The global fungal protein market is projected to have a substantial growth, due to the increasing use of the product across several industries such as animal feed, food and beverages, and pharmaceutical sectors, according to a research report by Global Market Insights Inc. Various health benefits offered by the product like eyesight improvement, skin rejuvenation, cholesterol reduction, and immune system enhancement should further increase the product demand.
The rising demand for nutritious food coupled with the benefits of calorie reduction within foods would further fuel the fungal protein market growth majorly. According to the research, the global fungal protein market is likely to exceed a valuation of USD6bn by 2026.
While the demand for alternate protein sources is increasing tremendously, awareness about the environmental impact of conventional meat industries is creating lucrative opportunities for alternate protein products. New industry players like Impossible Foods are leveraging these opportunities to introduce a variety of alternate protein products to the market, this emerging trend is expected to drive the fungal protein market over the coming years.
With regards to product, the fungal protein industry through brewer’s yeast is projected to grow more than 4.5% over the forecast timespan. Brewer’s yeast is rich in vitamin B, proteins, and minerals, which helps consumers maintain perfect blood sugar levels. Brewer’s yeast helps in the fermentation of beverages by essentially reacting with the glucose to offer the needed amount of alcohol levels. Due to this, the product is used extensively in the production of alcoholic beverages, especially beer and wine.
On the regional front, in 2019, the North America fungal protein industry was valued at more than USD890m and is projected to grow more than 9% by the end of the forecast timeframe. Yeast observes widescale use as a leavening agent in several processed food as well as bakery items like pizza dough, noodles, cakes, and bread. Moreover, due to the increasing consumption of processed food due to changing taste preferences and busy work schedules, the demand for yeast will also increase over the coming years.