BURLINGAME, Calif.,
June 25, 2024 /PRNewswire/ -- The
global Precision Fermentation Market, valued at $4.21
billion in 2024, is on a trajectory of rapid expansion, with
projections indicating it will soar to $45.80 billion by
2031, growing at a compound annual growth rate (CAGR) of 40.6% from
2024 to 2031, as per a recent report by Coherent Market Insights.
The precision fermentation market is witnessing strong growth owing
to the rising demand for plant-based and non-dairy products across
the globe. Many consumers are switching to vegan or vegetarian
diets due to health, ethical or environmental reasons. This has
increased the need for sustainable and animal-free alternatives for
dairy products such as milk, butter and cheese.
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Market Dynamics:
Precision fermentation utilizes microorganisms like yeast and
bacteria to generate ingredients that mimic conventional foods
produced from animal or plant sources. The demand for sustainable
food options is driving the growth of the precision fermentation
market. Conventional food production relies on farming which
requires large amount of natural resources like land and water.
Precision fermentation provides an alternative that requires
comparatively fewer resources. Additionally, precision fermentation
enables the production of ingredients tailored to consumer demands
in terms of nutrition, taste and texture. This factor is further
fueling market growth.
Precision Fermentation Market Report Coverage
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$4.21 billion
|
Estimated Value by
2031
|
$45.80 billion
|
Growth
Rate
|
Poised to grow at a
CAGR of 40.6%
|
Historical
Data
|
2019–2023
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Ingredient, By
Microbe, By Application
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Growth
Drivers
|
- Sustainable Production Practices
- New Application Development
|
Restraints &
Challenges
|
- Scaling Production and Achieving
Consumer Acceptance
- Stringent Regulatory Landscape
|
Market Trends:
One of the major trends in the precision fermentation market is
the growing demand for animal-free dairy products. The process
involves fermenting microflora such as yeast to generate dairy
proteins such as casein and whey, without the need to source them
from cows. As consumers turn to more ethical and sustainable
options, the demand for plant-based and cultivated dairy products
is expected to grow significantly.
Precision fermented ingredients are also gaining traction in the
cosmetics and personal care industry. Microorganisms are used to
produce substances like collagen, elastin and ceramides that
provide anti-aging benefits. Compared to conventional sources,
fermentation ensures these ingredients are animal-free and less
resource intensive to produce. Their ability to mimic the function
and performance of traditional ingredients is driving more brands
to incorporate precision fermented components in their
products.
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Market Opportunities:
The meat and seafood alternatives segment accounts for the
largest share of the precision fermentation market at present.
Consumers are increasingly adopting plant-based and cultured meat
products due to health and sustainability concerns regarding
conventionally produced meat. Precision fermentation allows for the
production of meat and seafood products that mimic the taste and
texture of conventional options without relying on slaughtering
animals. Cultured meat produced through precision fermentation
offers a more sustainable alternative to industrial animal
agriculture and could mimic conventional meat down to the molecular
level. Over the forecast period, advancements in precision
fermentation techniques are expected to drive wider adoption of
affordable and scalable cultured meat and seafood products.
The dairy alternatives segment is another major application area
for precision fermentation. Consumers are shifting from dairy to
plant-based milk alternatives for ethical and environmental
reasons. Precision fermentation allows for the production of milk,
yogurt, cheese and butter substitutes with profiles similar to
dairy but in a more sustainable manner. For instance, precision
fermentation is used to produce casein and whey proteins that mimic
the properties of milk proteins. Over the coming years,
advancements in precision fermentation of dairy mimics are expected
to drive wider commercialization and adoption of cultured dairy
products.
Key Market Takeaways
The precision fermentation market is anticipated to witness a
CAGR of 40.6% during the forecast period 2024-2031, owing to
growing demand for sustainable and ethical alternatives to
conventionally produced food.
On the basis of application, the egg alternatives segment is
expected to hold a dominant position, owing to increasing lactose
intolerance, veganism and flexibility in applications.
On the basis of ingredients, the whey & casein protein
segment is expected to hold a dominant position over the forecast
period, due to its wide use as a dairy alternative.
By fermentation type, precision fermentation is expected to hold
the largest share due to targeted development of specific food
profiles.
On the basis of region, North
America is expected to hold a dominant position over the
forecast period, due to the large health-conscious consumer base
and high adoption of vegan and flexitarian diets in the region.
Key players operating in the precision fermentation market
include Change Foods, Geltor, Helania Inc, among others. Strategic
collaborations and investments in R&D are expected to be
crucial factors shaping the competitive landscape in the coming
years.
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Recent Developments:
In February 2020, ADM, a global
leader in nutrition and biosciences, launched a new line of
plant-based proteins called Protexin, which uses precision
fermentation to produce high-quality proteins for use in food and
beverage products.
In September 2020, the German chemical company BASF
acquired the precision fermentation company Isobionics, which
specializes in producing natural flavors and fragrances using
microorganisms.
Market Segmentation
By Ingredient:
- Whey & Casein Protein
- Egg White
- Collagen Protein
- Heme Protein
- Enzymes
- Others
By Microbe:
- Yeast
- Algae
- Fungi
- Bacteria
- Others
By Application:
- Meat & Seafood
- Dairy Alternatives
- Egg Alternatives
- Others
By Regional:
North America:
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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