Dublin, Aug. 08, 2023 (GLOBE NEWSWIRE) -- The "Precision Fermentation Market Share, Size, Trends, Industry Analysis Report, By Application, By Ingredient, By Microbe, By Region, Segment Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering.
The global precision fermentation market is projected to witness significant growth and is estimated to reach $73,764.20 million by 2032, with a compound annual growth rate (CAGR) of 40.9% during the forecast period.
Precision fermentation offers sustainable and eco-friendly alternatives to traditional agriculture and animal farming, making it an attractive option for consumers looking for healthier and more environmentally friendly food choices. Advancements in biotechnology and genetic engineering have also contributed to the growth of the precision fermentation market, enabling the production of a wide range of products, such as meat, dairy, and leather, with greater efficiency and reduced resource consumption.
Key Growth Drivers
- Increasing Demand for Sustainable and Eco-Friendly Products: The growing awareness about the health benefits of plant-based and cultured products has led to increasing demand for sustainable and eco-friendly alternatives. Precision fermentation enables the production of a variety of products without the need for large amounts of land, water, and other resources, making it an environmentally friendly alternative to traditional agriculture and animal farming.
- Advancements in Biotechnology and Genetic Engineering: Scientists can now manipulate genes and create new strains of microorganisms that are more efficient at producing specific compounds. This has led to a significant increase in the efficiency of precision fermentation processes, making it possible to produce high-quality protein products, such as meat and dairy alternatives, with reduced resource consumption.
- Growing Investment and Innovation in Precision Fermentation: Increasing investment in precision fermentation start-ups has led to the development of new products and technologies, driving innovation and accelerating the growth of the industry. The expansion of product offerings beyond food and beverages, growing interest in personalized nutrition, and increasing competition among start-ups and established companies are also contributing to the industry's growth.
Market Segmentation
The global precision fermentation market is segmented based on application, ingredient, microbe, and region. The dairy alternative segment accounted for the largest market share in 2022, followed by the meat & seafood segment. Whey and casein protein are anticipated to grow at the fastest CAGR rate over the forecast period. In terms of microbes, yeast has dominated the global market for precision fermentation, followed by algae, fungi, and bacteria.
Regional Outlook
North America dominated the precision fermentation market in 2022 and is expected to continue its dominance over the forecast period. The region has witnessed increasing investments and innovations in precision fermented foods, contributing to the market's growth. Europe, Asia Pacific, Latin America, and the Middle East & Africa are also witnessing significant growth in the precision fermentation market.
Competitive Landscape
Key players in the precision fermentation market include The Every Co, Change Foods, New Culture, Eden Brew, Imagindairy.Ltd, Fumi ingredients, Formo, Melt and Marble, Nourish Ingredient, Shiru Inc, Perfect Day Inc, Impossible foods, Motif Foodworks Inc, Fybraworks Foods, Triton Algae Innovations, and Remilk Ltd.
Forecast Period
The study covers the analysis of key stakeholders and provides quantitative market estimations for each micro-market segment from 2019 to 2032, with a CAGR estimation for each segment during the forecast period of 2023 to 2032.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 118 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $2.44 billion |
| Forecasted Market Value (USD) by 2032 | $73.76 billion |
| Compound Annual Growth Rate | 46.0% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/1qceje
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
