Mycoprotein Market Size, Share, Industry, Forecast and outlook (2024-2031)

Mycoprotein Market Overview

The global mycoprotein market is expected to reach US$ 3192.62 Million in 2031, from its recorded value of US$ 926.58 Million in 2023, exhibiting a CAGR of 16.95% during the forecast period.

Mycoprotein, as a versatile meat substitute, fits well within this dietary shift. Its high protein content, combined with a texture and taste that closely mimic meat, makes it an attractive option for those looking to reduce or eliminate animal products from their diets. This trend is further supported by high-profile endorsements and widespread media coverage, which are boosting consumer awareness and acceptance of mycoprotein products. The market is responding with an ever-expanding array of mycoprotein-based foods, from traditional meat analogs like burgers and sausages to innovative new offerings such as snacks and ready-to-eat meals.
Mycoprotein fits well within this trend due to its high protein content, low fat, and absence of cholesterol. It also provides essential amino acids and dietary fiber, making it a nutritious addition to any diet. Health-conscious consumers are drawn to mycoprotein for its ability to provide a satisfying and nutritious alternative to meat. Moreover, the market is seeing the development of fortified mycoprotein products, enriched with additional vitamins and minerals, to cater to specific dietary needs and preferences. This integration of health and wellness trends is driving the growth and diversification of the mycoprotein market, making it a key player in the future of food.
Manufacturers are broadening their range of mycoprotein-based products to cater to various consumer preferences and dietary needs. This includes traditional meat substitutes and innovative new products like high-protein snacks, meal kits, and frozen entrees. Companies can capture a larger share of the market and appeal to a wider audience by expanding their product lines.

Mycoprotein Market Summary

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Mycoprotein Market Dynamics

Rising number of vegans across the globe

Mycoprotein is a plant-based ingredient with a high protein content. As a result of this, it is gaining popularity among vegetarians around the world and is commonly used as a meat substitute. Owing to this factor, the global mycoprotein market is seeing a rise in demand due to the growing number of vegans around the world. As of May 2019, one in every five Americans identified as flexitarian. In January 2021, the survey of 2,000 Americans was commissioned by Sprouts Farmers Market and conducted by One Poll. It revealed that 47 percent of respondents overall describe themselves as flexitarians. Just 6% of baby boomers eat flexitarian diets, compared to 13 percent of Generation Z and 10% of Generation X. Moreover, the flexitarian trend has been encouraged by movements like Veganuary and meatless Mondays in the United Kingdom. In the UK, one in three (34%) deemed themselves flexitarian in 2018, up from 28% in 2017.

In addition to this, there is a rising trend of consumption of mycoprotein products due to their health benefits. They have a high nutritional content which can help ltower cholesterol. At the same time, mycoprotein products are thought to aid weight loss by offering a sensation of fullness. The global mycoprotein products market is projected to expand rapidly as a result of all of these factors.

While consumer awareness of meat substitute products such as mycoprotein is growing, the perception of meat substitute products' taste is a significant factor impeding the adoption of mycoprotein products. According to a research study published in the Science Direct Journal, beneficial foods are likely to be bitter or have some off-taste associated with them. These bitterness and off-taste characteristics are more predominant in plant-based foods, which might restrain people from adopting meat substitute products.

Rising Trend of Consumption of Mycoprotein Products

As consumers become more health-conscious and seek out nutritious alternatives to traditional meat products, mycoprotein stands out as a compelling option. It offers a complete source of protein with all essential amino acids, while also being low in fat and cholesterol-free. Mycoprotein contains dietary fiber, which can promote digestive health and help individuals feel fuller for longer periods, making it an appealing choice for those looking to maintain a healthy lifestyle. This emphasis on health and wellness is driving consumers to incorporate mycoprotein products into their diets, thereby fueling market growth.
The increasing emphasis on sustainability and environmental responsibility is driving the adoption of mycoprotein products. Unlike conventional meat production, which is resource-intensive and contributes to deforestation, greenhouse gas emissions, and water pollution, mycoprotein production is significantly more sustainable. It requires fewer natural resources, such as land and water, and generates fewer greenhouse gas emissions, making it a more environmentally friendly option.
The increasing adoption of mycoprotein products by food service establishments, such as restaurants, cafes, and fast-food chains, is also driving market expansion. As consumers seek out plant-based options when dining out, food service operators are responding by incorporating mycoprotein products into their menus. This trend is particularly pronounced in urban areas and among younger demographics, who are more likely to prioritize sustainability, health, and ethical considerations when making food choices. By offering mycoprotein-based dishes, food service establishments can attract new customers, differentiate themselves in a competitive market, and capitalize on the growing demand for plantbased options.

