Precision Fermentation Market Size Projected to Generate a Revenue of $34,868.1 Million by 2031Download Sample Reports Overview
The Global Precision Fermentation Market Size is predicted to be valued at $34,868.1 million by 2031, surging from $1,277.8 million in 2021, at a noteworthy CAGR of 40.5%.
Impact Analysis of COVID-19 on the Precision Fermentation Market
The COVID-19 pandemic caused significant disruptions in demand, supply, import-export, and availability of precision fermentation throughout end-use sectors. People turned more to alternative fermentation products. Additionally, companies across the globe were significantly impacted due to the Covid-19 pandemic; the food and beverage industry in particular was the most severely impacted. Due to the COVID 19 pandemic, demand for processed food and other food products significantly decreased from restaurants. Food production and distribution were significantly hampered by the lockdown that various governments imposed within the countries.
Global Precision Fermentation Market Analysis
The growing population and economies of developing nations are expected to drive up the worldwide demand for precision fermentation products such as meat, seafood and dairy. The consumption vegan meat is predicted to increase in the future due to changing dietary choices throughout the world. Meat is classified into five types such as pig, sheep, poultry, veal, and beef. Pork and chicken account for the vast bulk of meat consumed in developing nations and pork is an efficient meat that is simple to cook, high in protein, and makes a great choice for food service. Natural feedstock and amino acids are required for animal production. Amino acids boost the amount and quality of meat. The worldwide precision fermentation industry is predicted to see an increase in demand for amino acids, which are one of the most essential animal feed additives due to their nutritional value. These are the major factors anticipated to boost the precision fermentation market share during the analysis timeframe.
However, the high cost of producing protein ingredients using precision fermentation technology may restrict the growth of the global precision fermentation market in the near future. Furthermore, challenges encountered in scaling up production capacity and commercialization may cause significant barriers to the expansion of the global precision fermentation market in the coming years.
Precision fermentation is utilized in the production of food items to reduce greenhouse gas emissions. Additionally, precision fermentation technologies boost protein synthesis while being cost effective and environmentally friendly. Furthermore, precision fermentation produces more effective proteins and other organic compounds that are more potent and are assimilated at lower concentrations. Moreover, due of its unique manufacturing capabilities, precision fermentation promotes the manufacturing of pure forms of protein. Precision fermentation may also create enzymes, flavoring compounds, proteins, vitamins, and natural colors.
Global Precision Fermentation Market, Segmentation
The global precision fermentation market is segmented based on application, microbe, ingredient, end user, and region.
The application segment is further classified into meat, seafood, dairy, egg and others. Among these, the meat sub-segment is accounted to have a dominant market share in 2021. As the global plant-based meat industry grows, demand for plant-based proteins in the meat alternatives category is likely to climb dramatically in the coming years. Impossible Foods, a leading food and beverage company, has launched precision-fermented meat-alternative burgers, fats, and proteins, which are expected to fuel the growth of the meat & seafood segment in the precision fermentation industry.
The microbe segment is further classified into bacteria, yeast, algae, fungi, and others. Among these, the algae sub segment accounted a dominating market share in 2021. Eating algae is a concept that has been around for over fifty years. It has not been well received as a protein alternative by consumers. Small businesses like Sophie's Bio Nutrients and Noblegen are competing to produce the next generation of microalgae-based ingredients, as are huge corporations like Nestle and its Corbion alliance.
The ingredient segment is further classified into egg white, whey and casein protein, collagen protein, and heme protein. Among these, the whey and casein protein sub-segment is anticipated to show the second fastest growth during the forecast period. Whey and casein protein are expected to have the biggest revenue shares of the market and dominate the market category in the next five years due to rising demand for better quality protein. Furthermore, growing consumption of whey and casein protein for bodybuilding and by gym enthusiasts is boosting the worldwide precision fermentation market.
The end user segment is further classified into food and beverage, pharmaceutical, cosmetic, and others. Among these, the food and beverage sub-segment accounted for a dominating market share in 2021. The fermentation process is usually used in the production of beer and other food products such as cheese. The rising demand for such food and beverage products is projected to drive the expansion of the worldwide precision fermentation market in the coming years.
The precision fermentation market in the Asia-Pacific region is projected to show the fastest growth. Individual people are exploring a meat-free diet as a result of increased awareness raised by worldwide animal welfare organizations such as People for the Ethical Treatment of Animals. Non-meat meals are already popular in Asia, with tofu and bean-based congees being popular in nations such as China. The rising number of individuals favoring a vegetarian diet, as well as the rise in egg prices, are boosting demand for precision-fermented egg substitutes across Asia-Pacific. Additionally, the health benefits afforded by egg alternative protein components, such as low cholesterol and high protein content, stimulate demand for these products in this region.
Key Players in the Global Precision Fermentation Market
Some of the leading precision fermentation market players are
- geltor Inc
- Imagindairy Ltd
- Change Foods
- Eden Brew
- Impossible Foods Inc
- Motif Foodworks Inc
- Nourish Ingredients
- Shiru Inc
- FUMI Ingredients
- Perfect Day Inc
In Aug-2021, Nourish Ingredients has partnered up with Vow, a cell-based meat startup. The companies hoped to provide jointly produced goods by adding adipose tissue to cell-based meat as part of this collaboration. Additionally, the collaboration would represent a growing tendency in the food-tech industry to assist entrepreneurs in developing hybrid grown meat.