Mycoprotein Products Market Assessment Based on Top Driving Factors during 2019 to 2027
Used as meat substitute in a variety of foods and beverages, being an ingredient rich in protein, mycoprotein is on its way to see a humongous increase in demand over the coming few years. It is worth noting here that owing to various health benefits such as management of cholesterol, richness in nutrients and the feeling of being full, the popularity is increasing manifold, promising much growth to the global mycoprotein products market. As people look for high protein diets due to high levels of involvement in outdoorsy, high physical strength demanding activities such as trekking, sports, gymming, and so on, demand for mycoprotein products increases.
Demand Generation in Global Mycoprotein Products Market via Diet Preference Switch to Vegetarianism and Veganism
It is also worth mentioning here that worldwide, a large number of people are opting for vegetarian and vegan diets to ensure that their actions and choices do not hurt animals. Few years back, this was limited to areas that saw vegetarianism as a traditional way of life. For instance, certain communities in India do not eat meat for religious reasons. But, now, even regions that are traditionally meat eating and meat loving such as parts of North America and Europe are opting for these diets. And, practitioners of these diets are always on the lookout for ingredients that are not animal-based.
Here, it is quite interesting to glean through some statistics. One, in the United Statistics alone 6% people call themselves vegan. In 2014, the percentage was a mere 1%. This comes down to a 6×500% increase! Similarly, growth in United Kingdom is stellar, to stay the least, where 600,000 people have switched to veganism – 16% of total population. This is a 4×300% increase from statistics noted in the year 2014. Back in the year, the number of vegans was a mere 150,000 people. Additionally, it is worth noting here that some of the social media influencers are also contributing to the growth of this trend. For instance, vegan travelers such as Shivya Nath – the Shooting Star, and author and yoga enthusiast Rachel Brathen – the Yoga Girl are largely promoting this diet. Combined, just the two influencers have close to 3 million followers on Instagram itself.
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Asia Pacific to Demonstrate Strong Performance in the Global Mycoprotein Products Market over the Forecast Period
While North America, and Europe are set to dominate the global mycoprotein product market over the forecast period, owing to presence of significant players, it will be the Asia Pacific (APAC) region that will generate a slew of unignorable opportunities. Players will scurry to make the most of the growth opportunities over the forecast period. This growth in the region is attributable to increased use in food and beverages and a large section of people demand for functional variants.
Here, it is worth noting that the global mycoprotein products market is fragmented and some of the notable players include 3F BIO Ltd, Quorn Foods, Quorn Foods, and Marlow Food, among others. Commonly used strategies include product development, and mergers and acquisitions.
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