DUBLIN, Feb. 15, 2024 /PRNewswire/ — The “Precision Fermentation Global Market Report 2024” has been added to ResearchAndMarkets.com’s offering.
The precision fermentation market size is forecast to grow from $2.48 billion in 2023 to $3.62 billion in 2024 at a compound annual growth rate (CAGR) of 45.7%. Historical growth can be largely attributed to several factors, including a rising demand for sustainable and alternative protein sources, a focus on environmental and resource efficiency, a notable shift towards plant-based and cell-based products, increasing demand for customization and precision in biomanufacturing processes, and advancements in nutrition and functionality within fermented products. These elements collectively fueled the growth observed in the past period within the realm of precision fermentation.
The market size is expected to grow further to $17.43 billion in 2028 at a compound annual growth rate (CAGR) of 48.1%. Anticipated growth in the upcoming period is associated with several factors, including expansion into industries beyond food, the increasing economic feasibility and scalability of precision fermentation, a growing enthusiasm for fermented functional ingredients, global initiatives aimed at addressing food security challenges, and the integration of precision fermentation into circular economy practices.
The rising prevalence of digestive issues and obesity is significantly fueling the expansion of the precision fermentation market. Fermentation ingredients, enriched with lactic acid bacteria, serve as crucial agents in revitalizing and supporting the digestive system. Additionally, these ingredients aid in lowering blood pressure and enhancing cholesterol levels, addressing digestive problems and contributing to the market’s growth. A study conducted by the Harvard T.H. Chan School of Public Health forecasts that by 2030, approximately half of the US adult population will battle obesity, with a quarter facing severe obesity, attributing this trend to mounting digestive concerns. Hence, the escalating prevalence of digestive problems and obesity is poised to propel the precision fermentation market.
The surging demand for organic cosmetic goods is set to drive substantial growth in the precision fermentation market. Organic cosmetic products, emphasizing natural ingredients, sustainable practices, and the absence of synthetic substances, witness a pivotal role played by precision fermentation. This method offers an eco-friendly and innovative approach to fabricating cosmetic ingredients by leveraging microorganisms to generate specific molecules like enzymes and proteins. The Soil Association reported a 15% surge in certified organic and natural beauty product sales, amounting to nearly $175 million (£138 million) in 2021.
This burgeoning demand for organic cosmetic products underscores the driving force behind the precision fermentation market. Progressions in the food industry emerge as a defining trend in the realm of precision fermentation. Major players in the food and nutrition sector are dedicated to pioneering advancements in their product lines to fortify their market presence.
Leading entities in the precision fermentation market are prioritizing the introduction of pioneering solutions crafted through precision fermentation technology to gain a competitive edge. TurtleTree, a Singapore-based biotech firm, unveiled LF+, the pioneering sustainable bovine lactoferrin produced using precision fermentation in August 2022. Lactoferrin, a key component found in human milk, offers numerous health benefits, from bolstering immunity to promoting gut health. Precision fermentation, leveraging genetically modified microorganisms to generate specific compounds, offers increased efficiency and volume compared to conventional methods. This innovative approach positions TurtleTree at the forefront of the competitive functional protein domain, marking a significant milestone in incorporating precision fermentation into food production.
The main ingredients of precision fermentation are whey and casein protein, egg white, collagen protein, heme protein, and other ingredients. Whey protein and casein are both derived from milk. Casein digests slowly, making it ideal before bedtime, whereas whey digests quickly, making it ideal for workouts and muscle growth. The microbes are yeast, fungi, algae, and bacteria. The applications include meat and seafood, dairy alternatives, and egg alternatives. The end users include food and beverage, pharmaceuticals, cosmetics, and other end users.
The precision fermentation market includes revenues earned by entities by whey and casein protein. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Report Scope
Markets Covered:
- By Ingredient: Whey and Casein Protein; Egg White; Collagen Protein; Heme Protein; Other Ingredients
- By Microbe: Yeast; Fungi; Algae; Bacteria
- By Application: Meat and Seafood; Dairy Alternatives; Egg Alternatives
- By End User: Food and Beverage; Pharmaceutical; Cosmetic; Other End Users
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Companies Profiled
- Perfect Day Inc.
- Impossible Foods Inc.
- Geltor Inc.
- the Every Company
- Motif FoodWorks Inc.
- MycoTechnology Inc.
- Mycorena AB
- Eden Brew
- Change Foods Inc.
- Formo
- Remilk Ltd.
- Triton Algae Innovations Inc.
- Melt&Marble AB
- FUMI Ingredients BV
- Fybraworks Foods Inc.
- Liberation Labs
- New Culture
- Lygos Inc.
- Biomilq
- Atlast Food Co.
- Meati Foods
- Bond Pet Foods Inc.
- TurtleTree Labs
- Rebellious Foods
- Solar Foods
- Air Protein
- Miraculex
- Kinoko-Tech
- Biome Makers Inc.
For more information about this report visit https://www.researchandmarkets.com/r/4tr3lb
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