Mycoprotein Products Market – The Vegetarian 'Meat' Claiming Extraordinary Stakes
The global mycoprotein products market continues on a striking course, with worldwide sales assessed to increase by nearly 2x by 2027 over 2019 and it is estimated to reach more than US$ 500 Mn by 2027 end according to a recent study published by Fact.MR.
Mycoprotein is a high protein vegetable ingredient that is mainly used as a meat substitute in a wide array of food and beverage applications due to its cholesterol benefits, satiety benefits and nutritional composition. The worldwide market for mycoprotein products is likely to see robust developments owing to an increased demand for high quality protein diets and the growing trend of veganism.
Increasing incidence of illnesses boosts consumer health and fitness awareness, which, in turn, is anticipated to drive the mycoprotein products market. In addition, the fast development of the food service industries and the appealing marketing and promotion policies of vegetarian businesses have had a positive impact on the growth of the worldwide economy.
However, a continuous rise in the amount of innovative, low-cholesterol meat product launches, such as lean meat in developed markets, restricts the development of the mycoprotein products industry.
Over the historical period, the demand for alternative meat products has acquired considerable buildup, including plant-based proteins and mycoprotein products across both advanced and emerging economies.
The recent development of the 'meatless meat' made of soy gained much traction. But many consumers being allergic to soy, demand another meat-free alternative, namely mycoprotein products.
Search for Alternative Protein Sources to Facilitate Market Growth
In nations with financial riches, there is an increasing consumer consciousness and interest in alternative protein sources such as mycoprotein products. Meat has been the primary source of protein in developed markets for years, and the traditional protein appetite has also seen a rise in developing economies in the last few years.
Plant-based food substitutes which are the most significant source of alternative protein increased 17% in 2018, and the use of alternative protein such as mycoprotein products as a food ingredient in consumer products is expected to continue to grow.
Mycoprotein products are commonly found in "Quorn", a brand of meat substitutes that includes a variety of products ranging from corn chicken nuggets to burgers and sausages.
Mycoprotein products mimic the taste and texture of true meat and is better than other meat substitutes such as tempeh or seitan.
Mycoprotein products is anticipated to experience increasing demand across the globe, owing to the elevated proportion of different minerals and a high vitamin content in mycoprotein products. The worldwide market for mycoprotein products is likely to see powerful development owing to increased production of high-quality mycoprotein products.
Growing awareness of health and wellness drives and the consumption of high protein meat meals with healthier components is expected to fuel the global mycoprotein products market.
Development of value-added products with protein additives and other nutritional goods that offer decreased preparation time and improve overall shelf life is the main reason for the growth of the market.
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Asia Pacific Will Be a Hub of Profitable Growth Over the Forecast Period
The worldwide market for mycoprotein products is presently dominated by Europe, followed by North America, owing to the elevated presence of important producers and the elevated production footprint of mycoprotein products in these areas.
East Asia and South Asia are projected to have the highest demand for mycoprotein products in the coming years owing to the growing use of mycoprotein products in food & beverage applications such as a meat alternatives and meat extenders
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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 £ 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.
The most important challenge for producing mycoprotein products is the dependence on a single carbon source, a wheat-derived glucose, which needs unique processing before it is appropriate for use.
Competitors are looking forward to expand both the dietary value of mycoprotein products and the variety of carbon sources that can be used (allowing processing to move to other areas of the globe).
Presently there are a few competitors who are involved in the production and marketing of mycoprotein products based substances including Marlow Foods and 3fbio Ltd. Several other competitors are looking forward to include meat substitutes such as mycoprotein products in their offerings.
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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.
Country-specific assessment on demand for mycoprotein products has been provided for each regional market, along with the market size valuation and forecast price point assessment, price index and impact analysis of key regional and country-wise dynamics, which were obtained through quotes from numerous mycoprotein products producers, experts, and suppliers.
Y-o-Y growth projections have also been offered on all regional markets incorporated in the report. Moreover, future trends, growth prospects, and other possibilities related to the market have been answered in the report.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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