According to Fact.MR’s latest study, the worldwide market for mycoprotein products was pegged at around US$ 200 Mn in 2018 and it is projected to witness blue skies with a compounded annual growth rate of over 12% during the forecast period of 2019 to 2027.
Currently, around one billion individuals worldwide do not have access to a diet that offers enough protein and energy. However, the processing of one of the primary protein sources i.e. animal meat, has serious environmental effects due to which mycoprotein products as an alternative source of protein has garnered immense traction across both advanced and emerging economies.
Sustainable Production Methods Boosting Market Growth
Meat production has a significant effect on the environment and makes a major contribution to the eutrophication process. In this sense, it is essential to discover an alternative, inexpensive and less resource-consuming protein source to replace meat or meat products such as mycoprotein products.
Meat production accounted for over 15% of complete greenhouse gas (GHG) emissions, 68 percent of agricultural land, and a third of arable land required for crop production. The 2014 IPCC report on climate change emissions recognized changing diets as an underdeveloped yet important region of action. Budding concerns about the environmental impact and sustainability of the meat industry are the main growth drivers of the worldwide mycoprotein products market.
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.
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.