Global Precision Fermentation Market Predicted to Make a Strong Comeback with a Stunning CAGR of 40.5% in the 2022- 2031 Timeframe [240-Pages] | Interpreted by Research Dive
The global precision fermentation market is expected to observe significant growth by 2031, due to the increasing consumer preference for plant-based meat globally. Regionally, the North America region generated the highest revenue in 2021.
NEW YORK, May 25, 2023 /PRNewswire/ -- Global Precision Fermentation Market Forecast Analysis:
As per the report published by Research Dive, the global precision fermentation market is anticipated to generate a revenue of $34,868.1 million and rise at a noteworthy CAGR of 40.5% over the forecast timeframe from 2022 to 2031.
Segments of the Precision Fermentation Market
The report has divided the precision fermentation market into the following segments:
- Application: meat, seafood, dairy, egg, and others
- Dairy – Registered the highest market share in 2021
The increasing production of dairy plant-based cheese products, fat, and proteins by leading companies is expected to foster the growth of the market sub-segment over the analysis period.
- Microbe: bacteria, yeast, algae, fungi, and others
- Algae – Held the largest market share in 2021
The research on algae gaseous fermentations to produce high-value chemicals and for the upgradation of biomass is expected to augment the growth of the market sub-segment forward.
- Ingredient: egg white, whey and casein, collagen protein, and heme protein
- Egg White – Generated the biggest revenue in 2021
The growing demand for plant-based egg and dairy alternatives across a wide variety of food types and applications around the world is expected to bolster the growth of the market sub-segment in the estimated timeframe.
- End-User: food & beverage, pharmaceutical, cosmetic, and others
- Food & Beverage – Registered the maximum revenue in 2021
The growing usage of fermented items in a variety of food and drinks such as yogurt, cheese, beer, and many more, and their use in various bakeries in dairy products are expected to fuel the growth of the market sub-segment in the coming period.
- Region: North America, Europe, Asia-Pacific, and LAMEA
- North America – Held the greatest market share in 2021
The increasing demand for protein products derived from precision fermentation processes for applications such as meat extenders, meat analogs, and dairy alternatives in the region is predicted to boost the regional growth of the market over the analysis period.
Dynamics of the Global Precision Fermentation Market
The increasing investment in precision fermentation technology by leading companies, as it allows them to produce pure forms of protein owing to its unique manufacturing properties, is expected to amplify the growth of the precision fermentation market over the analysis period. Besides, the increasing shift in consumer preferences towards plant-based protein and their changing eating habits is further expected to enhance the growth of the market over the estimated timeframe. However, the high cost of producing protein ingredients using precision fermentation may hamper the growth of the market throughout the crisis.
The increasing development of novel protein production systems to generate animal-free meat and microalgae and use unusual feedstock such as CO2 is expected to create wide growth opportunities for the market over the analysis period.
Covid-19 Impact on the Global Precision Fermentation Market
The rise of the Covid-19 pandemic has devastated several other industries and brought several uncertainties across various businesses. It has also severely impacted the global precision fermentation market. This is mainly due to supply chain disruptions, facility closures, economic slowdown, and decreased demand for precision fermentation during the pandemic period. In addition, the import-export restrictions on major precision fermentation manufacturing nations and the increasing demand for processed food, and prolonged lockdowns were the major factors that further declined the growth of the market throughout the crisis.
Key Players of the Global Precision Fermentation Market
The major players of the precision fermentation market include
- Motif Foodworks Inc.
- Impossible Foods Inc.
- Nourish Ingredients
- Eden Brew
- Shiru Inc.
- Change Foods
- FUMI Ingredients
- Imagindairy Ltd.
- Perfect Day Inc.
- geltor inc.
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
For instance, in August 2022, Fonterra, a New Zealand multinational publicly traded dairy co-operative announced to launch of a start-up seeking to commercialize fermentation-derived proteins with dairy-like properties in collaboration with Royal DSM. With this collaboration, the companies aimed to use precision fermentation science and technology to produce similar proteins as dairy.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
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- Global Precision Fermentation Market to Generate $34,868.1 Million by 2031, Owing to Development of Novel Protein Production Systems
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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