The precision fermentation market size was valued at USD 2.14 billion in 2023 and is expected to be worth USD 3.03 billion in 2024. The market is projected to reach USD 57.01 billion by 2032, recording a CAGR of 44.30% during the forecast period.
Precision fermentation is a biotechnology process that merges traditional fermentation techniques with cutting-edge advancements in modern technology. This approach allows for the efficient production of specific compounds, such as enzymes, proteins, vitamins, and other molecules. The global need to meet the growing demand for sustainability is one of the factors driving the growth of the market.
Information Source: https://www.fortunebusinessinsights.com/precision-fermentation-market-109824
Segmentation:
Usage of Yeast Increases Due to its Adoption by Manufacturers for Different Products
Based on microbe type, the market is segmented into bacteria, yeast, algae, and fungi. Yeast holds the largest precision fermentation market share as it is widely utilized in the manufacturing of enzymes, whey & milk protein, heme protein, and various other ingredients.
Production of Whey and Casein Proteins Rises Due to Increased Investments
Based on ingredient, the market is divided into egg protein, heme protein, collagen protein, whey and casein protein, enzymes, and others. The whey and casein protein segment holds the largest market share. Proteins developed using advanced technology and techniques, are considered to be safe and generally categorized as safe (GRAS) in Europe. This is the main reason for the food and beverage sector's high investment in the production of whey and casein proteins.
Increased Use of Bacteria and Other Strains to Increase Production of Dairy Alternatives Will Boost Product Use in Dairy Applications
Based on application, the market is divided into meat and seafood, dairy alternatives, egg alternatives, processed food and beverages, skincare and haircare products, and others. Dairy alternatives is the leading segment as different strains of bacteria and yeast are used to manufacture a diverse range of dairy products, such as ice cream, animal-free milk, cheese, and others.
Increased Adoption of Precision Fermentation to Increase Its Demand in Food and Beverages Sector
Based on end use, the market is segmented into food and beverages, cosmetics, and pharmaceuticals. The food and beverages is the leading segment owing to the increased use of the precision fermentation technique for developing eggs, milk, cheese, meat, and seafood.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report has conducted a detailed market study and highlighted several critical areas, such as leading products, applications, and key market players. It has also focused on the latest market trends and the key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Increasing Interest in Eco-Friendly Protein Sources to Spur Market Growth
The use of precision fermentation in developing animal-free proteins has gained significant popularity among consumers. Concerns, such as climate change wherein human activities play a crucial role in gearing up the process of global warming, have resulted in an increase in the adoption of advanced and innovative technologies. The release of greenhouse gases from animal husbandry is a significant contributor to the escalating issue of global warming.
However, safety concerns among consumers related to food produced using a precision fermentation method can impede the precision fermentation market growth.
Regional Insights:
Europe Dominates Market Due to its Increased Funding for Production of Animal Proteins
Europe holds the largest share of the global market as the U.K., Germany, and France highly utilize precision fermentation methods for the manufacturing of proteins and are the prominent manufacturers in the region. Funding from various companies is speeding up production operations, thereby catering to the growing need for alternative proteins.
North America secures the second-largest market share, primarily due to the shifting consumption habits of the countries and evolving consumer preferences to try new products in the region.
Competitive Landscape:
Companies to Focus on New Product Launches to Remain Competitive
Leading organizations in the market concentrate on building and making extensions in their current portfolio by introducing innovative products. Furthermore, these firms are also implementing strategic initiatives, such as acquisitions, collaborations, and partnerships to a gain competitive edge.
Notable Industry Development:
January 2024: Israel-based food technology startup, Imagindairy was granted regulatory approval in the U.S. for the safe utilization of animal-free proteins in creating dairy alternatives, such as cheeses and milk.
LIST OF KEY COMPANIES PROFILED IN THE REPORT:
- Perfect Day Inc. (U.S.)
- The Every Co. (U.S.)
- GELTOR (U.S.)
- Imagindairy Inc. (Israel)
- Shiru Inc. (U.S.)
- Impossible Foods (U.S.)
- Change Foods (U.S.)
- Vivici (Netherlands)
- Bon Vivant (France)
- Standing Ovation (U.S.)
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