Global Fungi-based Protein Market Outlook
There is an increase in awareness about the food they consume and its effect on health. However, the changing lifestyle, increasing urbanization as well as the increasing number of the working population has led in developing of various unhealthy dietary habits. Thus there is an increased demand for healthy food ingredients across the world. Protein plays a major role in human nutrition. Despite of Animal protein holding major in protein consumption, alternative protein sources such as plant, algal, fungal as well as insect protein are gaining popularity owing to its lower cost as well as much lesser environmental impact and requirement of resources. Fungi-based proteins are gaining popularity in terms of nutritional value, essential amino acid content, and quality. Fungi-based proteins have great potential and are used in functional & processed food products. Fungi-based proteins have also shown applications in the animal feed industry, pharmaceuticals as well as cosmetics and personal care industry. Thus with growing popularity, the demand for fungi-based protein from multiple industries is expected to increase over the forecast period.
Global Fungi-based Protein Market Dynamics
The increasing demand for high protein food ingredients ultimately increases the demand for fungi-based protein. Increasing health-consciousness, consumption of processed food products as well as increasing consumption of products with higher protein content are some of the prime drivers for global fungi protein market. The shifting of consumer’s dietary patterns towards sustainable protein sources has led to increase in demand for alternative protein as animal-based protein sources require large amounts of resources and have a huge impact on the environment due to the release of greenhouse gases. The increasing demand for sustainable protein sources as well as meat substitute products is also expected to have a positive impact on fungi-based protein market. The lower cost, as well as the requirement of resources for the production of fungi-based protein, is expected to increase the demand for fungi-based protein market across the globe. Thus with an increasing number of applications as well as rising awareness among the consumers the global fungi-based protein market is expected to grow positively over the forecast period.
Global Fungi-based Protein Market Segmentation
On the basis of Nature, the global fungi-based protein market can be segmented as
On the basis of End Use, the global fungi-based protein market can be segmented as
On the basis of Region, the global fungi-based protein market can be segmented as
Global Fungi-based Protein Market: Key Players
Some of the key players in global fungi-based protein are Quorn Foods (Monde Nissin Corporation), Tyson Foods Inc., 3fbio Ltd., Naturex, NOW Health Group, Willows Ingredients, Aumgene Biosciences, and others.
Opportunities for Market Participants
The global Fungi based protein market is in its growth phase and thus is has several opportunities for emerging as well as existing market players. The increasing number of vegan population in developed countries, as well as rising veganism trend in developing countries, creates opportunities for fungi-based protein market participants to diversify their product range as well as expand to untapped regions. With the rapid spread of the Internet in all corner of the world, there is a rise in awareness among people about benefits as well as functional properties of fungi-based proteins. Thus, food and beverages manufacturers are opting e-Commerce to penetrate to markets across the world and increase presence in the fungi-based protein market.
Global Fungi-based Protein Market: A Regional Outlook
The global fungi-based protein market can be regionally segmented as North America, Europe, Latin America, East Asia, South Asia, Middle East & Africa, and Oceania. Europe, as well as the North American region, are expected to hold the major share in fungi-based protein market owing to the increasing number consumer shift to plant-based and vegan diet as well as the presence of key players. However, East Asia as well as South Asia region is expected to exhibit a rapid growth in fungi-based protein market owing to the increasing number of health-conscious people as well as flourishing food and beverage industry. The players in fungi-based protein markets are expected to expand to potential markets such as Latin America & Middle East & Africa regions.
The rise in the sedentary lifestyle led by changing work culture has given birth to many unhealthy dietary habits, leading to numerous health ailments. Keeping these developments in the watch, the demand for healthy food ingredients has surged across the globe.
High Demand for Protein Products Accelerates Market Growth
The high importance of protein in human nutrition has brought alternative protein sources such as fungi-based protein into the mainstream. These alternatives are gaining prominence in the market as cost-effective and sustainable products. The high nutritional value, and amino acid content makes fungi-based protein an ideal component of protein supplements. The high adoption rate in functional and processed food is accelerating the overall revenue generated in the global market. The augmenting demand for a protein containing food ingredients is primarily driving the growth of the protein market. The increasing preference for sustainable protein sources is also increasing the market for fungi-based protein.
The global fungi-based protein market can be broadly segmented into organic and conventional types. The demographics are aligning with organic products, which is expected to impart a robust growth rate to the organic fungi-based protein by the end of the forecast period. Different prominent end-users of these proteins include animal feed industry, cosmetics, and personal care and pharmaceuticals. With the progress of these verticals, the demand for fungi-based protein keeps on accelerating.
Leading regions in the global market include North America, Latin America, South Asia, Oceania, Europe, East Asia, Middle East & Africa. The growing culture of veganism and movements against animal cruelty are projected to determine the growth trajectory of the regional market. North America along with Europe is project to generate a plethora of growth opportunities for the manufacturers on the back of high concentration of major market players. The markets in East and South Asia are forecasted to witness rapid growth during the forecast period on the back of the flourishing food & beverage industry and the rise in the health-conscious population. The other regions gaining prominence in the global market include Africa, Latin America, and the Middle East.
The fungi-based protein market is in an evolving phase and rapid developments are going on across the globe. The new, as well as established players, are proactive in grabbing opportunities for growth in the fungi-based protein landscape. They are adopting marketing strategies to popularize their products in the population segments such as vegans that prefer plant-based proteins. Manufacturers are exploring the untapped growth avenues in the markets of developing economies to enhance their global presence. They are conducting awareness campaigns to expand the market for their products. Growing proliferation of the e-commerce sector is generating significant opportunities for the market players in the fungi-based protein market. The online distribution channels are projected to substantially scale the sale of fungi-based protein products by the end of the forecast period.
Established players profiled in the global market include Aumgene Biosciences, Quorn Foods (Monde Nissin Corporation), NOW Health Group, Tyson Foods Inc., and Willows Ingredients.