The increasing availability and variety of mycoprotein products are contributing to the rising trend of consumption. Food manufacturers and retailers are expanding their offerings of mycoprotein-based foods, ranging from burgers and sausages to meatballs, nuggets, and even dairy alternatives like mycoprotein-based milk and cheese. This diverse array of products caters to a wide range of tastes and dietary preferences, making mycoprotein more accessible and appealing to consumers around the world. Furthermore, innovations in food technology are enabling the development of new and exciting mycoprotein products, such as plant-based seafood alternatives and gourmet delicacies, further driving consumer interest and market growth.
For instance, on May 23, 2024, Enifer, a leading biotech company, secured €36 million (US$39 million) in funding to establish a state-of-the-art food-grade mycoprotein factory in Kirkkonummi, Finland. This groundbreaking facility will be dedicated to converting food industry side streams into Enifer's innovative and sustainable Pekilo fungi-based protein ingredients. Remarkably, it is anticipated to become the world's first commercial plant to produce mycoprotein ingredients from sidestream raw materials. This significant development follows Enifer's recent initiation of construction on its mycoprotein facility in the Uusimaa region of Finland, which commenced after the company secured €12 million (US$13.1 million) in funding earlier this year. Together, these investments underscore Enifer's commitment to pioneering advancements in sustainable protein production and positioning Finland as a global leader in the burgeoning mycoprotein industry. Through cutting-edge technology and innovative processes, Enifer aims to revolutionize the food industry landscape, offering environmentally friendly and nutritionally superior protein alternatives to meet the growing demands of consumers worldwide

Mycoprotein Market Segmentation Analysis

Supermarkets are the leading distribution channel

Supermarkets Channel in the global mycoprotein market was valued at US$ 53.33 Million in 2023 and is estimated to reach US$ 150.05 Million by 2031, growing at a CAGR of 14.1% during the forecast period from 2024-2031. 

The supermarket distribution channel is a pivotal component in the dissemination and popularization of mycoprotein products.

As consumers increasingly seek sustainable and nutritious alternatives to traditional meat, supermarkets serve as the primary point of access for a wide array of mycoprotein-based products. These retail giants are instrumental in introducing and normalizing mycoprotein within mainstream diets, catering to health-conscious and environmentally-aware shoppers.
In 2024, Schouten Europe announced its participation in the Private Label Manufacturers Association (PLMA) 2024 Trade Show, held at the Amsterdam RAI Exhibition Center. On May 28 and 29, Schouten Europe will showcase its innovative plant-based products, including its groundbreaking Mycoprotein Nuggets, which have been chosen for display at the PLMA’s esteemed New Idea Supermarket. As a result, it will likely lead to increased interest and adoption of mycoprotein products by supermarkets, thereby expanding their distribution channels and solidifying their presence in the competitive
plant-based market.
Further supermarket distribution channels play a crucial role in the mycoprotein market, offering a variety of meat alternatives such as nuggets, burger patties, minced meat, sausages, and more. Currently, mycoprotein products are available in supermarkets across developed countries, with the potential for wider market expansion as production costs decrease. Supermarkets are at the forefront of the mycoprotein revolution, bridging the gap between innovative food technology and everyday consumer habits.

As research and development continue to improve the cost-effectiveness and environmental benefits of mycoprotein, its presence on supermarket shelves is expected to grow. With continuous advancements and strategic partnerships, mycoprotein products are well-positioned to become a staple in global diets, driven by the crucial role of supermarket distribution channels.
Supermarkets have extensive reach and accessibility, making them convenient shopping destinations for a broad range of consumers. By stocking mycoprotein products on their shelves, supermarkets ensure that these products are readily available to a large and diverse customer base. Placement in supermarkets provides mycoprotein brands with increased visibility and exposure to shoppers. Eye-catching displays, promotional offers, and strategic placement within the store can attract consumer attention and drive sales of mycoprotein products.
Supermarkets often carry well-known and trusted brands, which can enhance the credibility and reputation of mycoprotein products stocked on their shelves. Consumers are more likely to try new products or brands when they are available in familiar and trusted retail outlets.
Supermarkets provide opportunities for mycoprotein brands to implement marketing initiatives such as in-store promotions, product demonstrations, and sampling events. These marketing efforts can educate consumers about the benefits of mycoprotein and encourage trial and purchase.
Supermarkets are essential for the mycoprotein market as they provide wide consumer reach, increased visibility, convenience, brand recognition, marketing opportunities, market expansion, competitive advantage, distribution channels, and consumer education. By leveraging the opportunities offered by supermarkets, mycoprotein brands can effectively promote their products and drive growth in the market.

Global Mycoprotein Market Geographical Share

Europe is expected to contribute for more than half global revenue in this market

The Europe Mycoprotein market was valued at US$ 307.22 Million in 2023 and is estimated to reach US$ 1144.63 Million by 2031, growing at a CAGR of 18.1% during the forecast period from 2024-2031.

