"The mycoprotein products market size reached US$ 308.6 Mn in 2023. Looking forward, Reports and Insights expects the market to reach US$ 721.7 Mn by 2032, exhibiting a growth rate (CAGR) of 9.9% during 2024-2032."
Mycoprotein products, derived from the filamentous fungus Fusarium venenatum, offer sustainable and protein-rich alternative to conventional meat-based products. These products are known for high protein content, low saturated fat, and low environmental footprint. Mycoprotein can be processed into various forms, including meat substitutes, nuggets, and burgers, catering to diverse dietary preferences. The market players offer range of mycoprotein-based solutions from brands such as Quorn, offering plant-based protein options that align with health-conscious and environmentally aware consumer choices. With increasing demand for sustainable protein sources, mycoprotein products provide viable solution for those seeking nutritious, planet-friendly alternatives to meat.
The global mycoprotein products market is registering steady revenue growth, driven by increasing consumer demand for sustainable and plant-based protein sources. These products, derived from fungi such as Fusarium venenatum, are gaining popularity due to high protein content, low environmental impact, and suitability for vegetarian and vegan diets. Advancements in food technology have led to the development of mycoprotein-based meat alternatives, nuggets, and burgers, expanding consumer choices. Initiatives to reduce meat consumption and combat climate change further boost market revenue growth. With health benefits and sustainability, mycoprotein products are expected to continue upward trajectory, offering nutritious and eco-friendly option for protein consumption.
Extensive analysis and insights are available to help businesses make informed decisions in this evolving industry.
Clarity and understanding of market trends help companies tailor products to meet customer demands more effectively.
Mycoprotein Products Market Report Overview:
The global mycoprotein products market research report provides comprehensive insights into driving factors, restraints, opportunities, and trends, with provision of in-depth supporting information, data, and statistics and actionable insights.
Though covered and provided extensively across the report, the data and information format are simple, yet dynamic in order to ensure ease of reading and understanding, as well as presenting and maximizing leverage and use.
Revenues and market share are provided in detail for previous years in order to showcase the evidence upon which our estimations and forecasts are based.
Revenue growth rates and differences, as well as comparisons and relatable data are provided to further support all findings. Data points are provided for each year – from historical to end of forecast period – and this format is followed for each segment region and respective countries, as well as sub-segments and others.
Vital details of major companies in the market are provided in the company profile section of the report. Cover includes financials, recent developments, research & development, strategies, product launches, agreements, expansion, mergers & acquisitions, and others.
The global mycoprotein products market research report is segmented on basis of product type, source, distribution channel, end-use, and regions and countries. Regional segmentation includes North America (United States and Canada); Europe (Germany, United Kingdom, France, Italy, Spain, Russia, Poland, BENELUX, NORDIC, and Rest of Europe); Asia Pacific (China, India, Japan, South Korea, ASEAN, Australia & New Zealand, & Rest of Asia Pacific); Latin America (Brazil, Mexico, Argentina, & Rest of Latin America); Middle East & Africa (Saudi Arabia, South Africa, United Arab Emirates, Egypt, Israel, and Rest of Middle East & Africa).
Mycoprotein Products Market Research and Insights:
Global mycoprotein products market research is comprehensive and the report provides in-depth details of the various factors, trends, patterns, and scenarios and aspects that have direct or indirect impact, near-term or far-term on the market and products and services etc.
Some more detailed insights on the market are provided below:
Rising Health Consciousness: The global mycoprotein products market is experiencing remarkable growth due to increasing health consciousness among consumers. Mycoprotein is recognized for its nutritional advantages, especially, its low saturated fat content and high-quality protein profile. As individuals become more mindful of dietary choices, mycoprotein's health benefits drive its popularity, leading to substantial revenue growth for the market.
Plant-Based and Vegan Diets: A prominent trend in the food industry is rise in plant-based and vegan diets. Mycoprotein products perfectly align with these dietary preferences, making these sought-after choice among consumers seeking sustainable protein alternatives. This trend is supporting significant increase in the consumption of mycoprotein products across the globe.
Sustainability Focus: Environmental sustainability is growing concern, and the mycoprotein market is capitalizing on this shift in consumer behavior. Mycoprotein products have considerably lower environmental footprint compared to conventional meat production. As eco-conscious consumers seek ways to reduce carbon footprint, mycoprotein's sustainability advantages are driving market revenue growth.
