Allied Market Research published a report, titled, “Precision Fermentation Market by Application (Meat, Seafood, Dairy, Egg, Others), by Microbe (Bacteria, Yeast, Algae, Fungi, Others), by Ingredient (Egg White, Whey and Casein Protein, Collagen Protein, Heme Protein), by End User (Food and Beverage, Pharmaceutical, Cosmetic, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031”. According to the report, the global precision fermentation industry generated $1.3 billion in 2021, and is anticipated to generate $34.9 billion by 2031, witnessing a CAGR of 40.5% from 2022 to 2031.
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Prime determinants of growth
Increasing protein demand worldwide, changing consumer preferences and tastes, the growing preference for the acceptance of meat-free and vegan lifestyles and rising innovation and investment drive the growth of the global precision fermentation market. However, the high cost of producing protein ingredients by using precision fermentation technology restricts the market growth. Also, health risks associated with precision fermentation are expected to hinder the market growth. Moreover, significant financial support for the technological development of this technology is anticipated to present new opportunities in the coming years.
- The outbreak of the Covid-19 pandemic had a negative impact on the global precision fermentation market, due to low demand from end-use industries during the lockdown.
- However, the market has recovered in the post-pandemic.
The egg white segment to maintain its leadership status throughout the forecast period
Based on ingredient, the egg white segment held the highest market share in 2021, accounting for around two-fifths of the global precision fermentation market, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 42.7% from 2022 to 2031. Plant-based egg and dairy alternatives have grown in popularity in recent years across a wide range of food types and uses. Sustainability, allergenicity, and consumer moves towards flexitarian diets have all contributed to the evolution. A variety of factors influence the use of egg white replacements, some of which are more essential to customers and others of critical importance to food manufacturers.
The food and beverage segment to maintain its leadership status throughout the forecast period
Based on end user, the food and beverage segment held the highest market share in 2021, accounting for more than two-fifths of the global precision fermentation market, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 42.4% from 2022 to 2031. The increasing usage of fermented products in bakeries and dairy products is expected to increase the global demand for fermented food and beverage products.
The dairy segment to maintain its lead position during the forecast period
Based on application, the dairy segment accounted for the largest share in 2021, contributing to more than one-third of the global precision fermentation market, and is projected to maintain its lead position during the forecast period. Several companies have surfaced to produce dairy fats and proteins that would bring in a wave of plant-based, fermentation-enabled dairy, including New Culture, Change Foods, Cultivated, and LegenDairy. However, the meat segment is expected to portray the largest CAGR of 43.3% from 2022 to 2031. The demand for plant-based alternatives to meat products has risen rapidly in recent years across a wide range of food kinds and uses.
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North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global precision fermentation market, and is likely to dominate the market during the forecast period. Increasing awareness of the health advantages of eating healthy and vegan food items, as well as an increase in the trend of weight control and veganism among regional consumers, are driving the growth of the North American precision fermentation market. However, the Asia- Pacific region is expected to witness the fastest CAGR of 42.4% from 2022 to 2031. The health benefits of egg alternative protein ingredients, such as reduced cholesterol and higher content, are also important drivers of product demand in the Asia-Pacific region.
Leading Market Players: –
- Geltor inc.,
- Imagindairy Ltd,
- Change Foods,
- Eden Brew,
- Impossible Foods Inc,
- Motif Foodworks, Inc,
- Nourish Ingredients,
- Shiru Inc,
- FUMI Ingredients,
- Perfect Day Inc
Source From:- https://www.prnewswire.com/news-releases/precision-fermentation-market-size-to-register-34-9-billion-by-2031–allied-market-research-301777013.html
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