the world is causing the market for mycoprotein products-based meat substitutes to develop as more customers switch their preferences from soya and wheat to mycoprotein. Soy allergies are prevalent, particularly among infants and kids. Since mycoprotein products is a fermented product, it can be readily eaten by individuals who have soya allergies or gluten intolerance or both.
Sustainable Production Methods Boosting Market Growth
Meat production has a significant effect on the environment and makes a major contribution to the eutrophication process. In this sense, it is essential to discover an alternative, inexpensive and less resource-consuming protein source to replace meat or meat products such as mycoprotein products.
Meat production accounted for over 15% of complete greenhouse gas (GHG) emissions, 68 percent of agricultural land, and a third of arable land required for crop production. The 2014 IPCC report on climate change emissions recognized changing diets as an underdeveloped yet important region of action. Budding concerns about the environmental impact and sustainability of the meat industry are the main growth drivers of the worldwide mycoprotein products market.
With Veganism at an All-Time High, Competitors are Unearthing New Methods for Economical Mycoprotein Products
The study by Fact.MR also found that the worldwide market for mycoprotein products is anticipated to see the development of the company and production footprint of several main businesses on the market. Ongoing market innovations and consolidations are projected to be the main success factors for processing businesses to stay worldwide leaders in the market for mycoprotein products. A several number of small and medium scale competitors are focusing on expanding their regional presence owing to a large consumer base and are focusing on the development of mycoprotein products for business to business (B2B) and business to consumers (B2C) with a focus on joint licensing ventures with food companies and multinationals. For example, competitors are focusing on mergers and acquisitions in order to expand their market presence. Some of the key market participants in the global market for mycoprotein products are Quorn Foods (Marlow Foods Limited), 3fbio Ltd, and MycoTechnology, Inc., among the other players in the market for mycoprotein products.
The Fact.MR report offers a forecast of the global mycoprotein products market for the period 2019-2027. Considerable support government agencies and other organizations for producing meat substitute products is projected to drive growth for the mycoprotein products market.
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