Food Technology Advancements: Ongoing advancements in food technology are facilitating the development of an extensive array of mycoprotein-based products. This includes meat substitutes, convenience meals, and snacks, which cater to diverse consumer preferences and lifestyles. The versatility in product offerings broadens market appeal and attracts wider consumer base.
Government Support: Governments and regulatory bodies in various regions are actively promoting sustainable food production and healthy eating habits. These initiatives create conducive environment for mycoprotein product growth. Supportive policies and incentives contribute to market's positive revenue trajectory.
Nutritional Benefits: Mycoprotein is gaining recognition for its exceptional nutritional attributes. Beyond its high protein content, it can be fortified with essential nutrients, making it an appealing choice for health-conscious consumers and the food industry. The versatility of mycoprotein in nutritional applications further enhances its market potential, boosting market revenue growth.
What Factors Are Restraining Growth of Mycoprotein Products Market?
Despite the various positive factors and growth prospects in the global market, some restraints and factors are having negative impacts on revenue growth. Some key factors include:
Limited Awareness and Acceptance: Lack of awareness and consumer skepticism regarding mycoprotein products' taste and safety pose significant challenge. This limits market revenue growth as consumers may be hesitant to try unfamiliar alternatives, impacting revenue negatively.
Regulatory Hurdles: Stringent regulations and labeling requirements in various regions can hamper market revenue growth. Navigating complex regulatory landscapes can be costly and time-consuming, potentially deterring market players and hampering growth.
Production Challenges: The production of mycoprotein requires specific conditions and technology. Any disruptions or technical challenges in the production process can lead to supply chain issues, affecting product availability and market revenue growth.
Price Sensitivity: Mycoprotein products, often positioned as premium or specialty items, can be more expensive than conventional protein sources. Price sensitivity among consumers may limit market penetration and overall revenue.
Competition from Plant-Based Alternatives: Mycoprotein faces competition from wide range of plant-based protein alternatives such as soy, pea, and wheat-based products. As plant-based options gain popularity, mycoprotein faces crowded and competitive market landscape, potentially impacting market share.
Allergen Concerns: Although mycoprotein is generally considered safe, some individuals may have allergies or sensitivities to it. Allergen-related concerns can limit product adoption, especially if clear labeling and information are not provided.
What are the Opportunities for Leading Mycoprotein Products Manufacturers?
Companies operating in the global mycoprotein products market can leverage various opportunities and revenue streams to drive growth and profitability. Below are some avenues and insights:
Diverse Product Portfolio: Expanding the range of mycoprotein-based products, including meat substitutes, snacks, and ready-to-eat meals, can diversify revenue streams. By catering to different consumer preferences, providers can tap into various segments of the market, capitalizing on increasing demand for plant-based protein alternatives.
Health and Wellness Trend: Leveraging increasing consumer focus on health and sustainability, solutions providers can position mycoprotein products as a source of high-quality protein with lower environmental footprint. This appeals to health-conscious consumers seeking nutritious and eco-friendly food options, thus driving revenue growth.
Collaborations and Partnerships: Establishing strategic partnerships with food manufacturers and restaurants to incorporate mycoprotein ingredients into products or menus can result in licensing agreements and royalties. Such collaborations can also enhance the visibility of mycoprotein-based offerings, further driving revenue.
Private Labeling: Offering private-label mycoprotein products to retailers and supermarkets can create additional revenue streams. Through manufacturing and supply agreements, providers can not only expand distribution but also benefit from the brand recognition of established retail partners.
Research and Development Services: Providing specialized R&D services for custom mycoprotein formulations, texture improvements, and flavor enhancements to food companies can lead to consulting fees and technology licensing agreements. This diversifies revenue while positioning providers as industry leaders in mycoprotein innovation.
Export and International Expansion: As the global demand for alternative proteins grows, exploring international markets becomes increasingly lucrative. Exporting mycoprotein products to countries with rising appetite for sustainable and plant-based foods can open new revenue streams and diversify the customer base, ensuring long-term market revenue growth.
