Chemicals

Precision Fermentation Market Forecast 2024-2033: Growth Rate, Drivers, And Trends|Perfect Day Inc., Impossible Foods Inc., Geltor Inc., The Every Company, Motif FoodWorks Inc.

The Precision Fermentation Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Precision Fermentation Global Market Report 2024, The precision fermentation market size has grown exponentially in recent years. It will grow from $2.48 billion in 2023 to $3.62 billion in 2024 at a compound annual growth rate (CAGR) of 45.7%. The growth in the historic period can be attributed to increased demand for sustainable and alternative protein sources, environmental and resource efficiency, shift towards plant-based and cell-based products, demand for customization and precision in biomanufacturing, nutritional and functional advancements in fermented products..

The precision fermentation market size is expected to see exponentially grown in the next few years. It will grow to $17.43 billion in 2028 at a compound annual growth rate (CAGR) of 48.1%. The growth in the forecast period can be attributed to diversification into various industries beyond food, economic viability and scalability of precision fermentation, rising interest in fermented functional ingredients, global efforts to address food security challenges, integration into circular economy practices.. Major trends in the forecast period include emergence of fermentation as a service (faas), investment and funding in precision fermentation startups, regulatory framework development, focus on carbon footprint reduction, collaborations between industry players..

The increasing prevalence of digestive problems and obesity is contributing to the growth of the precision fermentation market. Fermentation ingredients contain lactic acid bacteria, which help to restore and support the digestive system. Moreover, fermentation ingredients help in the reduction of blood pressure and the improvement of cholesterol levels which reduces digestive problems and assists in driving this market. For instance, according to a study conducted by the a US-based Harvard T.H. Chan School of Public Health, by 2030, approximately 50% of the adult population in the United States will be obese, and around 25% population will be severely obese due to growing digestive problems. Therefore, the increasing prevalence of digestive problems and obesity is expected to drive the precision fermentation market going forward.

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The precision fermentation market covered in this report is segmented –

1) By Ingredient: Whey And Casein Protein, Egg White, Collagen Protein, Heme Protein, Other Ingredients
2) By Microbe: Yeast, Fungi, Algae, Bacteria
3) By Application: Meat And Seafood, Dairy Alternatives, Egg Alternatives
4) By End User: Food And Beverage, Pharmaceutical, Cosmetic, Other End Users

Advancements in the food industry have emerged as a key trend in the precision fermentation market. Major companies operating in the food and nutrition sector are focused on developing new advancements in their products to strengthen their position in the market. For instance, in May 2022, Impossible Foods, a US-based food company, introduced Impossible Chicken Nuggets and Impossible Sausage Patties that are made with 100% animal-free ingredients. Impossible Chicken Nuggets are made for chicken lovers and require far fewer resources to produce than animal chicken nuggets. They contain 13 grams of protein per 100-gram serving and have 25% lesser salt than animal chicken nuggets.

The precision fermentation market report table of contents includes: