According to Fact.MR's latest study, the worldwide market for mycoprotein products was pegged at around US$ 200 Mn in 2018 and it is projected to witness blue skies with a compounded annual growth rate of over 12% during the forecast period of 2019 to 2027.
At the moment, about a billion people globally lack access to a diet that provides enough protein and energy. Mycoprotein products, an alternative source of protein, have gained tremendous traction in both developed and developing economies since the processing of animal meat, one of the main sources of protein, has negative environmental implications.
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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.
Veganism Advocating Developments in Mycoprotein Based Meat Additives
Several entrants in the mycoprotein products market are already developing fresh techniques and ingredients, and some are trying to solidify their position in the market. Some of the key developments in the market are:
- 3F BIO Ltd, a Scottish company dedicated to sustainable protein production, has invested a sum of around Pound 461,000 to allow it to expand its development operations for sustainable protein development. Moreover, the company along with a consortium of nine other partners, has announced the launch of a project (known as ' PLENITUDE ') to construct a first-of-its-kind, large-scale, embedded biorefinery plant to generate low-cost, viable food proteins.
- Quorn Foods is trying to stay as an appealing provider with investments in marketing and category management of their meat substitute and mycoprotein brand "Quorn". The company invests 15% of its revenue in the marketing of meat substitute products and spends 12 million euros annually on R&D
- Argentinian tech firm Enye Technologies has optimized the production process for mycoprotein products, allowing for cheaper production both industrially and at home. The company is focusing on the development of mycoprotein products for business to business (B2B) and business to consumers (B2C) by establishing joint licensing ventures with food companies and multinationals.
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Global Mycoprotein Products Market: In-Depth Assessment on Key Segments
The global mycoprotein products market is segmented on the basis of form, sales channel, and region.
- Supermarkets / Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Stores
- North America
- Latin America
- East Asia
- South Asia & Oceania
Report Benefits & Key Questions Answered
- Mycoprotein Products Market Category and segment level analysis: Fact MR provides a detailed analysis of the factors influencing sales growth across key segments. It highlights key growth drivers and provides useful information for identifying sales prospects at the regional and local level.
- Mycoprotein Products Market Historical volume analysis: The report provides a comparison of Mycoprotein Products Market historical sales and projected sales performance for 2021-2031.
- Mycoprotein Products Market Manufacturing trend analysis: The report offers a detailed analysis of manufacturing trends in the Flavour Enhancers. It carefully gauges the impact of changing healthcare needs of key demographics globally
- Mycoprotein Products Market Consumption by demographics: The report investigates consumer behavior affecting Mycoprotein Products Market demand outlook for the assessment period. Effect of their keenness for digital trends on Mycoprotein Products Market carefully analyzed
- Post COVID consumer spending on Mycoprotein Products Market: Healthcare industry has been largely influenced by COVID-19 pandemic. The Fact MR Market survey analyzed consumer spending post COVID-19. It assesses how current trends that will influence expenditure on healthcare services, thus affecting Mycoprotein Products Market