Region-wise Analysis of Mycoprotein Products Market:
Regional analysis of the global mycoprotein products market reveals key regions and countries with significant potential. Regional analysis in the global mycoprotein products market reveals distinct growth opportunities. North America, driven by health-conscious consumers and plant-based diets, witnesses robust demand. Europe, particularly the UK, embraces mycoprotein as sustainable protein source. In Asia-Pacific, countries such as India and China explore mycoprotein's potential, driven by rising vegetarianism. Latin America demonstrates promise due to increasing middle class seeking healthier protein options. The Middle East and Africa are gradually recognizing the benefits of mycoprotein. Key players expanding into these regions can capitalize on the evolving consumer preferences and environmental consciousness, resulting in increased revenue and market share.
North America leads the mycoprotein products market with the United States at the forefront. Increasing shift towards plant-based diets and increasing health consciousness among consumers have supported the market. Major companies such as Quorn Foods and Beyond Meat have registered significant revenue growth. Initiatives such as sustainable farming practices and clean-label products are driving consumer preference.
Europe, especially the UK, has embraced mycoprotein as sustainable protein source. This region has substantial market share with companies such as Marlow Foods and MycoTechnology expanding. The European Food Safety Authority's approval of mycoprotein products has boosted consumer confidence.
Asia Pacific holds immense growth potential, with countries such as India and China exhibiting increasing interest in mycoprotein. Consumer preference for vegetarian and vegan diets and the environmental benefits of mycoprotein are driving growth. Companies such as Meati Foods are entering this market.
Latin America is gradually recognizing mycoprotein's benefits. Brazil and Mexico are emerging markets as consumer awareness grows. Major industry players are investing in these regions to capitalize on the developing market.
Middle East & Africa:
The Middle East & Africa (MEA) are also slowly adopting mycoprotein. The increasing middle class seeking healthier protein options is driving demand. Initiatives promoting sustainable agriculture and food security are expected to boost MEA market revenue growth.
Why is US the Largest Market for North America Mycoprotein Products Market?
The United States has emerged as the largest market for mycoprotein products due to various key factors. Firstly, there is increasing shift in consumer dietary preferences towards plant-based and vegetarian options. Mycoprotein, derived from fungi, aligns well with this trend as sustainable and protein-rich alternative to meat.
In addition, increasing health consciousness among Americas has driven demand for healthier protein sources. Mycoprotein is considered nutritious choice, being low in saturated fat and rich in essential amino acids.
Major companies such as Quorn Foods, Beyond Meat, and Impossible Foods have made significant inroads into the U.S. market, offering wide range of mycoprotein-based products. Their marketing efforts, coupled with increasing popularity of meat substitutes, have contributed to the market revenue growth.
Moreover, initiatives promoting sustainability and environmentally friendly food sources have resonated with consumers. Mycoprotein production is more resource-efficient and has lower environmental footprint compared to conventional livestock farming, making it an attractive choice.
Furthermore, government agencies and regulatory bodies in the U.S. have also supported the mycoprotein industry by approving these products for human consumption and promoting food safety. All these factors combined make the U.S. the largest and most promising market for mycoprotein products, with continued growth expected in the coming years.
Which Key Trends Drive the Mycoprotein Products Sales in Europe?
Various key trends are expected to drive the sales of mycoprotein products in Europe. Firstly, increasing emphasis on sustainable and environmentally friendly food sources aligns with mycoprotein's production process. European consumers are increasingly conscious of the environmental impact of dietary choices, and mycoprotein, derived from fungi and produced through fermentation, offers more sustainable protein alternative compared to conventional livestock farming.
Secondly, rise of vegetarianism and flexitarianism is significant trend in Europe. Various consumers are reducing meat consumption for health and ethical reasons. Mycoprotein products provide convenient and protein-rich option to meet the dietary preferences of this demographic.
Furthermore, the European Union's support for alternative protein sources, including mycoprotein, through research funding and regulatory approvals, has created conducive environment for product innovation and market revenue growth. Europe-based companies such as Quorn, known for mycoprotein-based products, have established strong presence and continue to expand offerings.
Moreover, collaborations between food manufacturers and research institutions are supporting advancements in mycoprotein technology, leading to improved product quality and taste, which is crucial for consumer acceptance.
Lastly, marketing efforts highlighting the nutritional benefits of mycoprotein, such as being high in protein, low in saturated fat, and cholesterol-free, are resonating with health-conscious European consumers. All these trends together are expected to drive significant growth of the mycoprotein products market in Europe.
