What is Mycoprotein Meat Substitute Market?
Mycoprotein is also known as fungal protein is a type of single-cell protein that is widely used as a meat replacement. The emerging trend toward vegan or vegetarian food products for a healthy lifestyle and reduced intake of meat, and increasing awareness about protein alternatives among consumers will accelerate the market growth. Mycoprotein contains a huge amount of high-quality protein, low in energy, and unsaturated fat that helps in a weight loss diet. Mycoprotein is commonly created by fermentation of fungi spores along with glucose but some type of mycoprotein products contains egg or milk protein.
Highlights from Mycoprotein Meat Substitute Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Quorn (United Kingdom), 3FBIO Ltd (ENOUGH) (United Kingdom), MyForest Foods Co. (United States), Eternal (United States), Symrise (Germany), Mycorena (Sweden), The Better Meat Co. (United States), Beyond Meat (United States), ADM (United States), Lantmännen (Sweden), Hormel Foods (United States), Unilever plc (United Kingdom) and Novozymes (Denmark) |
The key players are targeting mergers & acquisitions and partnerships as their preferred strategies to expand themselves in new lines or geographies. Further, the rising number of players may enter the market and increase the competition in the global mycoprotein meat substitute market. Companies are also focusing on the innovation of mycoprotein products in order to meet changing consumers’ preferences and remain competitive in the market. Research Analyst at AMA predicts that European Vendors will contribute to the maximum growth of Global Mycoprotein Meat Substitute market throughout the forecasted period.
Quorn (United Kingdom), 3FBIO Ltd (ENOUGH) (United Kingdom), MyForest Foods Co. (United States), Eternal (United States), Symrise (Germany), Mycorena (Sweden), The Better Meat Co. (United States), Beyond Meat (United States), ADM (United States), Lantmännen (Sweden), Hormel Foods (United States), Unilever plc (United Kingdom) and Novozymes (Denmark) are some of the key players profiled in the study. Mycoprotein Meat Substitute Market Segmentation:
Scope | Sub-Segments |
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Type | Frozen and Refrigerated |
Category | Vegan,Vegetarian |
Form | Cutlets,Burgers,Patties,Pasta Dishes,Nuggets,Others |
Sales Channel | Online,Offline {Supermarkets, Convenient Stores, Grocery Stores} |
On the basis of geography, the market of Mycoprotein Meat Substitute has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Emerging Future trend of Mycoprotein Touted due to Its Flavor, Nutrition, and Sustainability and Increasing Innovation in the Mycoprotein Meat Replacement Products and Penetration of Global Brands and Start-ups
Market Growth Drivers:
Surging Demand for Vegan Food Products Due to Growing Awareness About the Health Benefits of Plant-based Diets and Rising Consumption of Mycoprotein by the Reducetarians and Flexitarians
Challenges:
Many Mycoprotein Products are Processed With High Amount of Sodium, Fat, and Other Ingredients That May Lead to Weight Gain and Other Health Problems
Restraints:
Nausea, Vomiting, Diarrhea, and Other Allergic Reactions in Some People Due to Consumption of Mycoprotein
Opportunities:
Increasing awareness and High Consumption of Meat Alternative Protein Sources in Wealthy Countries like the US, China, and European Countries
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Mycoprotein Meat Substitutes Manufacturers, Suppliers and Distributors, Venture Capitalists and Private Equity Firms, Regulatory Bodies, End-Users and Others
Market Leaders & Development Strategies
In May 2021, Unilever partnered with Enough for mycoprotein ingredients and expand itself into plant-based meat products. Under this transaction, Enough will supply Abunda mycoprotein to Unilever for its plant-based meat alternative brand. Abunda mycoprotein produced by Enough has a neutral taste, is highly nutritious, and is produced with a zero-waste process.
In June 2021, The Better Meat Co. announced the completion of the fermentation plant. The plant produces the company’s new mycoprotein superfood ingredient, Rhiza. In this plant, Better Meat produces thousands of finished products per month and the aim is to provide mycoprotein ingredients to the manufacturers of plant-based or animal-based meat products.