According to a new market research report titled, ‘Fungal Protein Market by Type (Fusarium Venenatum Extract Protein, Mushroom Protein, Yeast Extract Protein), Application (Food & Beverages {Beverages, Bakery}, Animal Nutrition {Poultry, Aquafeed}, Pharmaceuticals, Other Applications), and Geography - Global Forecast to 2029,’ the fungal protein market is projected to grow at a CAGR of 7.6% from 2022 to 2029 to reach $397.5 million by 2029.

Fungi-based protein is becoming popular amidst the growing need for high-protein food products. Rising health consciousness, increasing consumption of processed foods, and growing demand for foods with higher protein content are the primary drivers of the global fungal protein market. Consumers are inclined toward sustainable protein sources, increasing the demand for alternative proteins. Animal-based protein sources need a lot of resources, negatively impacting the environment because of greenhouse gas emissions.

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The Impact of COVID-19 on the Fungal Protein Market
The outbreak of the COVID-19 pandemic created a medical emergency, increasing the demand for healthy food items and hygiene and medical products in the market. The pandemic has also increased the sales of healthy processed food products. However, packaged food, bakery, and meat products have experienced a decline in their sale, decreasing demand for yeast extract in these industries to a significant level. Since yeast is also used in the cosmetics and personal care industries, the demand for the products of these industries has also declined, declining the growth of the yeast extract market in 2020 and early 2021. In addition, the nationwide lockdowns also hamper the production & supply chain of the yeast extract companies.

Strong global concerns about the pandemic have negatively affected the global fungal protein market. Moreover, due to the high demand and low supply trends, the prices of snack products increased in 2020 to overcome economic instability. On the contrary, during shipping, interruptions in the supply chain could lead to temporary shortages in the supply, putting upward pressure on prices in the short term.

The fungal protein market is segmented by type (fusarium venenatum extract protein, mushroom protein, and yeast extract protein), application (food & beverages {beverages, bakery, other food & beverages products}, animal nutrition {poultry feed, pig feed, aquafeed, and others}, pharmaceuticals, and other applications), and geography (North America, Europe, Asia-Pacific, Latin America, Middle East &Africa). The study also evaluates industry competitors and analyses regional and country-level markets.

Based on type, the fungal protein market is segmented into yeast, fusarium venenatum, and mushroom extract protein. The yeast extract protein segment is projected to grow at the highest CAGR during the forecast period due to the growing adoption of yeast extract in packaged foods, including frozen dinners, crackers, junk food, gravy, and stock.

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Based on application, the fungal protein market is categorized into food & beverage, animal nutrition, pharmaceuticals, and other applications. In 2022, the food & beverage segment is estimated to account for the largest share of the global fungal protein market. The large share of this segment is attributed to the growing global food & beverage industry, increasing demand for mycoprotein due to its cholesterol and satiety benefits and nutritional composition, and rising demand for meat-substitute products. Furthermore, the rising consumer demand for healthy products further boosts the demand for fungal protein in the food & beverage industry.

Based on geography, the fungal protein market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Europe is estimated to account for the largest share of the global fungal protein market, followed by North America, Asia-Pacific, Latin America, and the Middle East & Africa. The large share of this market is attributed to the expanding culture of veganism, the ongoing protests against animal cruelty, and an enormous number of health-conscious consumers. Moreover, factors such as rising demand for processed food due to the changing consumer patterns, increasing desk-bound work cultures, and the lack of time to cook healthy foods further boost the demand for fungal protein in the region.

Some of the key players operating in the fungal protein market are Koninklijke DSM N.V. (Netherlands), Associated British Foods plc (U.K.), Lesaffre Group (France), Kerry Group plc (Ireland), Lallemand Inc. (Canada), Oriental Yeast Co., Ltd. (Japan), Halcyon Proteins Pty. Ltd. (Australia), AngelYeast Co., Ltd. (China), Van Wankum Ingredients BV (Netherlands), and MYCORENA AB (Sweden), among others.

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Scope of the Report:
Fungal Protein Market, by Type
• Fusarium Venenatum Extract Protein
• Mushrooms Protein
• Yeast Extract Protein

Fungal Protein Market, by Application
• Food & Beverages
o Beverages
o Bakery
o Other Food & Beverages
• Animal Nutrition
o Poultry Feed
o Pig Feed
o Aquafeed
o Others
• Pharmaceuticals
• Other Applications

Fungal Protein Market, by Geography
• North America
o U.S.
o Canada
• Europe
o Germany
o France
o U.K.
o Italy
o Spain
o Rest of Europe
• Asia-Pacific
o China
o Japan
o India
o Australia
o Rest of Asia-Pacific
• Latin America
• Middle East & Africa