Why is Investment in China and India Key to Growth of the Asia Pacific Mycoprotein Products Market?
Investment in China and India plays pivotal role in driving revenue growth of the Asia Pacific mycoprotein products market. Firstly, these two populous countries are witnessing rapid shift in dietary preferences. As urbanization and income levels rise, consumers are becoming more health-conscious and environmentally aware. Mycoprotein, with its high protein content and sustainable production methods, aligns with these changing consumer attitudes.
Secondly, both China and India are experiencing rise in the number of vegetarians and flexitarians. Mycoprotein offers an ideal source of protein for these demographics, as it can mimic the taste and texture of meat while being plant-based.
Thirdly, the sheer size of the Chinese and Indian markets presents substantial growth opportunity for mycoprotein product manufacturers. The rising middle-class populations in these countries are driving increased consumption of protein-rich foods, creating robust demand for alternative protein sources.
Furthermore, government initiatives and investments in research and development are contributing to the expansion of the mycoprotein industry in China and India. Supportive policies, coupled with collaborations between local and international players, are driving innovation and product diversification.
Which Countries in Latin America will be at the Forefront of Growth for Mycoprotein Products Manufacturers?
Various countries in Latin America present lucrative opportunities for mycoprotein product providers. Brazil stands out as promising market due to its sizable population and increasing interest in healthier and plant-based dietary options. The country's rich culinary culture is gradually embracing mycoprotein as an alternative protein source, especially among urban consumers seeking sustainable and nutritious choices.
Mexico is another attractive market in the region. The Mexican population has strong tradition of consuming meat-based products, making mycoprotein an ideal option for those looking to reduce meat intake while still enjoying familiar flavors and textures. In addition, the government's efforts to promote sustainable agriculture align with the environmental benefits of mycoprotein production.
Chile and Argentina are also emerging as potential growth markets. Health-conscious consumers in these countries are driving demand for plant-based protein alternatives, creating opportunities for mycoprotein products. Presence of increasing number of health food stores and restaurants catering to vegetarian and vegan diets further supports this trend.
What is the Outlook on Mycoprotein Products Sales in Middle East & Africa?
The outlook for mycoprotein product providers in the Middle East and Africa (MEA) is gradually evolving, driven by changing consumer preferences and increasing awareness of plant-based protein sources. While the MEA region has been associated with meat-centric diets, various factors are determining the market's future.
In the Middle East, countries such as the United Arab Emirates and Saudi Arabia are witnessing rapid shift towards healthier lifestyles and increased interest in vegetarian and vegan diets. Urbanization, young population demographic, and exposure to global culinary trends are driving demand for alternative protein sources such as mycoprotein. Mycoprotein products are becoming more accessible in supermarkets and specialty stores across the region, reflecting the changing dietary landscape.
In Africa, South Africa is a key market for mycoprotein products. The country's diverse food culture and increasing number of health-conscious consumers have created opportunities for plant-based proteins. In addition, initiatives promoting sustainable agriculture and reducing meat consumption align with the environmental advantages of mycoprotein production.
However, challenges such as limited consumer awareness, distribution infrastructure, and affordability remain. To succeed in the MEA region, mycoprotein product providers need to navigate cultural and economic nuances while capitalizing on increasing interest in alternative protein sources. As consumer preferences continue to evolve, the MEA market holds potential for growth and expansion in the coming years.
Leading Mycoprotein Products Manufacturers & Competitive Landscape:
The global mycoprotein products market features competitive landscape characterized by mix of established players and emerging companies vying for market share. Mycoprotein, fungal protein derived from Fusarium venenatum, has gained popularity as sustainable and plant-based protein source, particularly in the alternative protein market.
Quorn Foods: Quorn Foods has strong market position, primarily in Europe and North America. Its established brand and extensive product portfolio give it competitive edge. The company continues to innovate, introducing new mycoprotein-based products to meet consumer demands for healthier and sustainable protein options.
Marlow Foods (Vivera): Marlow Foods, now operating under Vivera, has robust presence in the Europe market. The company's commitment to producing high-quality mycoprotein products has contributed to its steady growth and recognition among consumers seeking plant-based alternatives.
