Mycoprotein Products Sales Upsurge with Major Players Contributing Heavily towards Market Growth, reports Fact.MR study

According to Fact.MR’s latest study, the worldwide market for mycoprotein products was pegged at around US$ 200 Mn in 2018 and it is projected to witness blue skies with a compounded annual growth rate of over 12% during the forecast period of 2019 to 2027.

Currently, around one billion individuals worldwide do not have access to a diet that offers enough protein and energy. However, the processing of one of the primary protein sources i.e. animal meat, has serious environmental effects due to which mycoprotein products as an alternative source of protein has garnered immense traction across both advanced and emerging economies. Alternative meat products include plant-based proteins and mycoprotein products, among others. Mycoprotein products are anticipated to experience increasing demand across the globe, owing to the elevated proportion of different minerals and the high vitamin content in mycoprotein products. Furthermore, the worldwide mycoprotein products market is likely to witness a powerful surge owing to increased processing of high-quality protein products.

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Increased Demand for Meat Substitutes Will Fuel the Growth of Mycoprotein Market

Producers are therefore taking significant measures to create superior products and enhance their product portfolio in order to meet the increasing demand. Numerous cases of soya allergies and wheat gluten intolerance around the world is causing the market for mycoprotein products-based meat substitutes to develop as more customers switch their preferences from soya and wheat to mycoprotein. Soy allergies are prevalent, particularly among infants and kids. Since mycoprotein products is a fermented product, it can be readily eaten by individuals who have soya allergies or gluten intolerance or both.

Sustainable Production Methods Boosting Market Growth

Meat production has a significant effect on the environment and makes a major contribution to the eutrophication process. In this sense, it is essential to discover an alternative, inexpensive and less resource-consuming protein source to replace meat or meat products such as mycoprotein products.

Preview Analysis of Global Mycoprotein Products Market research report Segmented By Form (Minced, Slices), By Sales Channel (Supermarkets / Hypermarkets, Convenience Stores, Specialty Stores, Online Stores), & By Region - https://www.factmr.com/report/4185/mycoprotein-products-market

Meat production accounted for over 15% of complete greenhouse gas (GHG) emissions, 68 percent of agricultural land, and a third of arable land required for crop production. The 2014 IPCC report on climate change emissions recognized changing diets as an underdeveloped yet important region of action. Budding concerns about the environmental impact and sustainability of the meat industry are the main growth drivers of the worldwide mycoprotein products market.

With Veganism at an All-Time High, Competitors are Unearthing New Methods for Economical Mycoprotein Products

The study by Fact.MR also found that the worldwide market for mycoprotein products is anticipated to see the development of the company and production footprint of several main businesses on the market. Ongoing market innovations and consolidations are projected to be the main success factors for processing businesses to stay worldwide leaders in the market for mycoprotein products. A several number of small and medium scale competitors are focusing on expanding their regional presence owing to a large consumer base and are focusing on the development of mycoprotein products for business to business (B2B) and business to consumers (B2C) with a focus on joint licensing ventures with food companies and multinationals. For example, competitors are focusing on mergers and acquisitions in order to expand their market presence. Some of the key market participants in the global market for mycoprotein products are Quorn Foods (Marlow Foods Limited), 3fbio Ltd, and MycoTechnology, Inc., among the other players in the market for mycoprotein products.

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The Fact.MR report offers a forecast of the global mycoprotein products market for the period 2019-2027. Considerable support government agencies and other organizations for producing meat substitute products is projected to drive growth for the mycoprotein products market.

Burgeoning Output from Manufacturing Sector Expected to Boost the Cheddar Cheese Market, Finds Fact.MR

There has been a shift in consumer preferences towards various types of nutrient and protein-rich foods that also promise healthy substitutes to everyday consumable products. Cheddar cheese is a multipurpose food product that has been used in the food industry in numerous applications. The availability of cheddar cheese in the bakery sector and food product companies are increasing as a basic ingredient in most of the food preparations requiring cheese. This has boosted the demand for cheddar cheese in the global market. Increasing consumption of cheese in various types of cuisines is also anticipated to boost the overall production of cheddar cheese in the food industry. Cheddar cheese is increasingly being preferred over natural cheese in several bakery and snack preparations. This has also led to increased consumption and hence production in the global market. Furthermore, growing consumer demand for cheese-based breakfast products is also expected to lead to a rise in the utilization of cheddar cheese in different breakfast products.

Food & Beverages

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Fact.MR found that cheddar cheese fanatics are always experimenting with food and manufacturers are coming up with new varieties of food items. Moreover, the trend of fine gourmet, cuisine and luxury culinary items has inspired manufacturers to innovate their products in order to cater to the taste preferences of consumers. As a result, the development of block cheddar cheese is expected to trigger a mass demand for cheddar cheese especially in hotels, restaurants, and cafes. A growth in the demand for gourmet and artisanal cheese products is a key factor which is likely to boost the cheddar cheese market in the long run. The expansion of online and retail outlets resulting in the easy obtainability of cheddar cheese is anticipated to create lucrative opportunities for manufacturers in the coming years.

Europe and North America markets are moving towards a saturation point, so manufacturers of cheddar cheese are looking for regions that will present them with versatile opportunities in the future. The growing cheddar cheese market in Latin America will open a plethora of opportunities for market players to capitalize on. Europe is the largest consumer of cheese in the world. Several varieties of cheese are available in the region and the application of cheddar cheese is also widespread in the food industry in Europe.

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Asia Pacific Excluding Japan (APEJ) is the third largest consumer of cheddar cheese and related products in the world. With the growing acceptance of western culture in the region, the food habits and taste preferences of people are also increasing at an extensive rate. In spite of the growing disposable income of people in the region, consumers still look for inexpensive food options. As a result, the demand for cheddar cheese is increasing in several countries in APEJ.

The study also found that Japan is slowly emerging as one of the lucrative markets for cheddar cheese with the trend of mild snacking increasing in the region. Moreover, with the trend of drinking gaining traction in Japan, having light snacks especially cheddar cheese has increased considerably as a home trend. Middle East and Africa is anticipated to present manufacturers of cheddar cheese with new and lucrative growth prospects. As the governments in these regions are looking forward to generate revenue from other sources apart from oil reserves, a variety of industries are emerging as highly profitable options. For instance, in September 2019, Arla Foods a Scandinavian dairy products company will scale up its commitment to develop a sustainable dairy sector in Nigeria.