The global fungal protein market is projected to reach $397.5 million by 2029, growing at a CAGR of 7.6% from 2023 to 2029, according to a recent publication by Meticulous Research®. Volume-wise, the market is expected to reach 23,185 tons by 2029, with a CAGR of 6.2%. The market growth is fueled by the increasing demand for allergen-free and processed foods, coupled with the growing popularity of meat substitutes. Nonetheless, undefined regulatory guidelines pose challenges for market expansion.
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The market is segmented by type (Fusarium Venenatum Extract, mushrooms, yeast extract), application (food & beverage, animal nutrition, pharmaceuticals), and geography. The yeast extract segment is forecasted to register the highest growth due to its increasing usage in processed foods. North America is expected to dominate the market share in 2023, driven by the rising demand for high-quality ingredients and the growing number of health-conscious consumers.
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