Escalating trend of eating healthy and nutrient rich protein food has potentially opened up novel progressive ways for the global fungal protein market to soar to new heights over the span of 2021 to 2027. Fungal proteins boast remarkable attributes including their ability to reduce cholesterol and glucose levels in human body, enhance muscular strength, metabolism, and heart health.
A Global Market Insights, Inc., report suggests that Fungal Protein Market size exceeded USD 3.9 billion in 2020 and is estimated to register over 7.6% CAGR between 2021 and 2027. The growth is lately driven by the outbreak of coronavirus pandemic as the infection spread has spurred the demand for yeast based fungal proteins from the processed food application.
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Speaking of yeast based fungal proteins, it is imperative to note that the demand for these proteins is dynamically rising worldwide currently, mainly due to the prolific advancements in the processes for production of pharmaceutical proteins used for therapeutic applications. In addition, various efforts undertaken by researchers and biotechnologists throughout the world for developing a recombinant vaccine based on yeast proteins for the coronavirus pandemic is slated to augment the market dynamics over the coming years.
In one such instance, Cuba has recently developed a COVID vaccine, Abdala, that stands strong amongst its counterparts, BioNTech-Pfizer, Moderna. The scientists have announced making use of yeast proteins as a receptor-binding domain to dock onto the receptors of the virus’ own spike protein, triggering an immune reaction. It has been reported that the Abdala vaccine has proven to be 92% effective against the Covid-19 infection in clinical trials. With that being said, it is quite overt that yeast based fungal protein market from pharmaceutical application segment is set to grow at a rate of 5.7% through 2027, accounting for a business share of $450 million.
Moving further, fusarium venenatum, yet another inherent product in fungal protein market, is poised to garner massive prominence worldwide from meat alternative and fat substitute applications. From the meat alternative application, fusarium venenatum market is predicted to exhibit a CAGR of 12.6% over the stipulated time frame.
How would fusarium venenatum segment fare across fat substitute application?
Fusarium venenatum market from fat substitute application accounted for a valuation of 35 million in 2020 and is now estimated to grow at a rate of 10% over 2021 to 2027. Thanks to the rising demand for the product as gluten and fat substitute from the dairy industry. Meanwhile, expanding prevalence of heart diseases and rising levels of LDL cholesterol and apolipoprotein B among the global population would encourage the use of fusarium venenatum fungal proteins in dairy products.
Not to mention, increasing instance of lactose intolerance and surging demand for gluten free products would potentially fuel the market growth over the foreseeable time frame.
North America: a prominent hotspot for fungal protein industry
Amongst various regions competing to stand tall in the global fungal protein industry, North America has come out strong as a leading hub for the market over the recent years. In 2020, the regional market accounted for an overall share of $950 million and is now seeking to grow at a rate of 8.4% through 2027. This can be ascribed to the rising consumer awareness pertaining to the importance of physical fitness and health, aligned with the increasing consumption of nutritional supplements. Parallelly, robust growth of food and pharmaceutical industries in the region would further revive the market growth in the near future.
In a nutshell, expanding consumer cognizance towards intake of protein rich and healthy food is positively proliferating the need for fungal proteins across various industrial applications.
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