Food And Beverages

What Are The 5 Top Insights From The Fungal Protein Market Forecast 2024

April 11, 2024April 5, 2024 by The Business Research Company

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Fungal Protein Global Market Report 2024, the fungal protein market is expected to show significant growth in the forecast period.

Introduction

The fungal protein market has experienced robust growth, fueled by increasing demand for plant-based proteins, environmental sustainability concerns, and government initiatives. Projections indicate continued expansion, reflecting the rising consumer awareness and investments in alternative proteins.

Current Market Scenario

The fungal protein market size surged from $3.8 billion in 2023 to $4.06 billion in 2024, boasting a 6.9% CAGR.
Factors driving historic growth: demand for plant-based proteins, environmental sustainability, and expanding food and beverage industry.

Future Outlook

Expected to reach $5.33 billion by 2028, with a CAGR of 7.0%.
Drivers for forecasted growth: increasing consumer awareness, expanding veganism, and investments in alternative proteins.
Major trends in the forecast period include increasing consumer demand, product innovation, and global market penetration.

View More On The Fungal Protein Market Report 2024 – https://www.thebusinessresearchcompany.com/report/fungal-protein-global-market-report

Surging Demand For Processed Foods Propels Growth

The rising consumption of processed foods is a significant contributor to market growth.
Fungal protein serves as a sustainable substitute for meat and other protein sources in processed foods.
Example: India’s exports of agricultural and processed food goods increased despite logistical challenges amid the COVID-19 pandemic.
Key players driving market growth include Cayman Chemical Company, DuPont de Nemours Inc., and Kerry Group Plc.

Innovation Takes Center Stage Advancements In Fungal Protein Market

Innovation emerges as a key trend in the fungal protein market.
Companies focus on developing innovative solutions and leveraging myco-proteins for competitive advantage.
Example: Novozymes A/S launches Myco-protein Innovation Call, aiming to revolutionize food production using fungi.
Ginkgo Bioworks expands its portfolio through the acquisition of Dutch DNA Biotech B.V., enhancing fungal strain assets for protein production.

Market Segmentation The fungal protein market is segmented based on:

Type: Fusarium Venenatum Extract, Mushrooms, Yeast Extract.
Nature: Organic, Conventional.
Application: Food and Beverages, Bakery, Processed Food, Dairy, Other Applications.

Regional Insights

Europe emerged as the largest region in the fungal protein market in 2023.
The region continues to lead in market size and innovation.
Europe’s emphasis on sustainability and dietary preferences contribute to market dominance.

Conclusion The fungal protein market is on an upward trajectory, fueled by consumer preferences for sustainable and plant-based protein sources. The surge in demand for processed foods further propels market growth, driving innovation and expansion in various industries. With increasing investments and advancements in technology, the fungal protein market is poised for substantial growth, presenting lucrative opportunities for stakeholders worldwide. Embracing innovation and sustainability will be crucial for companies to thrive in this evolving market landscape, catering to the growing demand for alternative protein solutions globally.

Request A Sample Of The Global Fungal Protein Market Report 2024:

https://www.thebusinessresearchcompany.com/sample_request?id=9441&type=smp

The Fungal Protein Global Market Report 2024 provides an in-depth analysis on the fungal protein market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the fungal protein market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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