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According to the latest report by Meticulous Research®, the global fungal protein market is set to reach $397.5 million by 2029, growing at a CAGR of 7.6% from 2023 to 2029. In terms of volume, the market is projected to reach 23,185 tons by 2029, with a CAGR of 6.2% during the forecast period. The market's expansion is largely driven by the increasing demand for allergen-free foods, the rising consumption of processed foods, and the growing interest in meat substitutes. However, the absence of clear regulatory guidelines may restrain market growth.
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The global fungal protein market is segmented by type (Fusarium Venenatum Extract, mushrooms, yeast extract), application (food & beverage, animal nutrition, pharmaceuticals), and geography. In 2023, the yeast extract segment is expected to grow the fastest, driven by its rising adoption in the processed foods industry. Geographically, North America is anticipated to hold the largest market share, due to factors like the growing vegan culture and the demand for alternative protein sources.
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