The Zhitong Finance App learned that Cathay Pacific Haitong released a research report saying that mycelin is an efficient new protein supply route. Overseas consumers' perceptions and needs have been verified. With the gradual release of production capacity within the industry, China's mycelium protein industry is expected to usher in rapid development. As various microbial proteins continue to be approved and implemented domestically, downstream applications are expanding from a single protein ingredient to multiple categories, and the mycelium protein industry is expected to usher in explosive growth in the Chinese market.
Cathay Pacific Haitong's main views are as follows:
What are microbial proteins?
Microbial protein is an efficient new protein supply route. Its nutritional value is comparable to traditional meat. The protein digestibility corrected amino acid score (PDCAAS) of mycelin is close to 1.0. The ratio of essential amino acids is balanced, and it is a high-quality complete protein. At the same time, the two product forms of mycelium protein (wet based/dry base) can greatly meet the various application needs of downstream food, and can be blended and processed with other food ingredients. It is currently a source of high-quality new protein that can be commercialized on a large scale.
Why are microbial proteins needed?
The supply of traditional animal and vegetable protein is under high pressure, weak elasticity, many restrictions, and insufficient supply. Microbial batch fermentation usually completes bacterial harvesting within a few days, while livestock and poultry farming and fattening and crop growth take more than a few months. Under the trend of increasing long-term demand for cost-effective protein, it is a practical path to obtain protein from microorganisms.
Overseas companies' products have completed commercial verification
Currently, Fusarium products from brands such as Quorn, Enough, and Nature's Fynd have been sold in major overseas markets, and the brand scale continues to expand. Leading companies have gradually moved from pilot testing to 10,000-ton production, and overseas demand for mycelin protein and consumer acceptance have been verified.
Microbial proteins entered the early stages of industrialization in the domestic market
Since 2023, the Health and Health Commission has approved yeast protein and various raw materials for Fusarium protein several times. With the gradual release of production capacity in the industry, downstream food applications are expected to continue to be abundant, and consumer acceptance of mycelium protein may gradually increase. Under the premise that domestic demand for protein continues to grow, the bank believes that the industrialization process of the industry is expected to accelerate. Reipu Biotech's mycelium protein plant in Tianjin is expected to be put into operation by the end of 2026. It is an important enterprise in the field of microbial protein production in China.
Risk Alerts
Risk of downstream demand falling short of expectations, risk of reduced production efficiency, food safety risk.