Mycoprotein (formerly Kerry Group): Mycoprotein, part of the Kerry Group, has strong foundation in the global mycoprotein market, driven by its Quorn brand. Its experience and expertise in mycoprotein production position it as a key player, particularly in markets where the Quorn brand is well-established.
The competitive landscape of the global mycoprotein products market continues to evolve as new players enter the space, and consumer preferences shift toward sustainable and nutritious plant-based protein options. While these three companies hold significant market share, they face competition from startups and other established food companies looking to capitalize on increasing demand for mycoprotein-based products. Innovation, sustainability, and meeting consumer expectations could be key factors determining the success of companies in this dynamic market.
- Quorn Foods Ltd.
- Vivera B.V.
- Mycoprotein Holdings Ltd. (formerly Kerry Group)
- Meati Foods Inc.
- 3F Bio Inc.
- SuperMeat Ltd.
- MycoTechnology Inc.
- Prime Roots Inc.
- Terramino Foods Inc.
- Atlast Food Co. Inc.
- Superbrewed Food Inc.
- The Better Meat Co. Inc.
- Eat Just Inc. (formerly Hampton Creek)
- Life3 Biotech Inc.
- Entobel S.A.
Market size available for the years
Compound Annual Growth Rate (CAGR)
Product Type, Source, Distribution Channel, End-Use, and Region
North America: The U.S. & Canada
Europe: Germany, The U.K., France, Spain, Italy, Russia, Poland, BENELUX, NORDIC, & Rest of Europe
Asia Pacific: China, India, Japan, Australia & New Zealand, ASEAN, & Rest of Asia Pacific
Latin America: Brazil, Mexico, Argentina, & Rest of Latin America
The Middle East & Africa: Saudi Arabia, United Arab Emirates, South Africa, Egypt, Israel, and Rest of MEA
Fastest Growing Country in Europe
Quorn Foods Ltd., Vivera B.V., Mycoprotein Holdings Ltd., Meati Foods Inc., 3F Bio Inc., SuperMeat Ltd., MycoTechnology Inc., Prime Roots Inc., Terramino Foods Inc., Atlast Food Co. Inc., Superbrewed Food Inc., The Better Meat Co. Inc., Eat Just Inc., Life3 Biotech Inc., Entobel S.A.
By Product Type:
- Mycoprotein-Based Meat Alternatives
- Mycoprotein-Based Dairy Alternatives
- Mycoprotein-Based Protein Supplements
- Mycoprotein-Based Snacks
- Fusarium venenatum
By Distribution Channel:
- Convenience Stores
- Online Retail
- Specialty Stores
- Food and Beverage Industry
- Dietary Supplements Industry
- Retail and Grocery Stores
- Foodservice Industry
Segmentation By Region:
- United States
- Australia & New Zealand
- Association of Southeast Asian Nations (ASEAN)
- Rest of Asia Pacific
- The U.K.
- BENELUX (Belgium, the Netherlands, Luxembourg)
- NORDIC (Norway, Sweden, Finland, Denmark)
- Rest of Europe
- Rest of Latin America
The Middle East & Africa:
- Saudi Arabia
- United Arab Emirates
- South Africa
- Rest of MEA (Middle East & Africa)
Frequently Asked Question
What are the key factors driving revenue growth of the global mycoprotein products market?
The global mycoprotein products market is experiencing robust growth due to increasing consumer awareness about plant-based protein sources, rising demand for sustainable and eco-friendly food options, and increasing health consciousness among consumers.
Which regions/countries register significantly high demand in the global mycoprotein products market?
Regions such as North America, Europe, and Asia Pacific are witnessing significant demand for mycoprotein products. Countries such as the United States, the United Kingdom, and Germany are leading in consumption.
What are the key challenges faced by companies in the global mycoprotein products market?
Some challenges include the need for large-scale mycoprotein production, regulatory hurdles, competition from other plant-based protein sources, and consumer taste preferences.
What are the emerging trends observed in the global mycoprotein products market?
Emerging trends include the development of innovative mycoprotein-based food products, partnerships between mycoprotein producers and food companies, and increased investments in research and development.
How are government initiatives supporting revenue growth of the global mycoprotein products market?
Governments are promoting sustainable and plant-based food options through initiatives, incentives, and regulations that encourage adoption of mycoprotein as an eco-friendly protein source, thereby supporting market revenue growth.