Global precision fermentation market size & share was valued at USD 1.30 billion in 2021 and is expected to reach USD 37.35 Billion by 2030, growing at a CAGR of 48.3% during the forecast period.
"Precision Fermentation Market Share, Size, Trends, Industry Analysis Report, By Microbe (Yeast, Algae, Fungi, Bacteria); By Application (Dairy Alternatives, Meat & Seafood, Egg Alternatives, Others); By Ingredient; By Region; Segment Forecast, 2022 - 2030" published by Polaris Market Research in its research repository.
According to the research report, the global precision fermentation market size & share was valued at USD 1.30 billion in 2021 and is expected to reach USD 37.35 Billion by 2030, growing at a CAGR of 48.3% during the forecast period.
What is Precision Fermentation? How Big is Precision Fermentation Market Size?
Precision Fermentation is the process of using living microorganisms to produce complex organic molecules. It's a new food technology that is entering the marketplace. The large untapped variety of microorganisms such as yeasts, fungi, mycelium is programmed using various in-vitro nucleic acid techniques, including CRISPR, gene editing, or cloning, in order to produce proteins that are biologically similar to animal products.
Food technologists believe that precision fermentation can bring in a revolution as it reduces the requirement of animals in the fermentation process. This process finds applications across industries such as food, agriculture, pharmaceutical, biologics, textile, and personal care. The precision fermentation market is majorly driven by the rapid adoption of vegan diets and the rising supply of meat alternatives.
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Highlights of The Report
Some of the Top Market Players Are:
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Growth Driving Factors
The growing use of precision fermentation across various industries for developing several desired end products flourishes the market growth. It is also increasingly used in commercial applications, which enhances its demand. Rising demand for protein globally, changing consumer preferences, and increasing investments are some of the major precision fermentation market trends fueling its growth. Introduction of various plant-based products by manufacturing that incorporate animal-free ingredients is further expected to drive the industry growth.
Moreover, the increased population adopting vegan and animal-free lifestyles in nations like US and UK supports the precision fermentation market size. Rising awareness among customers about the cruel treatment of animals in the food sector further enhances market growth. In addition, the industry is booming with growing demand for nutrition and unparalleled food safety coupled with various health benefits offered by these animal-free protein products.
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Recent Developments
Segmental Analysis
Based on application, the meat & seafood segment of the precision fermentation market is projected to grow at the fastest rate during the anticipated period. Plant-based meat is manufactured to feel and taste like regular meat. Now, customers are rapidly shifting towards plant-based meat substitutes, including crumbles and even burger patties. Further, the egg alternatives segment is projected to show the second highest growth due to the rising consumer preference for egg substitutes considering factors like food safety and health advantages.
On the basis of ingredients, egg white category recorded the greatest revenue share because vegan eggs provide several health benefits. Plant-based eggs are manufactured using natural substances without animal-related ingredients. Thee egg are cholesterol and allergens-free. The increasing consumption of vegan eggs by people with allergies to albumin and animal eggs is driving market growth.
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Geographic Overview
By geography, the precision fermentation market in North America witnessed the largest revenue share in 2021 owing to a surge in requirement for protein products made through precision fermentation processes for an application like dairy alternatives, meat extenders, and meat analogs. Also, the growing preference for vegetarian diets is expected to favor the demand for precision fermented egg alternatives in Asia.
Further, Asia Pacific is anticipated to grow throughout the study period due to the rising demand for high-quality fermented foods in developing countries such as India, China, and Japan. In addition, growing disposable income, rising population, and increasing demand for plant-based products are the key factors flourishing the precision fermentation industry growth in the region.
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Precision Fermentation Market Report Highlights
Polaris Market Research has segmented the precision fermentation market report based on application, ingredient, microbe, and region:
By Application Outlook
By Ingredient Outlook
By Microbe Outlook
By Region Outlook
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Feb 15, 2023