According to a new report published by Allied Market Research, titled, “Precision Fermentation Market," The precision fermentation market size was valued at $1.3 billion in 2021, and is estimated to reach $34.9 billion by 2031, growing at a CAGR of 40.5% from 2022 to 2031.
Precision fermentation is a method of producing insulin and vitamins, enzymes, milk proteins including casein, whey, and other functional components. Precision fermentation refers to the method of using microbes as cell factories to produce useful substances. The rising use of meat or animal-derived dietary products is generating environmental concerns. The production of animal-derived food items produces a large amount of greenhouse gases such as carbon dioxide and methane, which further result in degrading air quality. Precision fermentation technology increases protein output since it is cost-effective, efficient, and environmentally gentle. Moreover, when compared to animal or plant-derived proteins, proteins generated by precision fermentation are non-allergic. Developing biotechnological methods to use fermentation to produce high-quality animal protein through yeast, fungus, and other microbes are expected to boost the global precision fermentation market growth during the forecast period.
The manufacturing cost of precision fermentation for the mixture of protein without the use of animal proteins or lipids has gained pace in recent years owing to the growing vegan population's need for more animal-free goods. This market method entails genetically engineered yeast or fungus to produce the gene, normally encoded by animal DNA. Bacteria are then used to make a desired product that resembles the texture, taste, and nutritional composition of actual animal products.
Precision fermentation also helps with the planet's most significant issues such as land conversion, environmental degradation, and climate change. In addition, one of the factors influencing the precision fermentation market opportunities is rising investments in the market by the major players. Precision fermentation technology is being used by numerous companies since it creates a wide range of complex organic compounds without using any animals. Additionally, rising investment and funding in the precision fermentation process and technologies, the growing prevalence of cultured meat amongst consumers, the rising interest of consumers in consuming a plant-based diet, the increase in the instances of food allergies, rising demand for nutrition, and unparalleled food safety are some of the major factors driving the growth of the global precision fermentation market.
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The precision fermentation market share is segmented on the basis of application, microbe, ingredient, end user, and region. By application, it is classified into meat, seafood, dairy, egg, and others. By microbe, it is classified into bacteria, yeast, algae, fungi, and others. By ingredient, it is classified into egg white, whey and casein protein, collagen protein, and heme protein. By end user, it is classified into food and beverage, pharmaceutical, cosmetic, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the precision fermentation market analysis report include geltor inc., Imagindairy Ltd, Change Foods, Eden Brew, Impossible Foods Inc, Motif Foodworks, Inc, Nourish Ingredients, Shiru Inc, FUMI Ingredients, and Perfect Day Inc.
The report offers a comprehensive analysis of the global precision fermentation market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the precision fermentation market forecast period. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.
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Impact of Covid-19 on the Global Precision Fermentation Industry
- The COVID-19 pandemic had a significant impact on several enterprises throughout the world. The food and beverage industry was one of the most affected by the pandemic. Because of the pandemic, demand for processed foods and other food goods declined substantially.
- The economic slowdown hampered the establishment of new precision fermentation projects throughout the world since most government financings were transferred to the healthcare sector due to the rapid spread of the COVID-19 virus, which had a significant influence on the market.
- Social distancing norms, closed borders, and production constraints, due to the pandemic, across various countries such as China, India, and the U.S. have affected the global market
Key Findings of the Study
- Based on application, the dairy sub-segment emerged as the global leader in 2021 and the meat sub-segment is anticipated to be the fastest growing during the forecast period
- Based on microbe, the algae sub-segment emerged as the global leader in 2021 and the bacteria sub-segment is predicted to show the fastest growth in the upcoming years
- Based on ingredient, the egg white sub-segment emerged as the global leader in 2021 and is anticipated to be the fastest growing during the forecast period
- Based on end user, the food and beverage sub-segment emerged as the global leader in 2021 and is anticipated to be the fastest growing during the forecast period
- Based on region, the North America market registered the highest market share in 2021 and Asia-Pacific is anticipated to show the fastest growth during the forecast period
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