Meticulous Research® has announced its latest forecast for the global fungal protein market, projecting a substantial growth trajectory through 2029. The market is expected to reach $397.5 million by 2029, with a robust compound annual growth rate (CAGR) of 7.6% from 2023 to 2029. In terms of volume, the market is anticipated to achieve 23,185 tons, growing at a CAGR of 6.2% during the forecast period.

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This growth is primarily driven by the increasing demand for allergen-free foods, the rising consumption of processed foods, and a growing interest in meat substitutes. However, undefined regulatory guidelines may pose a challenge to market expansion.

The global fungal protein market is segmented by type, including Fusarium venenatum extract, mushrooms, and yeast extract; application, encompassing food & beverage (with sub-segments like bakery, beverage, and other applications), animal nutrition (covering poultry feed, pig feed, aquafeed, and others), pharmaceuticals, and other uses; and geography, with key regions being North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

In 2023, the yeast extract segment is projected to exhibit the highest CAGR, driven by its rising adoption in processed foods and growth opportunities in emerging economies across Asia-Pacific and the Middle East & Africa. Yeast extract's versatility for producing value-added products for both human and animal nutrition is a significant factor behind this growth.

The food & beverage sector is expected to dominate the global fungal protein market in 2023, attributed to its expanding industry and the increasing use of fungal protein for its cholesterol-reducing and satiety-enhancing properties. This is further supported by rising consumer demand for meat substitutes and healthy food options.

Geographically, North America is poised to hold the largest market share in 2023. This dominance is due to factors such as a preference for high-quality ingredients, abundant raw material availability, a growing vegan culture, ongoing protests against animal cruelty, and a large base of health-conscious consumers seeking alternative protein sources.

Key players in the global fungal protein market include Lesaffre (France), Koninklijke DSM N.V. (Netherlands), Kerry Group plc (Ireland), Halcyon Proteins Pty. Ltd. (Australia), MYCORENA AB (Sweden), Oriental Yeast Co., Ltd. (Japan), Van Wankum Ingredients BV (Netherlands), Lallemand Inc. (Canada), AngelYeast Co., Ltd. (China), Associated British Foods plc (U.K.), ENOUGH (U.K.), MycoTechnology, Inc. (U.S.), Monterey Mushrooms, LLC (U.S.), and The Better Meat Co. (U.S.).

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