The latest trends in the — fungal protein market share are driven by an escalation in product development and launch initiatives by major industry participants.
To cite an instance, in February 2021, Nature’s Fynd, a Chicago-headquartered startup that grows protein from a micro-organism that has origins in the Yellowstone National Park’s geothermal springs, is providing customers a first taste of the novel ingredient by means of meatless breakfast patties and dairy-free cream cheese.
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Similar advancements are set to boost the demand for fungal protein production through the forthcoming years. On this note, as per the latest study by Global Market Insights, Inc., the fungal protein market size is estimated to exceed a valuation of USD 6 billion through 2027.
This growth is mainly ascribed to the sedentary work cultures, altering consumer lifestyle, lack of time for cooking and consumption of healthy foods, and excessive hoarding of packaged foodstuffs amid the SARS-CoV-2 pandemic. The industry expansion is impelled by the remarkable attributes of fungal proteins that comprise its ability to reduce cholesterol and glucose levels in the body, improvement of heart health, metabolism, muscular strength, and increase energy intake.
Key trends boosting fungal protein industry growth are:
Surging demand for fusarium venenatum based fungal protein
Fusarium venenatum based fungal protein industry from fat substitute application accounted for a revenue of more than USD 35 million in 2020. The segment is anticipated to expand at a CAGR of over 10% through the analysis period. This rise is due to the escalating demand for the product as gluten and fat substitute from the dairy industry.
The usage of low-fat options is impelled by the increasing prevalence of heart problems and the surging levels of apolipoprotein B and LDL (bad) cholesterol amongst the global population. The market growth is further propelled by the rising instances of lactose intolerance and soaring demand for gluten free products.
Increasing preference for yeast based fungal proteins
Yeast based fungal proteins accounted for a dominating share of the fungal protein market revenue in 2020 considering the rapid advancements in the production processes of pharmaceutical proteins that are deployed for recombinant therapeutic applications.
Biotechnologists and researchers across the world are undertaking efforts for the development of a recombinant vaccine for SARS-CoV-2 which is based on yeast proteins. If these efforts are successful, this would open up new opportunities for market expansion.
The yeast based fungal protein market from pharmaceutical application is estimated to reach a valuation of more than USD 450 million through 2027. The segment is expected to grow at a substantial CAGR of 5.7% from 2021 to 2027.
Increasing consumer awareness regarding the importance of health in North America
The North America fungal protein market size was valued at more than USD 950 million in 2020 and is set to depict a CAGR of 8.4% over the forecast period due to the surging consumer awareness regarding the importance of physical fitness and health and the escalating consumption of nutritional supplements.
The demand for fungi-based protein is additionally escalated by the rapid expansion of the food and pharmaceutical industries.
On the whole, the surging demand for bakery products and processed food with lower sugar, calories, and higher micronutrients, and fiber in Europe will augment fungal protein market share through the assessment period.
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