The European mycoprotein market is experiencing remarkable growth, driven by a strong consumer shift towards plant-based diets and heightened environmental consciousness. Rising innovations in the development of a wide variety of mycoprotein-based products cater to diverse dietary needs, such as vegan, gluten-free, and organic options. Advanced food processing technologies are enhancing the taste, texture, and culinary versatility of mycoprotein, making it a favored choice among consumers.
Additionally, regulatory support and government initiatives promoting sustainable food production are fostering market growth. Strategic partnerships between local and international food companies are driving product development and expanding market reach. As European consumers increasingly prioritize health and sustainability, the mycoprotein market is poised for robust expansion, offering innovative and eco-friendly protein alternatives to traditional meat products.
Consumer preferences in Europe have shifted towards more diverse and innovative product offerings, including plant-based seafood, mycoprotein-based products, and plant-based ready meals. There is a growing emphasis on clean labels, natural ingredients, and minimally processed products.
Moreover, consumers are increasingly looking for alternative protein foods that not only mimic the taste and texture of animal-based products but also provide additional health benefits, such as being lower in saturated fat and cholesterol.

Further growing investments and funding are analyzed to drive the market. In 2023, Glasgow-based alt-protein startup ENOUGH raised €40 million ($43.6 million) in a Series C round led by World Fund and CPT Capital to expand production of ‘ABUNDA’ mycoprotein, a meat alternative made from fungi.
Similarly, in 2022, Swedish FoodTech startup Mycorena secured the largest-ever Nordic Series A funding round in the alternative protein space to commercialize Promyc, a fungi-based protein.
Furthermore, in 2024, Finnish biotech startup Enifer announced a grant worth over €12 million from the European Union’s NextGenerationEU program to construct its first commercial-scale mycoprotein facility in the Uusimaa region. Enifer's innovative mycoprotein ingredient, PEKILO, utilizes fungal fermentation, industrial byproducts, and waste streams, with production set to begin in 2026. These developments underscore the vibrant and dynamic future of the European mycoprotein market.
Moreover, in 2023, Mycorena is actively facilitating its presence in Europe by enabling strategic partnerships and fostering collaborations with key partners in the food industry. With a specific focus on markets in Finland, Spain, France, Austria, Sweden and the Netherlands, Mycorena is driving market-specific product development and embowing its partners to unlock the full potential of mycelium-based protein. These endeavours are made possible through strong alliances with innovative and like-minded companies such as Rebl Eats, Meeat Food Tech Oy, Revo and RIP Foods.
Europe has a relatively mature market for alternative proteins, with a well-established consumer base for plant-based and meat-alternative products

Mycoprotein Market Companies and Competitive Landscape

Due to a large consumer base, a number of small and medium-sized competitors are concentrating on the production of mycoprotein products for business to business (B2B) and business to consumers (B2C), with an emphasis on joint licensing ventures with food companies and multinationals. Some of the key market participants in the global market for mycoprotein products are 3fbio Ltd, Quorn Foods (Marlow Foods Limited) and MycoTechnology, Inc., among the other players in the market for mycoprotein products. Various companies look to increase production capabilities and product verification as part of business strategies to expand consumer base, while also strengthening regional market position. For instance, in February 2020, Mycorena has branded its mycoprotein product ‘Promyc’. The fungi-based ingredient boats a neutral taste and fibrous texture, and according to the company which is a Swedish start-up, the product works as a ‘meat-like’ replacement in products such as burgers, balls and nuggets. Moreover, the company has also raised Euro 429,000 and opened a new facility, which is ‘one of the first’ non-Quorn mycoprotein facilitites in Europe.

COVID-19 Impact on Mycoprotein Market

Increasing demand for mycoprotein products owing to growing health consciousness

With the impact of COVID-19, the market is projected to grow with a CAGR of more than XX%. Concerns of an increase in animal-borne diseases such as COVID-19, the health issues, and demand for clean label and natural products are some of the major factors expected to propel the plant-based meat industry forward over the forecast era. Because of the COVID outbreak, companies are pouring a lot of money into the retail sector. Many businesses have already begun to alter their market strategies in response to the rapid increase in demand. Beyond Meat Inc., Impossible Foods Inc., and Tofurky Co. are are ramping up their production and providing discounts on their plant-based meat products in order to broaden their customer base, open new outlets, and complete their partnerships with stakeholders. For instance, Beyond Meat increased its market by 49% due to rising widespread consumer interest in plant-based foods; the company has launched across all 3,300 Starbucks locations in China. During the pandemic, the company launched an effort called "Feed a Million+" to offer more than a million plant-based meat burgers with mycoprotein as one of the sources to those in need. Beyond Meat is likely to profit in the long run from the massive change in consumer preference for alternative meats following the COVID-19 pandemic.